Finbar has moved its Romeo apartment project in Applecross into construction after securing 103 sales worth A$121.1 million. Recent activity has accelerated, with investors accounting for about half of the 18 lots sold since 1 August.
- Construction commenced at the 155-lot Romeo development in Applecross
- 103 sales represent 66% of the project and A$121.1 million in presales
- 18 lots sold for A$26.3 million since 1 August
- Project estimated end value of approximately A$192 million
- Completion targeted for H1 FY2029
Romeo enters construction after 103 sales
Finbar Group Limited (ASX:FRI) has started construction at Romeo in Applecross, Perth, converting a substantially presold apartment development into its delivery phase. The 155-lot project has reached 103 sales, or 66% of total stock, generating A$121.1 million in presales since its public market launch in March.
Romeo comprises 152 residential apartments across one-, two- and three-bedroom configurations, alongside three ground-floor commercial lots. All three commercial lots have been sold. The project has an estimated end value of approximately A$192 million and is targeted for completion in the first half of FY2029.
Recent sales point to renewed buyer activity
The latest sales figures are the more revealing part of the update. Since 1 August, Romeo has sold 18 lots for A$26.3 million, with investors representing approximately 50% of purchasers. Finbar said the sales occurred despite the market headwinds it associated with negative gearing and capital gains tax reforms announced in the May 2026 Federal Budget.
Across off-the-plan and completed stock, Finbar recorded 37 sales worth A$44.3 million over the same period. Its total presales value now stands at A$536 million, representing approximately 67% of available product across its current projects, according to chief executive Ronald Chan.
Final Applecross stage adds to long pipeline
Romeo is the third and final stage of Finbar’s Applecross Precinct, following the Sabina and Aurora developments. The company says the precinct now includes The Lane, a landscaped pedestrian connection between Canning Highway and Kintail Road, as well as a new public plaza. A proposed Swan River ferry service is scheduled to commence by the end of 2027, although that service is not controlled by Finbar.
The development forms part of Finbar’s five-year pipeline, which the company values at A$1.95 billion across more than 1,900 units. That pipeline is presented as supporting earnings visibility, but the announcement provides no project-level development costs, margins, funding requirements or change to earnings guidance. The H1 FY2029 completion date is a target, leaving construction progress and the sale of the remaining 52 lots as the next practical tests.
Bottom Line?
Romeo has entered construction with meaningful presales secured, but Finbar’s delivery case now depends on completing the build, converting sales into settlements and maintaining momentum across the unsold stock.
Questions in the middle?
- Can Finbar sustain the recent pace of Romeo sales as the project moves deeper into construction?
- What development costs and margins will Romeo contribute as delivery advances?
- How will settlement timing and remaining sales affect Finbar’s earnings through FY2029?