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- 66% of project has been sold, representing 103 sales from the 155-lot development
- Since its public market launch, Romeo has achieved $121.1M in pre-sales to date
- Since 1 August, 18 lots at Romeo have been sold for a total value of $26.3M
- Project completion is anticipated in H1 FY2029
Leading WA apartment development company (Finbar Group ASX: FRI) has confirmed the commencement of construction at its Romeo development in Applecross, Perth.
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Since the public market launch in March 2026, Romeo has achieved 103 sales, including all three ground-floor commercial lots, representing 66% of the total project sold and $121.1 million in pre-sales to date.
Romeo comprises 152 residential apartments across a mix of one-, two-and three-bedroom configurations, together with three ground-floor commercial lots, and resort-style resident amenities. The development has an estimated end value of approximately $192 million and is targeted for completion in H1 FY2029.
Romeo is located just metres from the Swan River and in close proximity to Canning Bridge Station, providing residents with convenient access to public transport and surrounding amenity. The project represents the third and final stage of Finbar’s Applecross Precinct, following the successful delivery of the Sabina and Aurora developments.
Across the Applecross Precinct, Finbar has delivered The Lane, a landscaped pedestrian link connecting Canning Highway and Kintail Road, culminating with a new public plaza. The precinct’s connectivity is expected to be further improved by a proposed Swan River ferry service, scheduled to commence by the end of 2027.
CEO Ronald Chan, said Romeo contributes to Finbar’s five-year development pipeline, valued at A$1.95 billion across more than 1,900 units, supporting the Company’s earnings visibility and continued growth.
“The start of construction at Romeo marks an important milestone for the project and reflects the strong response received from buyers since its public market launch in March this year,” he said.
“With 66% of the project already sold and A$121.1 million in pre-sales secured, Romeo demonstrates the depth of demand for well-designed mid-market apartments in established locations that offer access to transport, lifestyle amenity and the Swan River.
“Importantly, despite the market headwinds that followed the negative gearing and CGT reforms announced in the May 2026 Federal Budget, Finbar has recently experienced encouraging sales momentum. Over the seven weeks from 1 August to date, Romeo recorded strong pre-sales activity, with 18 lots sold for a total value of $26.3 million, of which investors accounted for approximately 50% of purchasers.”
Mr Chan said that including these sales, the Group achieved 37 sales across both off-the-plan and completed stock during the same period, with a total value of $44.3 million.
Finbar’s total pre-sales value now stands at $536 million, representing approximately 67% of available product sold across its current projects.
“This recent activity provides a positive indication of underlying buyer demand and the continued appeal of Finbar’s product notwithstanding the broader market uncertainty,” Mr Chan said.
FRI was steady at 70.5¢ with a Mkt cap $191.8M prior to markets opening.
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