ASX-listed Western Australian developer, Finbar Group Limited, has announced the sale of 64 studio apartments at its Aire West Perth development to Singaporean-based ZACD group.
The off-the-plan purchase contract is for $12.5 million. The apartments will operate as serviced apartments with a separate lobby, lift core, 65 car-bays and dedicated and shared amenities.
ZACD Group, headquartered in Singapore and Hong Kong, is a private real estate and wealth management company. ZACD Group recently entered the Australian market with the $28 million purchase of a commercial building in Cheltenham, south-east of Melbourne’s CBD.
Following the office building purchase, ZACD chief investment officer Nicholas Mak said that Australia represented one of the key markets for the group going forward, adding it would also be diversifying into other markets in the Asia-Pacific.
Prime Resort Sales in association with Resort Brokers Australia negotiated the sale of the Aire serviced apartments.
Darren Pateman, Managing Director of the Finbar Group spoke positively of the sale:
We are pleased to announce the conclusion of negotiations with an entity controlled by Singaporean fund manager ZACD Group to purchase the key short-stay asset comprised within the podium of the Aire development. Aire has been a successful project with 70% of the residential and all ground floor commercial lots pre-sold with construction already at level eight.”