Finbar's $297m East Perth towers complete, titles issued
CEO Ronald Chan called it Finbar's largest development by lot count in more than 30 years, with 82 per cent of the East Perth project already sold.
Finbar Group has completed its Garden Towers development opposite Queens Gardens in East Perth, with strata titles issued this week on all 342 lots and settlements now under way, Small Caps reported. The ASX-listed developer, trading as FRI, holds a 50 per cent interest in the project through a joint venture with Ventrade Australia, a wholly owned subsidiary of its largest shareholder, Chuan Hup Holdings.
Why it matters
Garden Towers is one of the largest single releases to hit the East Perth apartment market in years, and its completion changes the supply picture for a precinct close to the Swan River, the Perth CBD and the revitalised WACA Ground. For developers and agents watching East Perth absorption, 279 of the 342 lots are already sold, leaving 56 apartments and seven ground-floor commercial lots as the remaining stock a buyer or investor can move on now that titles exist rather than waiting on completion. CEO Ronald Chan described it as Finbar’s largest development by number of lots in more than 30 years, a scale marker for a developer that has built steadily through multiple Perth cycles rather than chasing a single boom-era project.
The development also keeps a piece of East Perth’s institutional history in play: a heritage-listed former Materials Science Building on the site has been retained and repurposed as part of the ground-floor commercial precinct, rather than demolished to maximise the footprint.
The numbers
The project comprises 342 lots across two towers of 37 and 26 storeys above a six-level podium, made up of 329 apartments and 13 ground-floor commercial lots. Reported sales to date sit at 279 properties for $210 million, about 82 per cent of inventory, against an estimated total end sales value of $296.9 million for the project. Most settlements are expected within 14 days of title issuance, with the associated revenue recognised in Finbar’s first half of FY27.
What’s next
With titles now issued, the practical work shifts to settlements on the 279 already-sold lots and marketing the remaining 56 apartments and seven commercial lots to close out the project. Because Finbar holds only a 50 per cent JV interest, the $296.9 million end sales figure is a project-level total rather than Finbar’s own revenue, and investors tracking the company’s FY27 result will be watching how much of that settlement wave lands inside the stated 14-day window versus slipping into later reporting periods.
Garden Towers is not the only large Perth apartment project to reach the finish line this month. Developer Megara also completed its 98-dwelling Serai project in North Fremantle, a smaller but separate sign that Perth’s current apartment pipeline is now converting completed stock into settlements across more than one precinct at once, rather than the supply story being carried by a single project.
That pattern matters for anyone pricing the next wave of Perth apartment releases: a run of large projects settling in the same window, from East Perth to North Fremantle, tests how much buyer demand the market can absorb at once before developers planning their own launches need to stagger timing against it.