Finbar Hits Topping Out on $290M Flagship as 81% Presales Lock in FY27 Earnings
Finbar reaches structural completion at flagship Garden Towers development
Finbar Group has reached topping out at its Garden Towers development in East Perth, marking completion of all structural works on the landmark project. The milestone represents a significant de-risking event for Western Australia’s leading apartment developer as the project transitions from structural construction into fit-out and finishing stages.
Garden Towers comprises 330 residential units across two towers of 37 and 26 levels, plus 1,157sqm of ground floor commercial tenancies. The development carries an estimated end value of approximately $290 million on a joint-venture basis, making it the company’s largest project by number of lots in its 30-year operating history, exceeding the previous record holder, Civic Heart.
For investors, structural completion materially reduces construction risk and brings settlement revenue closer, with earnings contributions anticipated in H1 FY2027.
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What does “topping out” mean in property development?
Topping out is a construction milestone marking completion of a building’s structural framework—the concrete and steel skeleton is finished. Remaining works include internal fit-out, façade completion, mechanical and electrical systems installation, and regulatory inspections. For investors, this milestone indicates construction risk has materially reduced and the project timeline is progressing on track.
Sales momentum signals strong market demand
Garden Towers has achieved 81% pre-sales, with 279 units sold representing $208 million in sales value to date. This performance demonstrates continued demand for high-quality, well-located residential product in Perth’s strengthening property market.
Management has highlighted the “significant supply-demand imbalance” underpinning robust market conditions, supporting pricing discipline and reducing settlement risk across the remaining 51 unsold units.
Key sales metrics:
- Units sold: 279 of 330 (81%)
- Sales value: $208 million
- Total estimated project value: ~$290 million (JV basis)
- Remaining unsold: 51 units
High pre-sale conversion provides earnings visibility for H1 FY27 and reduces settlement risk, a critical factor for developer earnings recognition.
Project features and location advantages
Garden Towers offers premium resident amenities designed to attract owner-occupiers and support pricing discipline:
- Level six lap pool
- Indoor virtual golf simulator
- Business lounge with zoom pods
- Level 36 Skybar with private dining room
Location advantages include:
- Proximity to Queens Park
- Access to revitalised WACA redevelopment
- New East Perth primary school (currently under construction)
- Direct CBD connectivity and surrounding amenities
These features support premium positioning and reduce reliance on investor-dominated buyer cohorts, improving settlement certainty.
Settlement timeline and earnings contribution
Settlements are anticipated to commence in H1 FY2027 (July–December 2026), subject to completion of remaining construction works, regulatory approvals, and standard settlement conditions. Revenue recognition will contribute to Finbar’s earnings in that period.
Finbar holds a 50% joint-venture interest in Garden Towers, meaning revenue and profit will reflect joint-venture accounting treatment. The high pre-sale conversion rate provides near-term earnings visibility and cash flow certainty as the project approaches practical completion.
CEO outlook
Ronald Chan, Chief Executive Officer
“The topping out of Garden Towers is an important milestone for the Company, our project partners, and purchasers. Achieving 81% of sales to date reflects the strength of the project’s design, location and market positioning in a robust property market that continues to be underpinned by a significant supply-demand imbalance. We remain focused on progressing Garden Towers through the final stages of construction and preparing for settlements, which are anticipated in H1 FY27.”
Finbar will continue to update the market as Garden Towers progresses toward completion and settlement.
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Finbar’s development track record
Finbar Group brings over 30 years of experience in Western Australian apartment development, with a proven track record of delivering landmark projects across Perth’s key residential precincts. Garden Towers being the company’s largest project by lot count reinforces Finbar’s capability to scale and execute complex, high-value developments.
| Metric | Figure |
|---|---|
| Years operating | 30+ |
| Developments completed | 79 |
| Apartments delivered | 7,400+ |
| Total development value | $4.5 billion |
The Garden Towers topping out milestone positions Finbar to deliver its largest-ever project into a structurally undersupplied Perth residential market, with H1 FY27 settlements providing a near-term earnings catalyst.
Want to Track Finbar’s Progress Towards H1 FY27 Settlements?
With 81% pre-sales secured and structural works now complete, Garden Towers is transitioning into its final construction phase ahead of anticipated settlements in H1 FY27. This milestone materially de-risks the company’s largest-ever project and brings near-term earnings visibility closer.
To stay updated on Finbar’s development pipeline, upcoming settlement timelines, and strategic initiatives across Western Australia’s undersupplied residential market, visit the Finbar investor centre for the latest announcements and company insights.