Finbar Achieves $67 Million in Presales for Palmyra West Apartments
Finbar Group Limited (ASX: FRI) has successfully launched its Palmyra West Apartments project, achieving over 70% presales across 130 apartments with a transaction value of approximately $67 million. The Finbar Palmyra West Apartments Launch follows an initial pre-release campaign that culminated in a public marketing launch in mid-December 2025, demonstrating strong market demand for the $98 million development.
The wholly owned project is located on a 13,540sqm site at 47 McGregor Road, Palmyra, comprising four low-rise buildings. Construction is confirmed to commence in March 2026, with estimated completion scheduled for the first half of FY28. The presales achievement de-risks the project significantly and validates Finbar’s product-market fit in Western Australia’s current housing environment.
Key project metrics include:
- Over 70% of apartments sold before construction commencement
- $67 million in presales achieved
- $98 million total end sales value
- 130 apartments across four low-rise buildings
- 13,540sqm development site
The project’s location offers established amenity advantages, positioned 4km from Fremantle and adjacent to Woolshed Park. The development sits 500m from a district shopping centre and less than 1km from the Royal Fremantle Golf Club, providing lifestyle accessibility for residents.
What Makes Palmyra West Apartments Attractive to First Home Buyers?
The development has attracted significant first home buyer participation, with 33% of purchasers to date falling into this category. This participation rate validates the project’s affordability positioning within Western Australia’s property market, where housing accessibility remains a key concern for entry-level buyers.
Palmyra West Apartments addresses what CEO Ronald Chan described as the “Missing Middle” in housing supply. This concept refers to medium-density developments that bridge the gap between detached houses and high-rise apartments. The project’s appeal to first home buyers is strengthened by available stamp duty concessions for off-the-plan purchases, a policy tailwind that reduces upfront acquisition costs.
Additionally, 20% of purchasers are repeat Finbar customers, demonstrating brand loyalty and confidence in product quality.
| Buyer Category | Percentage | Investment Significance |
|---|---|---|
| First Home Buyers | 33% | Market accessibility validation |
| Repeat Purchasers | 20% | Brand equity demonstration |
| Other Buyers | 47% | Diversified demand base |
“In an environment where housing affordability is increasingly a concern, Palmyra West Apartments has seen strong first home buyer interest accounting for 33% of purchasers to date, and we continue to see our repeat purchaser profile performing very well at 20% of all sales to date,” said Ronald Chan, CEO of Finbar Group Limited (ASX: FRI).
The diversified buyer profile reduces concentration risk whilst the high proportion of first home buyers indicates the project successfully addresses affordability constraints in the market.
Project Amenities and Competitive Positioning
Palmyra West Apartments includes a comprehensive amenity package designed to differentiate the development within its price segment. The low-rise format addresses market preference trends away from high-rise towers whilst delivering facilities typically associated with larger apartment complexes.
The development features:
- 20m pool with poolside BBQ cabana
- Gymnasium and residents’ lounge
- Games room and sauna facilities
- Car wash bay for resident convenience
- Adjacent access to Woolshed Park
These amenities support pricing premiums and sales velocity by offering lifestyle value-add beyond basic accommodation. The inclusion of recreational facilities positions the development competitively against typical apartment offerings in the sub-$1 million price range, where such comprehensive amenity packages are less common.
The low-rise building format provides additional appeal to buyers seeking medium-density living without the perceived drawbacks of high-rise towers. This architectural approach aligns with the “Missing Middle” positioning, delivering density and affordability whilst maintaining a more residential scale and character.
When Will Construction Begin on Finbar’s Palmyra Project?
Construction commencement is confirmed for March 2026, providing near-term visibility on project execution. The development timeline extends approximately 24 months, with estimated practical completion scheduled for the first half of FY28.
The project timeline breaks down as follows:
- March 2026 – Construction commencement
- Q1-Q4 2026 – Foundation and structural phase
- 2027 – Construction progression and fitout
- H1 FY28 – Estimated practical completion
As a wholly owned project, Finbar retains 100% of project margins without joint venture partners. This ownership structure means all revenue and profit from the $98 million end sales value flows directly to the company, supporting earnings visibility through FY27 and into FY28.
The H1 FY28 completion timeline aligns with revenue recognition catalysts, as settlement and final revenue booking typically occurs upon practical completion. The presales achievement of over 70% before construction commencement reduces funding risk and supports favourable financing terms, as the project enters the construction phase with a substantially de-risked sales profile.
Palmyra West in Context of Finbar’s Development Pipeline
The Palmyra West Apartments project represents approximately 6% of Finbar’s total development pipeline, which exceeds $1.6 billion in value. The successful launch demonstrates the company’s repeatable execution capability across its portfolio of projects.
Finbar’s 100% delivery record provides risk mitigation for investors assessing project completion probability. This track record supports confidence in the H1 FY28 completion estimate and reduces execution risk associated with the development.
“This successful launch of the Off-the-Plan marketing campaign for Palmyra West Apartments, again highlights Finbar’s ability to meet market demand and deliver a range of quality apartment product across its robust project development pipeline of over $1.6 billion,” Ronald Chan stated.
The company’s competitive advantages include:
- Established brand recognition in Western Australian apartment market
- 100% delivery record across historical projects
- Ability to leverage stamp duty concessions for off-the-plan sales
- Strong repeat purchaser profile (20% of Palmyra buyers)
The repeat purchaser rate indicates customer satisfaction with previous Finbar developments, translating into brand loyalty that supports ongoing sales campaigns across the pipeline. This loyalty reduces marketing costs and accelerates sales velocity for new launches.
Financial Implications and Market Outlook
The achievement of over 70% presales before construction commencement substantially de-risks the project’s financial profile. High presales percentages reduce funding requirements and support favourable financing terms from lenders, who view strong pre-sold positions as lower-risk lending opportunities.
The remaining approximately 30% of inventory, representing roughly $31 million in potential sales value, provides upside revenue opportunity as construction progresses. Stamp duty concessions remain available, creating a policy tailwind that supports continued sales momentum through the construction phase.
| Metric | Status |
|---|---|
| Presales Achievement | 70%+ ($67M) |
| Remaining Inventory | ~30% ($31M potential) |
| Construction Risk | De-risked via presales |
| Policy Tailwind | Stamp duty concessions active |
The project’s positioning within Western Australia’s apartment market benefits from continued housing affordability pressures, which drive demand for medium-density “Missing Middle” products. The 33% first home buyer participation rate indicates this demographic segment remains active despite broader market conditions, supported by concession policies and relative affordability compared to detached housing options.
The March 2026 construction commencement provides a near-term catalyst for project progression visibility, whilst the H1 FY28 completion timeline offers investors clarity on revenue recognition timing. The wholly owned structure ensures 100% margin capture flows to Finbar, supporting earnings forecasts through the completion period.
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