Thakral Corporation’s association GemLife has received approval to develop Australia’s first vertical land lease community at Currumbin Waters, Gold Coast, for A$450 million ($384.12 million).

The vertical resort is designed to meet the demand for “high-quality over-50s living”, according to the filing on Feb 20. This development features six three-level buildings and one four-level building, offering 205 three-bedroom apartments which span 13.85 hectares.

The community will feature a multi-million dollar country club with amenities like a cinema, bowling alley, indoor pool with spa, gym, lounge among others.

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The lifestyle resort is anticipated to launch to market this year.

GemLife director and CEO Adrian Puljich said there was significant demand for quality over 50s living on the southern Gold Coast.

“We are thrilled to have the green light for the project and will be working to bring it to the market as soon as possible, to help fill a shortage of supply for relaxed yet elevated over-50s apartments on the Gold Coast. The development will raise the bar for this style of living and, as our first apartment village, is an exciting addition to our portfolio of communities across Queensland, New South Wales and Victoria,” he adds.

Shares in Thakral closed flat at 71 cents on Feb 20.