Family-owned Adelaide business Karidis Corporation Limited has unveiled a near $60 million retirement village complex, accommodating more than 250 residents.
Launching the project midweek, chairman Gerry Karidis said the venture would boost local development in Adelaide’s west.
“This is good news for South Australia’s ageing population and good news for the local economy,” Mr Karidis said.
“Acacia Park, and our other exciting developments currently underway, represent a total investment commitment of more than $127.5 million, will generate $165 million of economic flow on to the South Australian economy, and create 300 direct jobs as well as an estimated additional 600 indirect jobs.”
Karidis said the development is aiming to attract skilled migrants into South Australia, benefitting the state’s future economic prospects.
“It stands to reason that more people will create greater wealth for South Australia, because they will buy homes, spend money on everyday costs, and in turn they will pay taxes and bring added skills to our economy.”
Works on the project have already commenced, with the first stage set to be completed by Christmas. Additional stages are due to be completed by mid-to-late 2015.
Karidis Corporation Limited continues to be one of South Australia’s most vibrant property development companies with over 5,000 residential, commercial and retirement projects across the state and in neighbouring Victoria.