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Finbar Group will officially launch the first stage of its $342 million three-tower development at Canning Bridge in Applecross this weekend.
Finbar Group has called on the City of South Perth to introduce a special planning scheme for its Civic Heart project, while describing the Perth apartment market the most challenging in the company’s history.
Finbar Group has sold the serviced apartments component of its latest project in West Perth, striking a deal worth $12.5 million with a funds management group headquartered in Singapore and Hong Kong.
Perth’s largest apartment developer, Finbar Group, has applied to build a $350 million, triple-tower development at Canning Bridge, with the three-stage project to comprise up to 452 apartments.
Frustrating is mounting among developers in South Perth as they are forced to reassess projects after the second major change to the suburb’s town planning guidelines in the past six years.
Finbar Group’s new plan for its Civic Heart site in South Perth will have 74 fewer apartments and an end-value 45 per cent lower than its original proposal, while it will be delivered a year after the first project was scheduled to be complete, the developer has revealed.
Buyers at Finbar Group’s $400 million Civic Heart project are being refunded their deposits, after the state’s largest apartment developer announced it would scale back the size of the tower because of uncertainty regarding planning rules in South Perth.
Finbar’s share price has increased by 10% over the past one month, last trading at $0.99.
Apartment specialist Finbar Group has kicked off 2017 with a fresh development application, lodging plans for its 258-dwelling, low-rise apartments project at the Golden Egg Farms site on Leach Highway in Palmyra.
Prices in one of Perth’s newest residential enclaves, The Springs at Rivervale, are holding value better than apartments across the wider Perth metropolitan area, despite concerns of excess supply restraining capital growth.
The state government has been forced to make a special budget allocation of $9.74 million to demolish the old Port Hedland hospital, 18 months after announcing a deal to sell the site to apartment developer Finbar Group.
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