GemLife starts building its 10th Over 50s community in SE Qld

The Sunshine State loves land lease communities and the ASX-listed operator's in-house construction group is building its latest in Woolmar, northwest of Brisbane.

GemLife Kilcoy Greens, which will boast $13 million of resident facilities and 10 hectares of green space, will have 276 homes built over five years.

Managing Director and Group CEO Adrian Puljich said there had been strong interest in the first stage of 73 homes, driven by the tranquil location and quality of the offering.

“While Kilcoy Greens is the first Over 50s community in Somerset, GemLife has another nine communities like this in South East Queensland, either completed or underway,” he said.

“Buyers can see our strong track record and know we put together the best team for each project to ensure everything is finished to a high standard."

GemLife Kilcoy Greens offers two-bedroom, two-bathroom designs with a multi-purpose room, starting from $725,000.

Properties are purchased under a land lease agreement, allowing buyers to own their home and rent the land, with a weekly fee covering all maintenance, security and management.

GemLife, one of Australia’s most active Over 50s developers, is behind several projects already underway in South East Queensland, including the $428 million GemLife Elimbah, the $340 million GemLife Moreton Bay, and the $200 million GemLife Gold Coast.