Mustera Reports $15.05M Contracted Sales and $3M Settlement in December Quarter
Mustera Property Group reports strong sales momentum with $15.05 million contracted at its Verse on McCabe development, alongside a $3 million settlement at Forbes Residences, setting the stage for construction to begin in Q2 2026.
- Verse on McCabe project advances with $15.05 million in contracted sales
- Construction for Verse on McCabe expected to start in Q2 2026
- $3 million apartment settlement at Forbes Residences in Applecross
- Vacant land in Midland sold for $1.375 million to reduce debt
- Positive operating cash flow of $1.1 million and $2 million in available funding
Progress on Key Developments
Mustera Property Group has delivered a solid update for the December 2025 quarter, highlighting significant progress on its residential projects. The standout is the Verse on McCabe development in North Fremantle, where the company has secured approximately $15.05 million in contracted sales. This 42-apartment, eight-storey project continues to attract strong market interest, supported by an active marketing campaign and steady visitation to its display suite.
With builder procurement underway, Mustera anticipates commencing construction in the second quarter of 2026. This timeline marks a critical phase for the company as it transitions from planning to execution, potentially unlocking further value for investors.
Sales and Settlements at Forbes Residences
Meanwhile, at the Forbes Residences in Applecross, Mustera settled one apartment for $3 million during the quarter, with another apartment under contract expected to settle shortly. The project still has two commercial lots available, indicating ongoing opportunities for sales growth in this mixed-use development.
Strategic Asset Divestment and Financial Health
In a move to sharpen its focus on core developments, Mustera sold its vacant land site at Lot 801 Helena Street, Midland, for $1.375 million. The proceeds were applied to reduce the company’s debt, reflecting a prudent approach to balance sheet management amid active development.
Financially, Mustera reported operating costs of approximately $1.2 million and marketing expenses of $207,000 for the quarter. Despite these outflows, the company generated positive net cash from operating activities of $1.1 million, ending the quarter with $1.95 million in cash and $2 million in total available funding, including unused credit facilities.
Loan Facilities and Funding Outlook
Mustera’s capital structure includes secured loan facilities totaling $17.3 million, with the majority drawn. These facilities come from a mix of lenders including Harvis Finance, NAB, and a private lender, featuring variable and fixed interest rates. The company’s ability to maintain positive operating cash flow while managing debt levels will be critical as it moves into the construction phase of its projects.
Overall, Mustera’s quarterly report paints a picture of a developer gaining traction in sales and preparing to execute on its pipeline, with a clear focus on financial discipline and project delivery.
Bottom Line?
As Mustera gears up for construction, investors will be watching closely to see if sales momentum sustains and how effectively the company manages its debt and cash flow.
Questions in the middle?
- Will Mustera secure a building contractor and commence construction on schedule in Q2 2026?
- How will remaining commercial lot sales at Forbes Residences impact overall project returns?
- What strategies will Mustera employ to manage its debt amid ongoing development costs?
