• $16.5 million conditional purchase of 18-22 Bowman Street and 19 Labouchere Road, South Perth
• $350 million estimated end project value as a Finbar wholly owned project
• Targeted market launch mid-2028, completion anticipated FY2031 or FY2032

Finbar Group Limited (ASX: FRI), Western Australia's leading apartment development company, has announced the acquisition of an approximate 4,093sqm site located at 18-22 Bowman Street and 19 Labouchere Road, South Perth, for $16.5 million. The acquisition by a wholly owned Finbar entity is subject to Conditions Precedent, including a due diligence period, with settlement anticipated for July 2026. The site is located directly across Labouchere Road from the Company's successfully completed Civic Heart project, 300m to the Perth Zoo, 100m to the Mends Street shopping precinct, and 400m to the South Perth ferry terminal and Swan River. Situated within the South Perth Activity Centre, the site is identified as allowing for a potential range of high-density outcomes, including discretionary height limits with significant plot ratio. The project is targeted for market launch in mid-2028 and expected to complete in FY2031 or FY2032, with an anticipated end value of approximately $350 million. Finbar's CEO, Ronald Chan, stated that the company views South Perth as a critical component of its development pipeline, acknowledging the proximity to the CBD and the Swan River, existing substantial amenity, and a mature, affluent demographic with a high proportion of owner-occupiers. The acquisition lifts Finbar's development pipeline to over $1.6 billion, underscoring the strength, quality, and strategic positioning of the company's metropolitan Perth site portfolio.

The acquisition is expected to have an end project value of approximately $350 million, with a targeted market launch in mid-2028 and completion anticipated in FY2031 or FY2032.