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Highlights
- Finbar secures new site in Palmyra for residential project
- Development expected to launch in the next six months
- Project adds certainty to Finbar's long-term pipeline
Finbar Group Limited (ASX:FRI) has unveiled a new chapter in its development journey by securing a strategic residential site at 45 McGregor Road in Palmyra, Western Australia. Spanning 13,540 square metres, this newly acquired site marks a pivotal expansion in Finbar’s growing urban development pipeline. The total transaction, valued at $5.5 million plus GST, paves the way for a fully owned project that is expected to deliver significant contributions to the company’s financials in FY2028.
This acquisition includes existing Development Approval for 130 residential apartments across four thoughtfully designed low-rise buildings. With settlement anticipated in the first quarter of FY2026, the deal remains subject to approval from the Foreign Investment Review Board. The project site is ideally positioned near essential lifestyle amenities, including Woolshed Park, existing residential hubs like Palmyra Apartments East, and a major retail precinct. Its connectivity to transport links enhances its residential appeal, supporting medium-density housing demand in the area.
Finbar (FRI) intends to launch this project within the next six months. By leveraging its strong balance sheet and consistent cash flow, the company aims to turn this shovel-ready opportunity into a long-term value-generating asset. This initiative also aligns with Perth’s growing demand for medium-density housing, helping to meet community needs while strengthening Finbar’s development credentials.
This strategic move follows a successful first stage in the broader Palmyra precinct, reaffirming Finbar’s long-term vision to deliver high-quality, community-centric residential developments. The company’s experience in urban infill and its established presence in the local apartment market are expected to underpin the success of this upcoming project.
The acquisition also positions Finbar to solidify its role in Western Australia's residential development sector, ensuring greater certainty in its long-term pipeline. With continued momentum in Perth’s residential market, the project is well-timed and reflects broader positive trends.
Although Finbar is not currently part of the ASX 200 index, for users tracking market leaders and broader movements in the Australian equity space, the ASX 200 stock price page offers real-time insights and updates on major listed companies.
This new project adds a robust layer of potential to Finbar’s outlook, indicating proactive steps toward long-term growth and strategic market positioning.
