- 01Romeo construction under way; 66% sold.
- 02103 sales since March; $121.1m pre-s.
- 03End value ~$192m; due H1 FY2029.
- 04Five-year pipeline >1,900 units.
Finbar Group (ASX: FRI) has started construction at its Romeo development in Applecross, Perth, after securing pre-sales across two-thirds of the project.
The 155-lot development has recorded 103 sales since its public market launch in March, including all three ground-floor commercial lots, representing $121.1 million in pre-sales.
Romeo has an estimated end value of about $192m and is targeted for completion in the first half of the 2029 financial year.
The project forms the third and final stage of Finbar’s Applecross Precinct and sits within the group’s five-year development pipeline valued at $1.95 billion.
Resort-Style Amenities
Romeo comprises 152 residential apartments in one-, two- and three-bedroom configurations, along with three ground-floor commercial lots and resort-style resident amenities.
Sales have continued since the beginning of August, with 18 lots sold for $26.3m over seven weeks and investors accounting for about 50% of purchasers.
Across its wider portfolio, Finbar recorded 37 sales across off-the-plan and completed stock during the same period for a total value of $44.3m.
Total pre-sales across the group’s current projects have reached $536m, representing about 67% of available product sold.
Precinct Nears Completion
Coming after Finbar’s Sabina and Aurora developments, Romeo will complete a precinct that has been progressively developed with new residences, commercial space, and improved pedestrian connections.
The group has also delivered The Lane, a landscaped pedestrian link between Canning Highway and Kintail Road that culminates in a new public plaza.
The project is located close to the Swan River and Canning Bridge Station, with a proposed Swan River ferry service scheduled to commence by the end of 2027.
“The start of construction at Romeo marks an important milestone for the project and reflects the strong response received from buyers since its public market launch in March this year,” chief executive officer Ronald Chan said.
“We are well positioned to progress our current projects and continue delivering sustainable, long-term value for shareholders.”
Five-Year Pipeline
Finbar’s five-year pipeline spans more than 1,900 units and is intended to support future project delivery and earnings visibility.
Romeo adds to that pipeline with a development positioned in an established riverside precinct and backed by a majority of lots already sold.
Mr Chan said the recent sales activity provided a positive indication of underlying buyer demand despite broader market uncertainty.
Finbar plans to progress its current projects while maintaining what management describes as a disciplined approach to capital management and long-term shareholder value.
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