Singaporean-based Thakral Corporation's stake in the Puljich family business has reduced from 49.9% to 31.7% according to its 1H2024 financial report despite the land lease operator posting a stellar result.
Thakral said GemLife recorded higher development revenue from the delivery of 173 homes for 1H2024, 29% more than 1H2023. In addition, it also saw growth in recurring revenue due to the collection of site fees from a larger portfolio of homes. As of 30 June 2024, total occupied homes stood at 1,622, around 33% more than a year ago.
“Every house is sold before completion and the demand is higher than the supply,” said Thakral’s CEO and Executive Director, Inderbethal Singh Thakral.
“We are optimistic about our business in Australia owing to the favourable structural trends driving demand, and we expect to record steady growth as GemLife’s earnings increase."
GemLife has also launched Highfields Heights, its second resort in Toowoomba, Queensland, and one of 11 projects now underway. The new resort sits on 23ha, 12km from the CBD, and will comprise 366 lots featuring a range of standard and premium single-storey and split-level homes, along with a $14 million Country Club, to be delivered in 13 stages. Earthworks for this resort are underway and Stage One homes are expected to be launched by the fourth quarter of 2024.
As of June 30, GemLife operates 11 communities and resorts, with 10 currently occupied.
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