Thakral’s GemLife to build Australia’s first vertical land lease community

The project is worth $384m.

Thakral’s Australian business, GemLife, will develop the country’s first vertical land lease community at Currumbin Waters on the Gold Coast.

The A$450m ($384m) development, designed for “high-quality over-50s living,” will be launched this year.

Spanning 13.85 hectares, it will feature six three-storey buildings and one four-storey building, offering 205 three-bedroom apartments.
Amenities will include a boutique cinema, bowling alley, indoor pool with spa, gym, lounge, and ballroom.

Meanwhile, 70% of the site will be preserved as green open space and rehabilitated.

“This vertical model will offer a variety of housing options across different price points, providing greater affordability and flexibility for homeowners while securing long-term recurring revenue growth, reinforcing GemLife’s ability to deliver sustained value for residents and stakeholders alike,” Ashmit Singh Thakral, alternate director of Thakral and CFO and director of GemLife said.