Finbar Group reports Civic Heart strata titles issuance

Finbar Group Limited (ASX: $FRI) has announced the issuance of individual strata titles at Civic Heart, marking the official commencement of settlements at the end of June. The company has achieved $304.5 million in sales across 252 apartments and 18 commercial tenancies at Civic Heart. Settlements for these sales are set to formally commence on 27 June, with the recognition of revenue and profits extending into FY2025.

Executive Commentary

Delivering Western Australia's largest single stage strata development in the midst of a global pandemic, Civic Heart represents the best of what can be achieved. Through agile and active engagement with contractors and consultants and a proactive, extensive marketing campaign, Civic was embraced by the market. Finbar congratulates the builder Hanssen, SS Chang Architects, and the team of contractors and consultants that have successfully delivered Perth's largest residential project.

Summary

Finbar Group Limited (ASX: $FRI) has reported the issuance of individual strata titles at Civic Heart, with settlements set to commence at the end of June. The company has achieved $304.5 million in sales at Civic Heart to date, with approximately $65 million in capital anticipated to be returned to Finbar net of project debt, GST, and joint venture interests from the sales. Additionally, there is $140.5 million in unsold stock at Civic Heart, which is debt-free and expected to be sold down progressively over the next 12 months. Finbar holds a 52.5% interest in the residual stock. The development of Civic Heart epitomizes a successful mixed-use urban infill outcome, integrating important heritage buildings and introducing a Level 37 Skydeck with sweeping panoramic views. The company anticipates the recognition of revenue and profits from settlements to extend into FY2025. Finbar extends congratulations to the builder Hanssen, SS Chang Architects, and the team of contractors and consultants for successfully delivering Perth's largest residential project.