Apartment developer Finbar Group Limited (ASX:FRI) has announced the completion of a joint venture to develop 143 luxury apartments in the northwest of Perth – on time and on budget.
This new development is called Motive Apartments, and Finbar Group says it has sold nearly half of the lots for around $34 million.
Finbar says settlements of the completed units will commence at the end of this month, with sales revenue from pre-sales expected to contribute to second half earnings in FY17.
The company is also expecting its other development, Concerto, to be completed in May 2017.
Finbar posted a net profit of $8.8 million at 30 June 2016.