Thakral Corporation Ltd (TCL), a Singapore-based NRI-owned company, via its subsidiary Thakral Capital Australia Pty Ltd (TCAP) has formed a joint venture (JV) with an Australian firm, PVAP Pty Ltd of Queensland to build resort-style retirement villages in Australia. Both companies have started a 50:50 JV called as GTH Resorts Pty. Ltd.
TCL is a diversified company involved in manufacturing, logistics and property development in India, China and south-east Asia. While, Queensland-based PVAP Pty Ltd. has a 30-year track record of developing, owning and running retirement communities in the region.
TCL in a statement, said, “GTH Resorts also intends to acquire more sites in South Queensland and northern New South Wales to develop more than 1,000 retirement homes before expanding into other major cities and regions in Australia”.
TCL's venture comes at a time of rising demand for retirement homes in Australia. According to Aged and Community Services Australia (ACSA), the demand for retirement housing is expected to witness a massive surge of over 115% over the next decade.