• Progressed design development of 42-apartment McCabe Street project
• Continued marketing of remaining apartments and commercial units in Forbes Residences
• Spent $874K on operating costs, received $109K in interest, and incurred $65K in interest/finance costs

Mustera Property Group Ltd (Mustera or the Company) provided an update on its operational activities during the December 2024 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's focus remained on designing a high-quality residential product tailored to the downsizer market whilst being cognisant of the feasibility factors with regards to costs and procurement. In addition, the Group progressed with the marketing collateral for the project and anticipate a sales launch in Q2 2025. The Group continued to market the remaining unsold apartments and commercial units in the Forbes Residences project during the quarter. One commercial unit was sold during the quarter with another commercial unit being contracted for sale during the quarter and is due to settle in Q1 2025. Five Apartments and two commercial units are currently being marketed for sale. In accordance with Listing Rule 4.7C.1, the Company spent approximately $874K during the Quarter on operating costs, associated with the ongoing development work on its portfolio. The Company received interest of approximately $109K, while incurring interest and finance costs of approximately $65K during the quarter. Additionally, operational overheads totalling $586K for the quarter comprise staff costs of $307K, and administrative and corporate costs of $279K.