Finbar Secures 70% Presales for Palmyra West, Construction Set for March
Finbar Group has achieved over 70% presales for its Palmyra West Apartments project, signalling strong market demand ahead of construction starting in March 2026.
- Over 70% of 130 apartments pre-sold, valued at $67 million
- Total project sales expected to reach approximately $98 million
- Construction to commence in March 2026 with completion in first half FY28
- Strong interest from first home buyers and repeat purchasers
- Project features extensive lifestyle amenities in a prime Palmyra location
Strong Market Reception for Palmyra West
Finbar Group Limited (ASX, FRI), a leading developer in Western Australia’s residential property sector, has announced a successful launch of its off-the-plan sales campaign for the Palmyra West Apartments. The project, located on a 13,540sqm site in Palmyra, has already secured over 70% of its 130 apartments in presales, representing approximately $67 million in value. This early momentum underscores robust demand for medium-density housing in the area.
The Palmyra West development is positioned just 4 kilometres from Fremantle, benefiting from proximity to established amenities such as Woolshed Park, a district shopping centre, and the Royal Fremantle Golf Club. These locational advantages, combined with the project's lifestyle offerings, have clearly resonated with buyers.
Project Features and Buyer Profile
The development comprises four low-rise buildings housing 130 apartments, with an anticipated end sales value of around $98 million. Residents will enjoy a suite of amenities including a 20-metre swimming pool, poolside BBQ cabana, gymnasium, residents’ lounge and games room, sauna, and a car wash bay. This comprehensive lifestyle package is designed to appeal to a broad demographic.
Notably, first home buyers account for 33% of purchasers so far, reflecting the project's appeal amid ongoing housing affordability concerns. Repeat buyers also represent a significant 20% of sales, highlighting Finbar’s strong brand loyalty and market reputation.
Looking Ahead, Construction and Market Impact
Construction is scheduled to commence in March 2026, with completion expected in the first half of fiscal year 2028. Finbar’s CEO, Ronald Chan, emphasised the company’s track record of delivering quality projects and meeting market demand, noting the strategic importance of Palmyra West as an example of the so-called “Missing Middle”; medium-density housing that fills a gap between detached homes and high-rise apartments.
With a project pipeline valued at over $1.6 billion, Finbar’s ability to secure strong presales early bodes well for its financial outlook. The company also benefits from off-the-plan stamp duty concessions, which may continue to stimulate buyer interest as construction progresses.
Bottom Line?
Finbar’s strong presales set the stage for Palmyra West to be a key contributor to its growth over the next two years.
Questions in the middle?
- Will Finbar maintain sales momentum through to project completion in FY28?
- How might rising construction costs or supply chain issues impact the project timeline or margins?
- What is the potential for similar medium-density developments in Western Australia’s evolving housing market?
