WA-based apartment developer Finbar Group (ASX: FRI) is launching its latest project – Garden Towers – to market today, with construction of the $243 million development to commence in the first quarter of 2023.
A shortage of completed apartments in Perth, a return to the market by investors and strong sales in the first quarter for Finbar has underpinned the Group’s confidence to release the project for pre-sales.
Garden Towers is situated overlooking Queens Gardens in East Perth, and features a mix of 331 apartments in 1, 2 and 3 bedroom configurations in two residential towers as well as 13 commercial retail, food and office tenancies with a provision for a café and providore in the existing heritage building on the site.
Finbar has recorded 150 sales since the start of the year across Dianella; pre-sales at The Point in Rivervale, which commenced construction in March; AT238 in the CBD which is due for completion this year; Aurora in Applecross and the landmark Civic Heart apartment towers in South Perth.
Figures released by the ABS this month show the value of new investor loan commitments reached a record high of $11.7 billion in the first quarter. Investors have strongly returned to the market to be more than 20% above the long-term average
WA has the highest owner occupier first home buyer ratio in Australia for new financing of 34.4% which remains well above the long-term average.