Finbar Group has wrapped up its $114 million Bel-Air Apartments development in Belmont with titles issued and settlements set to begin late June. The company maintains its FY26 net profit guidance between $18 million and $22 million despite some settlement timing uncertainty.
- Bel-Air Apartments project completed with titles issued
- 193 of 194 apartments and commercial tenancies sold for $113.4 million
- Settlements expected to start end-June 2026
- FY26 net profit guidance reaffirmed at $18–22 million
- Settlement timing may affect profit recognition across FY26 and FY27
Bel-Air Apartments Completion Marks Major Milestone
Finbar Group Limited (ASX:FRI) has officially completed its Bel-Air Apartments project in Belmont, Perth, issuing individual strata titles and preparing for settlements to commence by the end of June 2026. This $114 million wholly owned development comprises 194 residential apartments and two commercial tenancies within a ten-storey tower, featuring resident amenities such as a pool, gym, sauna, and lounge areas.
The project has enjoyed strong market acceptance, with 193 of the 194 apartments sold alongside both commercial spaces, generating $113.4 million in sales. This robust uptake underscores ongoing demand for well-located, affordable apartment living in Perth’s metropolitan area.
Management Highlights Strategy and Market Appeal
CEO Ronald Chan described Bel-Air as a clear demonstration of Finbar’s strategy to deliver mid-level apartments that balance affordability with quality and connectivity. Belmont’s proximity to transport links, employment hubs, Perth Airport, and the CBD aligns with this approach, providing accessible housing without sacrificing design or liveability.
Chan also acknowledged the challenges of the current construction environment, thanking builder Hanssen and the project team for their efforts in bringing the development to completion. He emphasised the importance of purchaser confidence in Finbar’s product, whether for owner-occupation or investment.
Profit Guidance Reaffirmed Amid Settlement Timing Uncertainty
Finbar reaffirmed its FY26 net profit after tax guidance of $18 million to $22 million, as initially announced at the half-year results in February 2026. However, the company noted that the timing of settlements, whether they occur before or after 30 June, could influence the exact profit recognition split between FY26 and FY27.
While settlements are anticipated to start by late June, it remains likely that some will roll into the next financial year. Finbar committed to updating the market should there be any material deviation from current expectations regarding this timing.
Positioning Within Finbar’s Broader Development Pipeline
The Bel-Air completion comes as Finbar continues to advance a substantial development pipeline across Perth. Recent moves include the settlement and planning for a $230 million West Leederville project, which will further expand the company’s footprint in the metropolitan apartment market. This ongoing activity reflects Finbar’s confidence in the underlying demand dynamics and its ability to deliver projects tailored to market needs.
Bottom Line?
Settlement timing will be the key variable to watch as Finbar’s FY26 profit recognition hinges on when buyers complete their purchases.
Questions in the middle?
- Will settlement timing shifts materially impact Finbar’s FY26 earnings?
- How will demand for mid-level apartments evolve amid Perth’s housing market conditions?
- What progress can be expected on Finbar’s larger West Leederville and South Perth projects?