- 01Finbar completes 342-lot Garden Towers; settlements begin.
- 02279 lots sold for $210m; 63 remain.
- 03Settlements expected to boost 1H FY27 revenue.
Finbar Group (ASX: FRI) has completed its 342-lot Garden Towers development in East Perth and secured individual strata titles, allowing settlements to begin at its largest development by lot count.
The joint-venture project carries an estimated end sales value of $296.9 million, with 279 properties already sold for $210m, representing about 82% of its inventory.
Most settlements are expected within 14 days of title issuance, positioning the apartment developer to recognise associated revenue in the first half of the 2027 financial year.
The completion follows a development and construction period spanning six years and brings a significant project within Finbar’s five-year pipeline into its settlement phase.
Sales And Settlement Milestone
Garden Towers comprises 329 apartments and 13 ground-floor commercial lots across a six-level podium and residential towers rising 37 and 26 storeys.
The 63 properties still available consist of 56 apartments and seven commercial lots, leaving further sales opportunities after settlement activity commences.
Finbar holds a 50% interest in the venture alongside Ventrade Australia—a wholly owned subsidiary of Chuan Hup Holdings, Finbar’s largest shareholder.
By number of lots, Garden Towers surpasses the developer’s Civic Heart project in South Perth and represents its biggest single-stage mixed-use strata undertaking in 30 years.
The project was acquired from DevelopmentWA for $16m in October 2020, obtained planning approval in November 2021, launched for sale in May 2022 and entered construction in April 2024.
Prominent East Perth Location
The development occupies a site opposite Queens Gardens near the Swan River, Perth city centre, and the revitalised WACA Ground and its aquatic facility.
Its design incorporates a retained heritage-listed former Materials Science Building that is to be repurposed within the ground-floor commercial precinct.
Resident facilities include a lap pool, gymnasium, sauna, work and meeting areas, recreational spaces, and a Skybar on level 36, with the adjacent East Perth Primary School scheduled for completion in 2029 adding another planned feature to the surrounding precinct.
“Garden Towers is our largest development by number of lots in more than 30 years, and has transformed a prominent East Perth site into a landmark residential community,” chief executive officer Ronald Chan said.
“With approximately 63 residential and commercial lots remaining, we are confident in the project's outlook and the continued resilience of the Perth apartment market, supported by population growth, constrained housing supply and ongoing investor demand.”
Broader Development Pipeline
Mr Chan expects the settlement proceeds from Garden Towers to contribute significantly to Finbar’s financial performance during the first half of the financial year.
He acknowledged that delivery had taken place amid pandemic disruption, rising construction costs, labour shortages and supply-chain constraints.
The project sits within a five-year development pipeline valued at $1.95 billion, with Finbar anticipating further settlement, construction and launch activity during the financial year.
Its recent launch of Parkside Residences in Rivervale delivered 27 sales, providing another indication of buyer interest across its developments.
Finbar plans to welcome Garden Towers purchasers at a grand opening on 17 October as it continues the rollout of its wider project portfolio.
Get the wire before the market opens.
The ASX small-cap stories that matter, filed before 9am AEST. Curated by the Small Caps desk.