AI assistant
FINBAR GROUP LIMITED Capital/Financing Update 2006
64943_rns_2006-05-31_fb7e89be-f89c-4315-b299-6d714aa2e942.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
FINBAR INTERNATIONAL LIMITED ACN 009 113 473
Level 3 15 Labouchere Road SOUTH PERTH WA 6151
http://www.finbar.com.au ASX CODE: FRI
.
Udžavani katu sturedovom medič upedalžiti Tenzeranski (1937. 1937. du od York Scholzer St. 2. or. or.
1 June 2006
COMPANY ANNOUNCEMENT: FOR IMMEDIATE RELEASE
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 offthe-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.
CONTACTS:
Email: [email protected]
Mr Darren Pateman
Company Secretary
Email: [email protected]
Mr John Chan
Managing Director