Finbar has completed its largest-ever apartment development by lot count, issuing titles for the 342-lot Garden Towers project in East Perth and opening the way for settlements. The 50% joint venture is 82% sold, with $210 million in sales recorded to date and revenue recognition expected in H1 FY27.
- 342 lots completed and strata titles issued
- 82% sold, representing $210 million in sales
- Settlements and revenue recognition expected in H1 FY27
- Estimated total project sales value of $296.9 million
- 50% joint venture with Ventrade Australia
Garden Towers moves from construction to settlements
Finbar Group Limited (ASX:FRI) has reached the point where its biggest development by number of lots can start converting sales into settlements. Garden Towers in East Perth has been completed and individual strata titles issued, with most settlements expected within 14 days of title issuance.
The timing matters because settlements and associated revenue recognition are expected to contribute to Finbar’s financial performance in the first half of FY27. That contribution remains prospective: the announcement confirms titles have been issued, not that settlement proceeds or revenue have already been recognised.
82% of 342 lots sold before settlement phase
Garden Towers comprises 342 lots, including 329 residential apartments and 13 ground-floor commercial lots, across a six-level podium and towers of 37 and 26 storeys. Finbar says 279 properties have sold, representing approximately 82% of the development and $210 million in sales.
That leaves 56 residential apartments and seven commercial lots in inventory, or approximately 63 lots in total. The project has an estimated total sales value of $296.9 million, although that figure applies to the joint-venture project and should not be read as Finbar’s revenue or profit. Finbar owns 50% alongside Ventrade Australia, a wholly owned subsidiary of its largest shareholder, Chuan Hup Holdings.
Largest project tests delivery after cost pressures
Garden Towers is Finbar’s largest single-stage mixed-use strata development in its 30-year history, surpassing Civic Heart in South Perth. The project was acquired from DevelopmentWA in October 2020 for $16 million, received development approval in November 2021, launched in May 2022 and began construction in April 2024.
Finbar chief executive Ronald Chan said delivery had required resilience through COVID-19, construction cost pressures, labour shortages and supply-chain constraints. The completed project retains the heritage-listed former Materials Science Building as part of its ground-floor commercial precinct and includes extensive resident amenities, from a lap pool and gym to a level 36 Skybar.
Settlements provide the next test for Finbar’s pipeline
Garden Towers is one of the projects sitting inside Finbar’s five-year development pipeline valued at A$1.95 billion, a workload highlighted in the company’s $1.95 billion pipeline update, which reported record pre-sales and a stronger FY26 profit. The immediate question is how smoothly the newly titled apartments settle during H1 FY27, particularly with unsold residential and commercial stock still to clear.
Finbar also pointed to FY27 activity across settlements, construction and new launches, including the recent Parkside Residences launch in Rivervale, which recorded 27 sales. For Garden Towers, however, the near-term evidence will come from completed settlements, recognised revenue and the pace at which the remaining 63 lots are sold rather than from the project’s headline end value.
Bottom Line?
The construction milestone is complete; Finbar’s H1 FY27 result will show how much of Garden Towers’ contracted value becomes settled revenue and earnings.
Questions in the middle?
- How many Garden Towers settlements will complete in H1 FY27, and will any delays or cancellations emerge?
- What revenue, profit and cash contribution will Finbar ultimately recognise from its 50% joint venture interest?
- Can the remaining residential and commercial inventory be sold without weakening pricing as the broader pipeline advances?