Finbar’s $32m Domus sale

PERTH-BASED property developer Finbar International Ltd has sold out its latest apartment release, Domus Apartments on Hay Street, Perth, in the first weekend on offer. The Domus complex, made up of 80 two-bedroom apartments and one commercial lot, generated sales of $32.3 million dollars. The development is located at 375 Hay Street in the city’s east end. The project is a 50 per cent owned Finbar joint venture and is expected to deliver $7 million in profit to the company’s earnings in the 2008 financial year. Finbar plays a leading role in Perth’s medium- to high-density residential property market, and between 1997 and 2005 completed apartments worth $368 million. In the 2007 financial year it is forecasting completion of a further 494 apartments, with a value of $226 million. “There is no doubt we have a strong property market in the west but there have been other apartment releases in Perth in recent months that have not seen this type of response,” Finbar managing director John Chan said.