• GemLife acquires 32.5ha greenfield development site in Townsville, Queensland for $21 million
• Site will be developed into over 500 manufactured home sites and associated community facilities
• Acquisition strengthens GemLife's portfolio and development pipeline to 33 communities and 10,413 homes

GemLife Communities Group (ASX: GLF) ('GemLife' or 'the Group') has entered into an unconditional contract to acquire a 32.5ha greenfield development site in Townsville, Queensland for $21 million. GemLife will seek a development approval for over 500 manufactured home sites and associated community facilities, increasing the Group's portfolio and development pipeline to 33 communities and an expected 10,413 homes, on completion. The asset comprises two lots ($10.5 million each), which will settle in March 2026 and February 2027 respectively. This will be funded via cash and existing debt facilities, in line with the Group's disciplined capital management approach. Managing Director & Group CEO, Adrian Puljich, stated that the acquisition aligns with GemLife's strategy to grow its portfolio in high-demand locations and create long-term shareholder value through disciplined investment in quality sites. The Townsville site represents a compelling opportunity to further GemLife's presence in Far North Queensland through a well-located, infrastructure-backed development, reflecting the company's structured approach to expanding into new regions while remaining focused on long-term value creation and execution certainty.

The acquisition of the Townsville site strengthens GemLife's portfolio organically, secures future development opportunities, and ensures a robust pipeline that will underpin sustainable earnings growth for the Group.