PVAP, a division of Australias Living Gems Lifestyle Resorts, has partnered with TCAP Partners, part of the Singaporean-based Thakral Corporation Limited (TCL), to develop and run resort-style retirement living at Bongaree on Bribie Island and Highfields in Toowoomba.
Bulk earthworks are already underway at the nearly 25-hectare Bribie Island site, while approvals are being sought to begin work on the 9.4 hectare Toowoomba project with construction expected to start by mid-2017.
When complete, the Bribie Island site will have 404 homes, with 223 planned for Toowoomba.
Its the first step in an ambitious strategy for the new venture, which was announced in August last year. At the time, GTH revealed plans to buy sites in southern QLD and northern NSW to develop over 1,000 retirement homes before expanding to other regions and states.
Thakral specialises in real estate investment with Australia one of its two key markets, while the family-run Living Gems has led the way for over-50s master-planned communities in QLD since being founded by builder Peter Puljich in 1982.
Living Gems now has 10 housing estates across QLD with over 1,100 occupied homes and another 1,300 in development.
TCL has already committed AU$20.5 million to the GTH project, half of which was raised through managed funds.
The rest will be funded by senior debt, capital from TCL and PVAPs investment divisions and proceeds from home sales. Highfields currently has an above-average median house price of AU$510,000 while the median in Bongaree is around AU$420,000.