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- Finbar Group has reached practical completion of the Palmyra East development
- Sales of $26 million have been reached to date with 69 of the 128 apartments having been sold
- The revenue is expected to contribute to Finbar’s H1 2020 earnings
- New projects in Applecross and the One Kennedy development are both expected to be completed in FY2020
Finbar Group’s Palmyra East development has reached practical completion with an end value of almost $52 million across all its residential lots.
The overall project has secured $26 million worth in pre-sales which equals 69 of the 128 available apartments.
Palmyra East is a three-storey residential, gated community set just minutes from the heart of Fremantle’s CBD. It boasts the likes of a lap pool, gym, spa, sauna and residents lounge.
The development, which will ultimately include the second stage Palmyra Apartments West, is expected to begin settlements in October 2019. This will contribute to Finbar’s earnings for H1 2020.
One-bedroom apartments will be priced from $300,000 and three bedroom apartments will begin at $550,000.
According to Finbar Managing Director the completion of Palmyra East is a significant milestone for the company with Finbar having now completed over 6000 apartments to date.
“The completion of Palmyra East with $25 million in pre-sales is a significant achievement for the company as we continue to operate in a subdued local market,” he said.
The Palmyra Apartments Estate is a joint venture between Finbar and the land owner West Coast Eggs. This project is one of a number of projects that Finbar has developed in key suburban areas across Perth and surrounding areas.
Finbar’s other projects, the Dianella Apartments and One Kennedy development, are of a similar scope and scale to Palmyra East and have been developed in discussion with first home buyers and those looking to downsize.
“The first home buyers’ sector remains one of the strongest drivers in the subdued WA housing sector and an obvious area of focus for us as we drive to ensure we can produce affordable apartments in established central locations,” Darren commented.
Its new projects in Applecross and the One Kennedy development are both expected to be completed in FY2020.
