Finbar has completed the structural phase of its Garden Towers project in East Perth, with 81% of units sold and settlements expected to start in the first half of FY2027.
- Garden Towers structural works completed
- 330 residential units and commercial space
- 81% of units sold worth $208 million
- Estimated project end value of $290 million
- Settlements anticipated in H1 FY2027
Structural Completion Marks Key Progress at Garden Towers
Finbar Group Limited (ASX:FRI) has reached a significant construction milestone with the topping out of its Garden Towers development in East Perth. The completion of structural works signals that the two-tower project, comprising 330 apartments and 1,157 square metres of commercial tenancies, is advancing on schedule toward final delivery. This milestone reflects steady progress in what will be Finbar's largest development by unit count, surpassing the Civic Heart project.
Garden Towers has attracted robust market interest, with 279 units sold to date, representing 81% of the total apartments and a sales value of $208 million. This strong sales performance underscores ongoing demand for well-located, high-quality residential offerings amid Western Australia's tight housing supply. The project’s estimated end value sits at approximately $290 million, highlighting its scale and significance within Finbar’s portfolio.
Premium Amenities and Strategic East Perth Location
The development features two towers of 37 and 26 levels, offering residents premium amenities including a lap pool on level six, an indoor virtual golf simulator, business lounge with zoom pods, and a Skybar with private dining on level 36. Its central East Perth location provides convenient access to Queens Park, the revitalised WACA redevelopment, and the new East Perth primary school under construction, as well as easy connectivity to the Perth CBD and surrounding amenities.
Chief Executive Officer Ronald Chan highlighted the milestone as a testament to the project’s appeal, stating that the 81% sales rate reflects the strength of the design and location amid a property market characterised by supply-demand imbalance. Settlements are expected to commence in the first half of FY2027, subject to completion of remaining works and regulatory approvals, which will contribute to Finbar’s earnings in that period.
Pipeline Momentum Supports Near-Term Earnings
Garden Towers’ progress adds to Finbar’s growing development pipeline across metropolitan Perth. The company recently completed settlement on a West Leederville site for a $230 million mixed-use project, with development applications underway and earnings expected in FY2029/FY2030. This complements Finbar’s broader strategy to capitalise on Western Australia’s apartment market dynamics, which have been buoyed by strong migration and undersupply trends as detailed in its recent $230M West Leederville Project update.
With Garden Towers poised to deliver settlements soon, the project will be a near-term earnings driver, while other developments like Palmyra West continue to build momentum with over 70% presales achieved ahead of construction. These developments collectively position Finbar to benefit from sustained demand for quality residential projects across Perth’s key growth corridors.
Bottom Line?
Finbar’s topping out at Garden Towers sets the stage for imminent settlements that will test market appetite and earnings momentum in FY2027.
Questions in the middle?
- Will the remaining 19% of Garden Towers units sell before settlements begin?
- How will settlement timing and regulatory approvals impact Finbar’s FY2027 earnings recognition?
- Can Finbar sustain strong sales momentum across its expanding Perth pipeline amid evolving market conditions?