Garden Towers completed, titles issued and settlements commence
Finbar Group (ASX: FRI) has announced that Finbar Garden Towers in East Perth has been completed and individual strata titles have been issued, enabling settlements to commence. The development comprises 342 lots, with 82% sold and $210 million in sales to date.
The approximate total project sales value is $296.9 million. Most settlements are expected to occur within 14 days of title issuance.
Settlements and associated revenue recognition are anticipated to contribute to the Company’s financial performance in H1 FY27. Issuance of titles is the step that enables settlements to commence, which is the point at which sales can begin to translate into recognised revenue.
The $296.9 million and $210 million figures are project-level totals for a joint venture, not Finbar’s own revenue.
Ronald Chan, Chief Executive Officer
“The issuance of titles at Garden Towers marks the culmination of years of planning, collaboration and hard work, and is an important milestone for our purchasers, partners and shareholders…”
“Garden Towers is expected to make a significant contribution to Finbar’s financial performance in H1 FY27…”
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Garden Towers by the numbers
The table below summarises the project facts as stated in the announcement.
| Metric | Detail |
|---|---|
| Total lots | 342 |
| Residential apartments | 329 |
| Ground-floor commercial lots | 13 |
| Properties sold | 279 (approximately 82%, $210 million in sales) |
| Remaining inventory | 56 residential apartments and seven commercial lots |
| Approximate total project sales value | $296.9 million |
The build features include:
- A six-level podium and two towers of 37 and 26 storeys
- A 5,335sqm site
- The heritage-listed former Materials Science Building, retained and to be repurposed as part of the ground-floor commercial precinct
The project timeline runs as follows:
- October 2020: Acquired from DevelopmentWA for $16 million
- November 2021: Development approval received
- May 2022: Launched to market
- April 2024: Construction commenced
The completion and titling stage follows the earlier topping out milestone, when structural works finished and the project moved into fit-out, a step that materially reduced construction risk ahead of settlements.
Finbar’s largest single-stage development by lots
According to the announcement, Garden Towers is Finbar’s largest single-stage mixed-use strata development by number of lots in its 30-year history, exceeding Civic Heart in South Perth.
The project is a 50% joint venture between Finbar and Ventrade Australia Pty Ltd, a wholly owned subsidiary of Chuan Hup Holdings Limited, Finbar’s largest shareholder.
What buyers get: location and resort-style amenities
For newer investors, a strata title is the legal record that creates individual ownership of each apartment or lot within a building. Settlements can only occur once titles are issued, which is why investors tend to watch this milestone for the timing of revenue recognition.
Garden Towers sits opposite Queens Gardens and is close to the revitalised WACA Ground and its new aquatic facility. It also has proximity to the Perth CBD, the Swan River and major transport connections. The development is co-located with the new East Perth Primary School, scheduled for completion in 2029.
Resident amenities include:
- Lap pool and poolside BBQ cabana
- Indoor virtual golf simulator and putting green
- Level 36 Skybar with BBQ deck
- Gymnasium, sauna and steam room
- Business lounge with study pods and board room
- Theatrette
The Grand Opening for purchasers is scheduled for 17 October.
Outlook: pipeline and Perth apartment demand
Garden Towers forms part of Finbar’s five-year development pipeline valued at A$1.95 billion. FY27 is expected to be an active year across settlements, construction and new market launches, according to Mr Chan.
The recent launch of Parkside Residences in Rivervale achieved 27 sales. Mr Chan said this demonstrates continued buyer interest, including strong demand from existing Finbar customers.
Mr Chan attributed his confidence in the outlook to the continued resilience of the Perth apartment market, supported by population growth, constrained housing supply and ongoing investor demand. He also said current taxation settings, including the continued availability of negative gearing and capital gains tax concessions for eligible investors following 12 months from practical completion, are expected to provide ongoing support to this segment of the market.
Finbar’s record half-year sales of $368 million across 409 lots, alongside a near-doubling of cash, underpin the buyer interest Mr Chan points to in the Perth apartment market.
The announcement does not disclose revenue, profit or settlement-value guidance for the project.
Ronald Chan, Chief Executive Officer
“…Delivering a development of this scale through the impacts of COVID-19, together with a period of significant construction cost pressures, labour shortages and supply chain constraints required considerable resilience and commitment from all involved…”
Finbar describes itself as one of Western Australia’s largest and most trusted apartment developers, with more than 30 years of experience delivering 81 developments and over 7,900 apartments worth $4.9b.
Ready To Explore Finbar’s Garden Towers Opportunity?
Finbar’s Garden Towers has been completed with strata titles issued, and settlements on the 342-lot East Perth development are now under way. With 82% of lots sold and $210 million in sales secured, the project is expected to contribute to H1 FY27 performance.
Investors can explore Finbar Group’s company profile and latest news to see how Garden Towers fits within its $1.95 billion development pipeline. Dive in to find out what could come next for FRI.
