Singapore-listed conglomerate Thakral Corp has investments and businesses in many countries.
However, it is Adrian Puljich’s land lease lifestyle resorts business GemLife, which Inderbethal Singh Thakral (pictured left), CEO of Singapore-listed conglomerate Thakral Corp, said “is our crown jewel”.
“And it’s turning out to be even more beautiful than we envisaged,” Thakral told Edge Prop.
“The profit has been steadily going up y-o-y (year-on-year).”
Thakral admitted GemLife was looking at merging with Living Gems, as Adrian previously told The SOURCE.
“We didn’t want to reduce our stake, so we decided on the status quo,” he says. Since the aborted merger, the joint venture partners have been “working closer together than we were before.”
Thakral announced an annual profit after tax of S$26.6 million for the financial year ended 31 December. GemLife, which Thakral jointly owns, contributed revenue of more than $15 million.
GemLife’s assets have increased to S$678 million (S$45,773 in 2021). The Gold Coast-based operator also repaid a sizeable multi-million-dollar loan to Thakral.
“Overall, demand for GemLife homes continues to remain strong and sales are well ahead of targets with over 294 unconditional, 234 conditional and 48 deposits on hand while actual settlements are tracking forecasts with 1,088 homes occupied as of 31 December 2022,” said Thakral.
Set up by Adrian in 2016, GemLife has a pipeline of about 7,000 land lease homes, according to Thakral, which is 200 LLCs below Stockland and 550 more than Ingenia Communities.
