Finbar boosts development pipeline to over $1.6B
- Finbar Group
- Jan 19
- 3 min read
Since Ronald Chan stepped into the role of CEO in June 2025, Finbar Group Limited has made significant strides in expanding our development pipeline, securing four key land acquisitions across Palmyra, South Perth, and West Leederville.
In July 2025, Finbar purchased an approximate 13,540m² site located at 45 McGregor Road, Palmyra, with an existing Development Approval for 130 residential apartments across four low-rise buildings.
The site adjoins Finbar's previously completed development, Palmyra Apartments East.
The acquisition of this site enabled Finbar to launch a wholly owned development to market that delivers greater value to shareholders and contributes to the supply of medium-density housing in Perth.
In December, we celebrated the grand launch of the development coming to this site, Palmyra West. With over 70% already sold, the interest in this project reflects the strong market demand for affordable, mid-tier product.
Also in July, Finbar announced the details of the acquisition of an approximate 4,997m² site located at 236 Railway Parade, West Leederville.
Located 2 kilometres from the Perth CBD, adjacent to high-frequency public transport, and in close proximity to excellent urban amenity, the project is only 400 metres from Finbar’s former successful Motive Apartments project, which was completed in 2017.
It is proposed that the Railway Parade property will be developed into approximately 240 residential apartments across two 18-storey towers with ground-floor commercial fronting Railway Parade. This will result in a development with an estimated end value of approximately $200 million, the profit of which is expected to contribute to Finbar’s earnings in FY2029/FY2030.
The acquisition by a wholly-owned Finbar entity is subject to obtaining a DA approval. Land acquisition is anticipated to settle in FY2026.
In August, Finbar announced the details of the acquisition of an approximate 2,385sqm site located at 19-25 Lyall Street, South Perth.
The site is located approximately 125m from Finbar's award-winning Civic Heart project, 200m from the Perth zoo and the Mends Street shopping precinct, and 500m from the South Perth ferry terminal and the Swan River. All of these amenities, combined with the success of Civic Heart and the current healthy level of demand for apartments in Western Australia, point to a strong sales outcome for the proposed development.
The project is targeted to launch to market in CY2026, with an anticipated end value of approximately $165 million.
Our final announcement of 2025 detailed the acquisition of an approximate 4,093sqm site located at 18-22 Bowman Street, and 19 Labouchere Road, South Perth.
The site is also located directly across Labouchere Road from Finbar's successfully completed Civic Heart project.
Situated within the South Perth Activity Centre, the site is identified as allowing for a potential range of high-density outcomes, including discretionary height limits with significant plot ratio.
The project is targeted for market launch in mid-2028 and expected to complete in FY2031 or FY2032, with an anticipated end value of approximately $350 million.
The acquisition by a wholly owned Finbar entity is subject to Conditions Precedent, including a due diligence period. Assuming that the Conditions Precedent are met and a satisfactory due diligence process is completed, settlement is anticipated for July 2026.
These acquisitions have boosted Finbar’s development pipeline to over $1.6 billion, setting the stage for the delivery of over 1,500 new apartments to the Perth market.
Each acquisition represents a strategic investment in well-connected, high-amenity locations that align with our ongoing commitment to creating vibrant, sustainable communities across Western Australia.
“Finbar views South Perth as a critical component of our development pipeline, acknowledging the proximity to the CBD and the Swan River, existing substantial amenity, and a suburb characterised by a mature, affluent demographic with a high proportion of owner-occupiers. The current strong demand for apartments and our extensive experience and knowledge of the South Perth apartment market underpins our strategic approach in expanding our presence in this location." - Finbar’s CEO, Ronald Chan
As we continue to build on our 30-year legacy, these future projects will play an important role in shaping Perth’s next generation of urban living.
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