• Progressed design development of 42-apartment McCabe Street project
• Reached settlement on $2.2m commercial unit and $2.3m residential unit at Forbes Residences
• Spent $847K on operating costs, $334K on overheads, and $122K on interest/finance

Mustera Property Group Ltd (Mustera or the Company) provided an update on its operational activities during the March 2025 quarter (the Quarter). The Group progressed with the design development of its 42 apartment, 8 storey, McCabe Street project which overlooks the Swan River and Indian Ocean. The team is working closely with the design team and the quantity surveyor to determine the project costing prior to launching the marketing campaign and has engaged the selling agents to work through the marketing strategy and selling prices for the high-quality apartments. The display suite is currently under construction on site and the full suite of marketing collateral is being prepared. The team anticipates a sales launch in Q3 2025. The Group continued to market the remaining unsold apartments and commercial units in the Forbes Residences project during the Quarter. One commercial unit reached settlement during the Quarter for $2.2m and an additional residential apartment was sold for $2.3m during the period which later settled in April 2025. Four apartments and two commercial units remain unsold. In accordance with Listing Rule 4.7C.1, the Company spent approx. $847K during the Quarter on operating costs, associated with the ongoing development work on its portfolio. Operational overheads totalling $334K for the Quarter comprise staff costs of $152K, and administrative and corporate costs of $182K. Additionally, the Company incurred interest and finance costs of approx. $122K during the Quarter.