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.