Western Australia’s leading apartment developer Finbar Group has completed its AT238 residential tower on Adelaide Terrace, and issued titles to off-the-plan purchasers.
Finbar has completed 66 apartment sales valued at $46.25 million in the 121-lot, 30-level development. The total project is valued at approximately $100.5 million.
Commenting on the completion, Finbar Managing Director Darren Pateman said: “We are pleased to see the final completion of this project which has been developed during a very challenging inflationary construction environment, but despite these conditions the project still remains profitable.
“Finbar has seen a dramatic reduction in completed stock available for sale for immediate occupation, so it is timely to be able to bolster this book with an additional $54.3 million in unsold lots.
“Perth has a shortage of new and available dwellings which will allow us to maximise the sales value potential for this project.”
Individual strata titles have been issued which will result in settlements for the 66 sold lots to commence from mid-April 2023.