This article is from the Australian Property Journal archive
FINBAR is expecting to report an 18% increase in full-year net profit to $8.4 million as the Western Australian developer enjoyed strong apartment sales numbers.
It posted 486 completed and off-the-plan apartment sales during the 2021 financial year, with a total value of $296 million. The total completed stock value was $59.9 million, a selldown of $137 million.
Sales of completed stock puts the group in a strong cash position of $52.6 million at 30 June, and in a position to conclude equity funding requirements of its major current apartment projects Civic Heart and AT238, and commence construction of both Aurora in Applecross and The Point in Rivervale this financial year.
Sales at Civic Heart stand at $105 million with Finbar holding a 55% interest in the project. The 335-lot project is on track with the below-ground structural engineering works reaching completion and basement excavation works now underway.
Construction at AT238, a 121-lot apartment building in the east of Perth’s CBD, has seen ground floor raft works complete and the structure now commencing above ground floor level. Pre-sales at the development are currently at $21 million.
Finbar will pay a second-half dividend of $0.02 per share, fully franked, for a full year dividend is $0.04 per share.
Finbar managing director, Darren Pateman said the company was benefiting from the strong demand for completed apartments in the Perth market and was committed to bringing new completed stock to the market to resupply its diminishing stock pipeline.
Current sales rates give the group approximately three months of completed residential apartments supply available in the Perth market.
The 128-apartment development in Dianella, in Perth’s inner northern suburbs, is nearing completion with settlements of the wholly-owned project expected to begin in September.
Sales at Dianella have reached $27 million.
