AusBN - Perth-based property development company Finbar (ASX: FRI) has announced plans to construct a new AUS$108 million residential development in Palmyra.
The company announced it had secured approval from the Metro Central Joint Development Assessment Panel (JDAP) for the 26,642-square metre site.
The development will consist of 258 one, two and three bedroom apartments across nine three-storey buildings.
In addition to the properties, Finbar will also construct two gyms, residents’ lounges, swimming pools, saunas, barbeque areas and landscaped gardens on the site.
Finbar managing director Darren Pateman said: “This project is a transformative development for Palmyra in terms of scale and the residential diversity it will provide.”
Stage one of construction will be completed in 2019.