Finbar to develop $350M property in WA

Company News

by David Chau

Western Australian apartment developer, the Finbar Group Ltd (ASX:FRI) will enter a joint venture project to develop a significant site in the prestigious suburb of Applecross, Perth.

The site is over 8,000 square metres, and is located in the Canning Bridge precinct – which the WA Government, according to Finbar, wants to develop into a diverse community hub.

Finbar says its initial design concept will see the land being developed in three separate strata titled stages – with 3 residential towers, 440 apartments and ground floor commercial space.

The company estimates that end sales value of this development will exceed $350 million.

Finbar reported a net profit of $6.9 million at 31 December 2015.

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