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The Dianella apartments. Source: Finbar
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  • Apartment developer Finbar Group (FRI) has announced that its fully owned $63 million Dianella apartment project has attained practical completion
  • The 128-lot project, located just north of Perth’s CBD, currently has 62 apartments available, with an estimated ultimate value of $32.8 million
  • Around three-quarters of the 66 flats previously sold belonged to purchasers who reside within 10 kilometres of the property
  • In early July, Finbar anticipated reporting a net profit of $8.4 million for the 12 months to June 30 2021, with the company completing 486 sales
  • Shares in Finbar are up 1.85 per cent to 82.5 cents at 3:50 pm AEST

Western Australian apartment developer Finbar Group (FRI) has announced that its fully owned $63 million Dianella apartment project has attained practical completion, increasing the number of finished apartments presently available for sale.

The 128-lot Dianella project, located just north of Perth’s CBD, currently has 62 apartments available, with an estimated ultimate value of $32.8 million.

Finbar managing director Darren Pateman said the completion of the development was welcome, with record sales in the first half of August reducing the company’s available finished residential stock to just $25 million.

“We have seen 32 sales in the first 17 days of August, which puts us on track for a record sales month in the post-COVID environment,” he said.

“We have been averaging about $12 million in sales of completed apartments a month this calendar year, so it is pleasing the completion of Dianella will bring additional apartments to market at a time when demand for completed stock remains strong.”

With an average unit price of around $454,000, Finbar said Dianella had proven popular with first-time home purchasers, with 38 per cent of the project sold to this group and 38 per cent to downsizers.

Around three-quarters of the 66 flats previously sold belonged to purchasers who resided within 10 kilometres of the property.

“We are seeing signs that demand for completed residential properties in Perth continues to improve and we are experiencing a return to more normalised margins,” Mr Pateman said.

Finbar has also committed to commence earthworks for the development of 188 luxury apartments at Aurora in Applecross in the coming weeks whilst construction continues at both Civic Heart in South Perth and AT238 in East Perth.

Dianella units settlements are scheduled to commence in September, with income from sold apartments adding to Finbar’s first-half earnings.

In early July, Finbar anticipated reporting a net profit of $8.4 million for the 12 months to June 30 2021. The company completed 486 sales with a value of $296 million during the financial year .

Shares in Finbar were up 1.85 per cent to 82.5 cents at 2:20 pm AEST.

FRI by the numbers
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