Key Highlights

  • Garden Towers has 342 lots, with 279 sold, representing about 82% and $210 million in sales.
  • Settlements and revenue recognition are expected in the first half of FY27.
  • The estimated end value is about $296.9 million as a 50% joint venture project.
  • The remaining inventory is 56 residential apartments and seven commercial lots.

Finbar Group Limited (ASX:FRI) announced on 14 October 2026 that its Garden Towers development in East Perth has been completed and individual strata titles have been issued, allowing settlements to begin. The company says most settlements are expected within 14 days of title issuance.

Project scale and sales

Garden Towers comprises 342 lots, made up of 329 residential apartments and 13 ground-floor commercial lots, across a six-level podium and two towers of 37 and 26 storeys. The total project sales value is approximately $296.9 million. To date, 279 properties have been sold, representing about 82% of the development and $210 million in sales. The remaining inventory is 56 residential apartments and seven commercial lots. Finbar states it is the company's largest single-stage mixed-use strata development by number of lots in its 30-year history, exceeding Civic Heart in South Perth.

Joint venture and project timeline

The project is a 50% joint venture between Finbar and Ventrade Australia Pty Ltd, a wholly owned subsidiary of Chuan Hup Holdings Limited, which is Finbar's largest shareholder. Finbar acquired the 5,335 sqm site from DevelopmentWA in October 2020 for $16 million. Development approval followed in November 2021, the project launched to market in May 2022 and construction began in April 2024. The retained heritage-listed former Materials Science Building is being repurposed as part of the ground-floor commercial precinct.

Financial timing

The company expects settlements and associated revenue recognition to contribute to its financial performance in the first half of FY27. The release does not give a profit or revenue figure for the project, and the $296.9 million is a sales value for the whole joint venture rather than Finbar's share alone. Garden Towers forms part of a five-year development pipeline that Finbar values at $1.95 billion. Another project, Parkside Residences in Rivervale, recorded 27 sales at launch, and a Grand Opening at Garden Towers is scheduled for 17 October 2026.

Risks shareholders should weigh

About 18% of lots remain unsold, and settlement outcomes depend on purchasers completing their contracts. The release gives no breakdown of margin, debt or costs. Revenue timing is tied to settlement dates, and the 50% joint venture structure means only part of the sales value belongs to Finbar. Sales demand in the Perth apartment market also remains a factor for the remaining lots.

What to watch next

Watch for the pace of settlements over the next weeks, sales of the remaining 63 lots, the 17 October 2026 Grand Opening and the first-half FY27 result in which the revenue is expected to be recognised.

Looking ahead

Finbar has moved Garden Towers from construction to settlement, with 82% of lots sold and 63 lots remaining. The first-half FY27 result will show how settlements translate into reported revenue.