03/04/2013 - 13:13

Finbar sells out two new projects

03/04/2013 - 13:13

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Apartment developer Finbar Group says demand is running hot for its CBD projects, with two of its newest developments selling out before completion.

Finbar sells out two new projects

Apartment developer Finbar Group says demand is running hot for its CBD projects, with two of its newest developments selling out before completion.

Finbar said today that both its St Marks and Au apartment projects had sold out off-the-plan.

The St Marks project, located on Harold Street in Highgate, is a 130-apartment, $67 million development expected to be completed by September.

The other development, the $108 million Au, is located on Adelaide Terrace and comprises 192 apartments and two commercial lots.

The Au project is due to be completed by April next year.

“With these sales secured, and provided there are no surprises in respect to costs, we are starting to get good visibility through to FY14,” managing director Darren Pateman said.

“Early indications are that these projects will help underpin a result that will likely see increasing profitability beyond the record result we are anticipating in the current financial year.”

At 1:00PM, WST, Finbar’s stock was up 3.8 per cent, trading at $1.49. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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