Finbar upbeat as Vue, Palmyra near completion

Apartments developer Finbar Group is poised for a strong performance in the second half of the 2019 financial year, forecasting a solid uplift on its first half net profit of $1.89 million with the expected completion of its Vue Tower and the first stage of the Palmyra Apartment Estate.

Finbar said it expected a full-year net profit of between $15 million and $17 million, with the two projects expected to be complete in May and June, respectively.

The developer has pre-sold around $120 million of the $200 million worth of apartments on offer at Vue Tower and Palmyra.

First-half revenue was down 22 per cent to $34 million, compared with the previous corresponding half year, while net profit was up 491 per cent.

Finbar will pay an interim dividend of 3 cents per share.

Managing director Darren Pateman said sales activity was steady, with Finbar selling on average an apartment each day.

“The company remains well positioned to benefit from a further uplift in local market conditions with a significant and largely pre-approved project pipeline,” he said.

Finbar currently has six projects under construction or being actively marketed in Perth, while it has 10 additional projects in the pipeline.

Mr Pateman said a big focus of the group in the second half of FY19 would be on its upcoming Civic Heart project in South Perth, which was relaunched earlier this year with a fresh design.

The $330 million Civic Heart will comprise two towers (22 and 39 levels) as well as a redevelopment of the heritage-listed South Perth Police Station and Post Office into a hospitality precinct.

Mr Pateman said Finbar had worked closely with the Heritage Council of Western Australia and the City of South Perth to ensure the character of the heritage buildings was retained.

Ground floor amenity on offer at Civic Heart includes terraced landscaping, a new tree canopy along Mends Street, communal al fresco spaces and public artworks by internationally renowned artist Stuart Green.

Additional amenities for residents at Civic Heart include an e-bike booking service, dedicated bike storage, a 25-metre swimming pool, a gym and wellness centre and a rooftop viewing deck with two private dining rooms.

“We are excited to share our vision for the precinct with locals and visitors and look forward to Civic Heart becoming an integral part of the local community,” Mr Pateman said.