Finbar receives approval for $75 million project

Company News

Finbar Group Limited (ASX:FRI) says it has relieved unanimous approval from the Metro Central Joint Development Assessment Panel for the development of a 10 storey apartment project in Belmont in Western Australia.
The project, to be named Chase Apartments, will comprise 194 one and two bedroom apartments as well as two commercial outlets on the ground floor of the building.
The mixed use development project is situated 5 kilometers from the Perth CBD and 3 kilometers from the airport.
The company says entry price points starting from $350,000 for a one bedroom apartment will appeal to property investors given Perth’s subdued property market. 
Finbar reported a net profit of $26.12 million at 30 June 2015. 

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