Western Australia-based apartment developer Finbar Group (ASX: FRI) is moving to construction next month of its latest project, the $115 million Riverbank Residences in Perth’s inner east after securing sales for more than 70 per cent of apartments on offer.
The project launch helped Finbar achieve a 30-year record sales month in August with 150 lots sold across the group's portfolio for about $125 million, reflecting the strength of the WA capital’s property market.
Riverbank Residences, located on the banks of the Swan River at Rivervale, will rise 19 storeys and deliver 143 apartments of which the company has sold 106 since the official launch on 30 August. The off-the-plan sales account for $85 million.
“The incredibly successful launch of our off-the-plan marketing campaign for Riverbank Residences continues to underpin Finbar’s key point of difference in the market, addressing the current high demand for mid-tier apartment product from both owner-occupiers and investors,” says Finbar’s CEO Ronald Chan.
“This result was also driven by repeat local buyer activity, currently representing 50 per cent of Riverbank Residences sales, leveraging Finbar's brand equity built up over 30 years.
“With construction commencement now confirmed for October, we anticipate the strong sales campaign to continue as buyers look to take full advantage of available stamp duty concessions.”
Finbar, which has undertaken 79 projects since it was established in 1995, has two projects currently under construction – Bel-Air Apartments at Belmont and Garden Towers in East Perth.
The company is also gearing up for a November launch of Palmyra West, which is the $88 million stage two of the Palmyra project in the city’s south-west.
Chan says the success of Riverbank Residences “bodes well” for the Palmyra launch and the company’s upgraded development pipeline of more than $1.15 billion across metropolitan Perth.
Riverbank Residences will be located within an established mixed-use precinct and about 200 metres from Cracknell Park along the riverside.
The development will include rooftop amenities for residents on level 19, comprising an entertaining deck, lounges and barbecue area.
The strength of the Perth market helped Finbar deliver a 46 per cent increase in revenue to $284.47 million in FY25, supporting a 16 per cent lift in underlying NPAT of $16.17 million.
Finbar revealed today that Riverbank Residences helped push August sales to a new high of $125 million with 150 lots sold across the group's portfolio. This compares with $236 million in sales from 221 lots in FY25.
“This is a record across a more than 30-year history,” says the company.
“The strength in the off-the-plan market over the last three months where supply of affordable, mid-tier apartment product continues to be constrained, has underpinned the successful off-the-plan marketing campaign launch.”
The company has 524 residential units under construction and another 428 units development approved.
The Perth property market has been a top performer nationally over the past year with the latest research from Cotality showing that property prices rose 7 per cent, level with Brisbane and just behind Adelaide at 8 per cent.
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