Ann: Development approval received for 240 Adelaide Terrace Perth, page-5

FRI is free to build for itself, or for a JV, so I assume it picks an optimal path.

Although the JV partners share the profit, FRI is paid a management fee.

Some of these partners may have to hold there land for years, so FRI does not carry the cost of a land bank.

FRI has been able to keep its main construction partner, Hannsen busy, and I mam fairly sure there are economies gained doing that. Slightly lower construction price because Hannsen does not have to scrounge for work, and a much lower procurement hassle every time a new building needs to be constructed. FRI could not have that relationship if it did not have the volume of work that the JV model allows.

Whether putting all FRI's eggs in one basket is worth a thought.