AI assistant
FINBAR GROUP LIMITED — Capital/Financing Update 2012
Nov 11, 2012
64943_rns_2012-11-11_57e11899-6a76-4909-a3c3-edb481b78484.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [100 x 86] intentionally omitted <==
ASX MARKET & MEDIA ANNOUNCEMENT
12 NOVEMBER 2012
LIME PROJECT REACHES PRACTICAL COMPLETION
Key points:
-
Practical competition achieved at Lime project.
-
Settlements anticipated to commence in December 2012.
-
80% of the project sold to date.
Perth, 12 November 2012: Western Australia’s leading apartment developer, Finbar Group Limited (ASX: FRI) (“Finbar” or “the Company”), is pleased to advise that the Company’s Lime joint venture project, located at 189 Swansea Street in East Victoria Park, has reached the stage of practical completion.
Final site presentation and clean-up works will occur over the next three weeks in preparation for settlements which are anticipated to commence late in December with revenue for the project expected to span both halves (reporting periods) of the current financial year.
Lime is a 50% owned joint venture project comprising 95 two bedroom apartments plus an additional 16 strata titled commercial lots.
Managing Director, Darren Pateman, said today, “we are very pleased to have finished Lime on time and on budget. Lime sales have also been progressing well with the project proving to be very popular with first home buyers with its attractive price point and close proximity to transport, the city, Curtin University, and the diverse food precinct of East Victoria Park”.
The average price of a Lime apartment is $445,000 and Finbar has sold 89 lots in the 111 lot project to date.
- ENDS -
For further information:
Darren Pateman Samantha Reece Managing Director Public Relations Manager Finbar Group Limited T: 08 6211 3300 E: [email protected] E: [email protected]
ABOUT FINBAR: Finbar Group Limited (ASX: FRI), its controlled entities and its jointly controlled entities is a property development company whose core business lies in the development of medium to high density residential apartments and commercial property within the State of Western Australia. Please Visit: www.finbar.com.au