Finbar’s $113M Bel-Air Apartments Fully Sold Ahead of 2026 Finish

Strong Sales Momentum in Western Australia's Apartment Market

Finbar Group Limited, a leading residential property developer in Western Australia, has announced the full sell-out of its $113 million Bel-Air Apartments project in Belmont. This milestone comes well ahead of the project's anticipated completion in mid-2026, marking a significant achievement for the company and a clear signal of robust demand in the region's mid-tier apartment market.

The Bel-Air development comprises 194 apartments and two commercial lots, representing a substantial addition to Finbar's current construction pipeline, which totals $390 million. This pipeline is part of a broader five-year development portfolio with an estimated end value exceeding $1 billion, underscoring Finbar's prominent position in the local property sector.

Market Dynamics Fueling Off-the-Plan Sales

Finbar's CEO, Ronald Chan, highlighted that this is the first time in over a decade the company has sold out a project prior to construction completion. He attributed this success to the constrained supply of affordable, mid-tier apartments in Western Australia, which has driven strong interest from both owner-occupiers and investors. The off-the-plan sales campaign for Bel-Air has capitalized on this market dynamic, reflecting a broader trend of heightened demand for accessible urban living options.

Alongside Bel-Air, Finbar's Garden Towers project in East Perth is also progressing well, with over 70% of its $277 million value sold and construction underway. Garden Towers is expected to complete in 2026, further contributing to Finbar's growth trajectory and reinforcing investor confidence in the company's development strategy.

Looking Ahead – Pipeline and Market Outlook

Finbar plans to maintain this sales momentum with upcoming projects valued at approximately $202 million slated for market release in the coming months. This forward pipeline suggests the company is well-positioned to continue leveraging strong demand in Western Australia's residential property market.

While the company has not provided specific price guidance or detailed cost updates, the successful sell-out of Bel-Air ahead of schedule offers a positive indicator for revenue recognition and project delivery timelines. Investors will be watching closely to see how Finbar manages construction progress and sales for its remaining developments.

Overall, Finbar's recent announcement underscores the resilience and appeal of mid-tier apartment offerings in a competitive market, positioning the company for sustained growth in the near term.