Approval Received for Circa $63 Million Rivervale Project

• Development approval received for 16-level, 108-apartment project in Rivervale
• Joint venture project with estimated end value of approximately $63 million
• Finbar's fifth development within the Springs precinct

Finbar Group Ltd, Western Australia's leading apartment developer, has received development approval for its Lot 888 project in Rivervale, Western Australia. The joint venture project (Finbar 50%) is for a proposed 16-level residential apartment tower with an estimated end value of approximately $63 million. The development will comprise 108 studio, one-bedroom, and two-bedroom apartments, targeted at the mid-range market. The site is well-situated, located 5 km from the Perth CBD, close to the Swan River, parklands, high-frequency transport links, and 1.5 km from Optus Stadium. The development will include amenities such as a gymnasium, pickleball court, residents' lounge with games room, outdoor BBQ facilities, and a resident co-working lounge. The approval demonstrates Finbar's ability to progress and add value to its five-year development pipeline, and it continues to execute its strategy of delivering affordable mid-range product into a supply-constrained market.

Finbar has not provided any high-importance, price-sensitive forward-looking financial metrics in the announcement.

The announcement does not provide any forward-looking outlook statements.