Finbar Completes Garden Towers, Settlements to Begin

Finbar (ASX:FRI) announced that its Garden Towers development in East Perth is complete and individual strata titles have been issued, which allows settlements to begin and revenue from the project to be recognised.

Garden Towers comprises 342 lots, being 329 residential apartments and 13 ground-floor commercial lots, across a six-level podium and two towers of 37 and 26 storeys. The approximate total project sales value is $296.9 million. To date 279 properties have been sold, about 82% of the development and $210 million in sales, leaving 56 residential apartments and seven commercial lots. Most settlements are expected within 14 days of title issuance, with settlements and associated revenue recognition anticipated to contribute to H1 FY27. The project is a 50% joint venture with Ventrade Australia Pty Ltd, a wholly owned subsidiary of Chuan Hup Holdings Limited, Finbar's largest shareholder. The site was acquired from DevelopmentWA in October 2020 for $16 million, and construction began in April 2024. Finbar describes it as its largest single-stage mixed-use strata development by number of lots in its 30-year history. It forms part of a five-year development pipeline the company values at A$1.95 billion.

The release does not quantify the profit Finbar expects from Garden Towers or its share of revenue under the joint venture, and 63 lots remain unsold.