This article is from the Australian Property Journal archive
SINGAPOREAN company ZACD Group has acquired 64 studio apartments within Finbar’s Aire development in West Perth for $12.5 million.
The off-the-plan purchase will see the units become serviced apartments within the 21-level building, in addition to 178 residential one, two and three-bedroom apartments and two ground floor commercial spaces, as well as communal facilities including swimming pool, gym and meeting room.
Aire, located at 647-659 Murray Street, has an estimated end value of $106 million and construction will be complete by the end of the financial year.
ZACD has industrial, commercial and residential developments in Singapore, Indonesia and Malaysia. The purchase comes hot on the heels of its debut in the Australian market, with the $27.33 million purchase of ASX-listed iSelect’s office headquarters in Melbourne’s south-eastern suburb of Cheltenham.
Prime Resort Sales and Resort Brokers Australia negotiated the sales. ZACD is currently in talks with potential operators for the serviced apartments.
Darren Pateman, managing director of Western Australian-based Finbar, said 70% of Aire’s residential and both commercial lots have been pre-sold with construction already at level eight.
Finbar is the state’s largest developer and has an overall pipeline of $2 billion, most recently receiving development approval for its $350 million, 452-apartment project in Perth’s riverside suburb of Applecross.
Australian Property Journal
