Construction Commences at Circa $192M Romeo Development

Key points

• Construction has commenced at the Romeo development in Applecross, Perth
• 66% of the project has been sold, representing 103 sales from the 155-lot development
• Since its public market launch, Romeo has achieved $121.1M in pre-sales to date

Full summary

Finbar Group Limited (ASX: FRI) has announced that construction has commenced at its Romeo development in Applecross, Perth. The project, comprising 152 residential apartments and three commercial lots, has seen 66% of its 155 lots sold, representing 103 sales and $121.1M in pre-sales since its public market launch in March 2026. The development is expected to be completed in H1 FY2029, with an estimated end value of approximately $192 million. The project is part of Finbar's five-year development pipeline, valued at A$1.95 billion.

Guidance

Estimated end value of approximately $192 million; completion in H1 FY2029

Outlook

Finbar anticipates continued demand for its well-designed mid-market apartments, despite broader market uncertainties. The company is well-positioned to progress its current projects and deliver sustainable, long-term value for shareholders.