Finbar's Domus apartments sold out with sales of $32.3m

Perth-based property developer Finbar International Ltd has sold out its latest apartment release, Domus apartments at Hay Street Perth in its 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 after only becoming available on Saturday morning.

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 dollars 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 $226m.