Updated

GemLife debut now ASX’s seventh listing success in two weeks

Michael Bleby and Joanne Tran

Updated Jul 3, 2025 – 5.25pm, first published at 2.50pm

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The Puljich family has minted a $433.1 million fortune after debuting land-lease property developer GemLife on the ASX, the seventh float for the local market in the past fortnight.

GemLife, founded in 2015 by the family that pioneered in Australia the housing model of leasing land to retirees in master-planned communities, had priced shares at $4.16. They opened at $4.40 on Thursday, closing the day at $4.33, up 4.1 per cent.

Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Based in Melbourne, Michael is on Bluesky @michaelbleby.bsky.social.

Joanne Tran is a markets reporter for The Australian Financial Review in the Sydney newsroom.