Finbar sells out Reflections apartments at Langley Park

Perth property developer Finbar International Ltd has sold out its largest project to date, the Reflections apartment complex at Langley Park, with off-the-plan sales of $118.7 million.

Sales at the project were completed with the eastern tower penthouse for $3.7 million.

Marketing for Reflections commenced late last year and the majority of apartments were sold out within the first three weeks of launch.

Construction work has now commenced and the project is scheduled to be completed late 2008.

THE FULL RELEASE APPEARS BELOW.

REFLECTIONS APARTMENTS - SOLD OUT

Perth property developer - Finbar international Limited has sold out its largest
project to date after the sale of the Reflections Penthouse which occupies the
23rd and 24th floor of the eastern tower in the prestigious Langley Park
development.

The Penthouse sale achieved $3.7 million dollars which brings the total off-
the-plan sales to $118.7 million dollars.

Marketing for Reflections commenced late last year and received strong
support with the majority of the apartments selling out within the first three
weeks of launch.

Construction work has now commenced and the project is scheduled to be
completed late 2008.

The Reflections project is being development by a wholly owned Finbar
subsidiary who will share equally in the profit with the development land
owners.

Projected profit for the project is expected to reach in access of $24 million,
$12 million of which will contribute to the company's earnings in the financial
year ending 30 June 2009.