The share price of residential apartment developer, Finbar Group (ASX: FRI) has been moving up since announcing they received approval for the company’s Civic Heart development on the 4th of February.
The project will have two towers of 39 and 22 storeys respectively consisting of mainly residential apartments and 25 ground floor commercial tenancies.
The project has an estimated end value of $365 million. The company has already had 4,700 enquiries for the project.
Managing director Darren Pateman commented:
“This news has come at a good time for our business and for the WA
economy. We have recently sold out of South Perth stock and are very keen to
bring this flagship project to a market which is showing very positive signs of both
sales rate and price recovery,”
Disclosure: I own