Apartment specialists Finbar Group has reported strong sales on its two latest developments, Pelago West in Karratha, and the Fairlanes apartment and office development on Adelaide Terrace.
Finbar announced today that its Pelago West development remained on track for completion around March/April next year, with a total of 72 contracts sold and leased.
On completion, Pelago West and the second stage, Pelago East, will comprise 292 residential apartments and 22 commercial lots.
The company said the 178-apartment Pelago East would be launched when more sales of the first stage had occurred.
Also today, Finbar announced construction had “topped out” at the 28-storey Fairlanes apartment and office project, which will ultimately be completed in June next year.
Finbar managing director Darren Pateman said the company had recorded 115 unconditional sales in the 128-unit development.
“Construction completion of the Fairlanes project is an important milestone for us and an excellent example of how Finbar can deliver value on a project,” Mr Pateman said in a statement.
“Given the financial success of the residential component of this project, we have been able to offer 6,700 square metres of office space in the commercial component of the building for lease without offering lease incentives which will assist in the maximising our future income potential and value of this retained investment.”
At 11:07AM (WST) Finbar’s stock was slightly up, to trade at 83 cents.