• $5.5 million plus GST to purchase 45 McGregor Road, Palmyra
• $88 million estimated end project value as Finbar wholly owned project
• Settlement revenue anticipated in FY2028
• DA approval in place for 130 residential apartments

Finbar Group Limited (ASX: FRI), Western Australia's leading apartment development company, has announced that a wholly-owned Finbar entity has entered into a contract to acquire an approximate 13,540 sqm development site located on 45 McGregor Road, Palmyra, Western Australia. The site adjoins Woolshed Park and Finbar's previously completed Palmyra Apartments East, and benefits from an existing Development Approval (DA) for 130 apartments residential across four low-rise buildings. The acquisition is subject to Foreign Investment Review Board (FIRB) approval, with land settlement expected in the first quarter of FY2026. The project is anticipated to launch to market within the next 6 months, with an expected end value of approximately $88 million. The development is expected to contribute positively to Finbar's earnings in FY2028. Finbar CEO, Ronald Chan, stated that the transaction has presented Finbar with the opportunity to leverage its strong balance sheet to activate a shovel-ready site and convert it into a wholly-owned development that delivers greater value to shareholders. The acquisition strengthens the delivery certainty of a strategic, high-quality project within Finbar's diversified development pipeline and underpins the company's ongoing role in meeting Perth's medium-density housing demand.