IN what will be a test of strength for the Perth apartment market, property developer Finbar is launching its $80 million joint venture apartment development in the popular riverfront Terrace Road precinct.
IN what will be a test of strength for the Perth apartment market, property developer Finbar is launching its $80 million joint venture apartment development in the popular riverfront Terrace Road precinct.
The 120-apartment project, located at 132 Terrace Road and dubbed Altair Waterfront Apartments, had been scheduled for a mid-year launch, however, that has been brought forward to take advantage of the continued demand for quality well-located apartments.
Prices for apartments in the 18-storey complex will range from between $320,000 for a 65 square metre one-bedroom apartment to $2.5 million for a 250sqm three-bedroom, three-bathroom penthouse with 247sqm of balcony.
Finbar managing director John Chan said it had been about three months since the company had launched a new development but he expected that the market had retained its strength.
He said the launch of Condor Project’s apartment development, Condor Towers late last year had been successful and that he expected this latest Finbar project to be in high demand.
“This is a much better location than anything else in the city,” he said.
Selling agent Marcus Gilmore, from FPD Savills, said due to its location within walking distance of the CBD and Barrack Square, Altair Waterfront Apartments was the best apartment location in the city and in the Terrace Road precinct.
Mr Gilmore said there was an enormous scarcity of well-located riverfront sites and that he expected a positive market response to the launch of the project.
“The market is strong at the moment and that is one of the reasons we have brought the launch forward,” he said.
Mr Gilmore said that he expected to meet the presales requirement in April and that construction would commence in June or July.
Finbar has had a long association with the Terrace Road market. Its other major development in the area is the $80 million Westralian project, which will comprise of 96 apartments.
In recent years the riverfront location has grown in popularity as an alternative location to Crawley or South Perth.
Other nearby development projects include the 114-apartment 18-storey Panorama tower and the 48-apartment Hemisphere.
The Finbarled development group purchased the 132 Terrace Road site, located opposite Langley Park, last year in an off-market deal worth $9.5 million.
Former owners Tropicana Terrace, part owned by the Indonesian Tanako family, had acquired the land in 1998 for $6.24 million.
“This is a much better location than anything else in the city.”
- John Chan
