Finbar JV makes $46m in sales from Code building

Perth-based residential apartment developer Finbar International Ltd has sold all available lots in its 114-lot Code development joint venture, retaining 20 for release during the construction program, and raising $46 million in sales.

The full text of a company announcement is pasted below

Finbar's 50 per cent owned joint venture has sold all available lots (94 lots) in its 114 lot development - "Code", located on the corner of Wellington and Milligan Streets in Perth.

The sales occurred during the public marketing campaign which commenced on 2 December 2006.

20 residential apartments are being retained for release during the construction program.

"The project seems to have struck a chord with investors and future owner-occupiers seeking property with a modern architecture located close to many of Perth's inner city attractions and amenities" said Managing Director John Chan.

In total, $46 million in sales have been achieved in the $57 million project.

Construction is expected to commence in June with completion anticipated in late 2009.