Finbar announced on 9 February 2016 that it had secured a new $109 million joint venture redevelopment project in Palmyra, a southern suburb of Perth.

Located on land currently occupied by Golden Egg Farms since 1971, the proposed project will comprise 254 one, two and three bedroom apartments built over two equal size stages.

The redevelopment will also have a walk-up low-rise structure with underground parking and communal facilities including two resort style swimming pools.

The joint venture agreement allows the land owner to provide the land for redevelopment in return for Finbar contributing the working capital and finance while both parties will equally split the development profit.

This project is at the heart of Finbar's strategy to provide entry level products in prime locations with easy access to local amenities such as shopping, public transport, the highway system and public golf course.

Commenting on the joint venture development agreement, Finbar Managing Director Darren Pateman believes the apartments will attract young owners and broader investors.

'Palmyra is a very well established suburb that is conveniently located south of the river, so we believe that this project will be well received, particularly at the price point we are aiming to achieve,' said Mr Pateman.

Finbar will begin design work immediately and aim to obtain development approval before an anticipated marketing launch later in 2016.

Finbar Group Limited issued this content on 09 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 10 February 2016 06:48:02 UTC

Original Document: http://www.finbar.com.au/news/news-articles/finbar-secures-new-redevelopment-project-in-palmyra