Finbar secures $34M in sales for new Perth apartments

Company News

by David Chau

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.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.