What Finbar does

Finbar Group Limited (ASX:FRI) is Western Australia's largest apartment developer, listed on the ASX since 1995 and headquartered in East Perth. The company develops medium- to high-density residential apartment buildings and small-format commercial space across the Perth metropolitan area, with an active portfolio spanning inner-city, riverside, and suburban infill locations including South Perth, Applecross, East Perth, Belmont, Rivervale, and Palmyra. Finbar's project portfolio includes landmark developments such as Civic Heart (308 apartments, Perth's tallest residential building), Aurora (118 apartments in Applecross), Garden Towers (331 apartments under construction in East Perth), Bel-Air Apartments (194 apartments in Belmont, the company's 80th development), Riverbank Residences, Palmyra West, Romeo Applecross, The Point, and AT238 Perth. The company reports having delivered 80+ landmark projects and 1,367+ apartments across its operating history, with a current development pipeline exceeding $1.6 billion.

Finbar operates a transactional one-time revenue model, recognizing revenue on settlement of completed apartments and off-the-plan sales as construction progresses. Distribution is executed through a hybrid model: appointed external licensed real estate selling agents handle the bulk of apartment sales, supplemented by direct engagement through Finbar's website, its Loyalty Club lounge in East Perth, and ASX investor communications. The company serves two primary customer segments: owner-occupier homebuyers seeking premium, well-located apartments with contemporary design and resort-style amenities, and property investors attracted by Perth's supply-constrained rental market, tax depreciation benefits, and capital growth potential.

The business is complemented by two recurring-customer assets: the Finbar Loyalty Club, which rewards repeat purchasers with 1% rebates, referral fees, early access to new launches, and partner retailer discounts; and Finbar to Rent, a property management service for Finbar apartment owners. Leadership is family-controlled through the Chan family, with Ronald Chan appointed CEO in June 2025 and founder John Chan transitioning to Non-Executive Chairman in 2026 alongside Melissa Chan as COO/Executive Director. The company has won repeated industry recognition from Property Council WA, UDIA WA, and AREA between 2012 and 2025.

Name

Finbar

Legal name

Finbar Group Limited

Website

https://finbar.com.au

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

11–50 employees

Short description

Western Australia's largest apartment developer, Finbar Group Limited (ASX:FRI) develops medium to high-density residential apartments and small-format commercial property across the Perth metro area, serving owner-occupiers and property investors through 80+ completed landmark developments since 1995.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

NAICS

Residential Property Managers (531311)

SIC

Operators Of Apartment Buildings (6513)

akta.pro primary industry

Multifamily Apartment Property Management (BPAJAFAA)

Keywords

• Residential apartment development
• Real estate development
• Off-the-plan apartments
• Property development services
• High-density housing

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Apartment Sales: Finbar generates revenue primarily from the sale of residential apartments and commercial lots in its property developments. Revenue is earned on settlement of completed units or off-the-plan sales as construction progresses. This is a one-time transactional revenue model per unit.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels9 records

Core offering

Finbar Group Limited is Western Australia's largest apartment developer, focused on acquiring land and developing medium to high-density residential apartment projects and select commercial spaces across Perth and surrounding suburbs. The company markets, sells, and settles apartments both off-the-plan and upon completion, targeting owner-occupiers and property investors, and complements this with a Loyalty Club rewards program and a Finbar to Rent property management service.

Product overview

Finbar is Western Australia's leading apartment developer offering a diversified portfolio of luxury residential developments across Perth. The core offering consists of branded apartment projects including Civic Heart (luxury towers in South Perth), Aurora (riverside residences in Applecross), Garden Towers (East Perth), Bel-Air Apartments (Belmont), Riverbank Residences (Rivervale), Palmyra West (Palmyra), Romeo Applecross, The Point, and AT238 Perth. These range from ready-to-move-in completed projects to under-construction and future developments. The portfolio is complemented by the Finbar Loyalty Club rewards program providing repeat purchasers with 1% rebates, referral fees, and partner discounts, as well as Finbar to Rent property management services.

Differentiator

Problem solved

Functional benefit

Products and services

• Civic Heart Luxury residential development in South Perth featuring 308 residences across two iconic towers with skyhomes and penthouses, premium fixtures and fittings, and resort-style facilities. Targeted at owner-occupiers and investors seeking high-end inner-city living in Perth.
• Aurora Luxury riverside apartments in Applecross featuring 118 boutique residences with premium finishes and waterfront lifestyle amenities. Targeted at owner-occupiers and investors seeking premium riverside apartments in a desirable Perth suburb.
• Garden Towers Under-construction luxury development in East Perth featuring 331 apartments with resort-style facilities and rooftop deck, including private dining room, sky bar, and glamping nook. Targeted at owner-occupiers and investors seeking premium inner-city apartments.
• Bel-Air Apartments Residential development in Belmont featuring 194 apartments and 2 commercial spaces. Targeted at owner-occupiers and investors seeking well-located apartments in a Perth metropolitan suburb.
• Riverbank Residences Waterfront living development in Rivervale featuring 143 apartments with premium amenities and urban convenience. Targeted at owner-occupiers and investors seeking riverfront apartments in Perth.
• Palmyra West Under-construction residential development in Palmyra featuring 130 apartments. Targeted at owner-occupiers and investors, with strong off-the-plan pre-sale uptake at launch.
• Romeo Applecross New-to-market residential development featuring 152 apartments and 3 commercial spaces in Applecross with estimated completion in 2028. Targeted at owner-occupiers and investors seeking premium Applecross apartments.
• The Point Past development in Rivervale featuring 167 apartments and 9 commercial spaces within the Springs Precinct. Now sold out.
• AT238 Perth Past development at 238 Adelaide Terrace, Perth CBD. Finbar Group's 76th development completed in 2023 featuring luxury inner-city apartments. Now sold out.
• Finbar Loyalty Club Exclusive rewards program for Finbar apartment purchasers offering a 1% purchase rebate on second and subsequent properties, 1% referral fees for referring new buyers, early access to new project launches, and discounts from a network of partner retailers. Targeted at past, current, and prospective Finbar apartment buyers.
• Finbar to Rent Property management service for Finbar apartment owners providing rental management and tenant services for Finbar-developed apartments. Targeted at investors and owners of Finbar apartments seeking professional rental management.

Quantifiable outcome

• Full-year NPAT of $14.38 million in FY25, with underlying NPAT of $16.17 million (up 16% year-on-year).
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Hanssen ConstructioncoreImplementation/ SI/ Consulting PartnerHanssen Construction is the builder for Bel-Air Apartments (Finbar's 80th development). The builder was credited in Finbar's completion announcement alongside Chang Architects and other consultants and contractors.
• Chang ArchitectscoreImplementation/ SI/ Consulting PartnerChang Architects is the architect for Bel-Air Apartments. Named alongside Hanssen Construction in Finbar's completion announcement for the Belmont development.
• Loyalty Club Partners (Retailer Network)minorGTM or Marketing PartnerFinbar's Loyalty Club partners include a network of retailers and service providers offering discounts and special offers to Finbar property purchasers. Partners include Harvey Norman, Miele, King Living, National Storage, KeepSafe, Bar Botanik, Curtain Addiction, DuoTax, Fresh Aire, MRP, Mr. Wallpaper, Life Style Furniture, BMT, and Quest East Perth. These partners provide retail discounts, services, and accommodation offers exclusively for Loyalty Club members.
• Property Council of WAminorOthersLeading industry body that judges and awards excellence in property development in Western Australia. Finbar has received multiple Best Residential Development awards from this body for Civic Heart and Sabina Applecross.
• Urban Development Institute of Australia (UDIA)minorOthersUDIA is the peak industry body for urban development in Australia. Finbar has received multiple UDIA awards including High Density Development Awards, Urban Renewal Awards, and a Judges Award across multiple years (2012–2024) for various developments including Civic Heart, Concerto Apartments, Spring View Towers, St Marks, Pelago West, and Fairlanes.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Stockland: Australia's largest diversified property developer with residential, retirement, logistics, and commercial assets. Comparable to Finbar as a major Australian residential developer with a multi-state footprint; broader in scope but overlapping in residential product.
• Lendlease Group: Major Australian-listed property developer and constructor with a substantial residential apartment portfolio (Lendlease Living) across major cities. A broader incumbent than Finbar given its global construction and funds management operations, but directly comparable on Australian high-density residential apartment development.
• Mirvac Group: ASX-listed Australian property developer with a sizeable residential apartment business alongside commercial and funds management. Mirvac is a broader incumbent than Finbar but directly comparable on premium urban residential apartment development targeting owner-occupiers and investors.
• Multiplex (Brookfield Multiplex): Major Australian construction and property developer (now under Brookfield) with significant high-rise residential apartment delivery experience. Comparable to Finbar on large-scale apartment development execution, though broader in scope including commercial construction.

Direct peers

• AVJennings: ASX-listed Australian residential developer focused on medium-density and land developments across eastern states. Comparable to Finbar as a smaller-cap Australian residential developer focused on suburban and urban infill residential product.
• Consolidated Properties Group: Privately-held Australian residential developer with a focus on inner-city and waterfront apartment projects across Queensland and Western Australia. Comparable to Finbar as a similarly sized Australian apartment specialist targeting high-end owner-occupiers and investors in urban submarkets.
• Cedar Woods Properties: ASX-listed Australian residential developer operating across Western Australia, Victoria, Queensland, and South Australia. Closely comparable to Finbar as a mid-cap, residential-focused Australian developer with overlapping WA presence and similar product profile.
• Peet Limited: ASX-listed Australian residential land and apartment developer with a multi-state portfolio. Closely comparable to Finbar as a smaller-cap, focused Australian residential developer targeting owner-occupiers and investors across multiple states.

Emerging players

• Cbus Property: Australian property developer owned by Cbus Super Fund, focused on premium residential and mixed-use developments in Melbourne and other eastern-state capitals. Comparable to Finbar on premium positioning and high-rise apartment product targeting owner-occupiers and investors.

Regional players

• Grocon: Privately-held Australian property developer specializing in large-scale, high-rise residential and mixed-use projects primarily in Melbourne and Sydney. Comparable to Finbar as a high-density apartment specialist with similar luxury positioning, though focused on the eastern seaboard.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/finbarliving
• YouTubeyoutube.com/user/FinbarGroup/featured
• Facebookfacebook.com/finbarapartments
• LinkedInlinkedin.com/company/finbar-group-limited
• Instagraminstagram.com/finbarapartments

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Finbar