For this assignment, my allocated company is Finbar. Initially I had never heard of this company, so needless to say, I learnt a lot from visiting their website!
Finbar Group Limited is an Australian Property Development Company listed on the Australian Stock Exchange. Incorporated in 1984, Finbar was not listed as a property development company until 1995. It has now established itself as the market leader in built form apartment development in the Perth metropolitan area. Finbar's main business lies in the development of medium to high density residential apartments and commercial property within Western Australia.
It carries out projects in its own rights and also through incorporated special purpose entitles and joint venture companies of which the government can either directly or indirectly hold interests in project profitability.
Finbar’s business model involves the acquisition of suitable development land either directly or by way of incorporated joint ventures whereby equity partners are sought to allow the Company to leverage into larger redevelopment projects to take advantage of the benefits of economies of scale, and to help spread project risk.
Joint venture opportunities are also brought to the Company through land owners who require partners with project delivery expertise. Joint ventures of this nature enable the Company to leverage our development expertise and help limit the level of capital contribution required by the Company to achieve higher returns on equity.
In addition to residential projects, the Company is currently developing and intends to retain an interest in office buildings to provide future annuity income to supplement core residential development income.
Finbar outsources its development activities to external consultants, sales persons, and building contractors. The administration of the Company along with the operating, investment, and acquisitions decisions are made by the Company board and management. The Company employs just fifteen staff members in its East Perth offices.
Below is link to a short video on Finbar:
http://www.youtube.com/watch?feature=player_embedded&v=398J5VuCIbs
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