Finbar builds promising future in country's real estate
A trusted market leader with a long-standing reputation in high-rise apartment developments in the Perth metropolitan area, young and dynamic property developer Finbar plays a pioneering role in shaping Western Australia's emerging real estate landscape.
A trusted market leader with a long-standing reputation in high-rise apartment developments in the Perth metropolitan area, young and dynamic property developer Finbar plays a pioneering role in shaping Western Australia's emerging real estate landscape.
Representing some of Perth's most prestigious lifestyle apartments, Finbar has been responsible for the construction of 4,433 apartments across 62 developments in Perth alone. Ten years ago, East Perth - home of the company's headquarters - was a nondescript suburb populated with warehouses, car parks and a bowling alley. Today, it is the site of 1,719 of Finbar's innovatively designed luxury apartments.
"As Western Australia's largest high-rise apartment developer, we have the experience and knowledge about what works, having gained a niche foothold in the Perth market early on," says John Chan, executive chairman. "Our tagline is 'developing better lifestyles', and that's what our residential developments offer - facilities such as swimming pools, gyms and residents' lounges. We hope that this 'lock-up-and-leave' lifestyle will attract home buyers to the efficiency of apartment living."
Finbar's ability to source viable development opportunities and adapt to changing market conditions has been key to the company's success. Rising above its humble beginnings as a small property developer with three employees in 1995, Finbar has since evolved into a top-500 publicly listed company on the Australian Securities Exchange, with a market capitalisation of A$275 million (HK$1.6 billion).
"As a publicly listed company, we are an established developer with a proven track record, and the key message we want to convey to our buyers and investors is that there's a trust to be had with us," Chan says. "We have good relationships with our stakeholders. For example, we have a relationship going back 15 years with our builder who only constructs for us. Our clients and partners trust us and know that we deliver on our commitments."
Apart from developments in Perth, Finbar has also embarked on substantial projects in the northwest region of Western Australia, namely the Pelago West and Pelago East developments in Karratha. The company is aiming to complete 2,753 apartments by 2018 through nine developments in its pipeline worth A$2 billion, such as Concerto in East Perth and Unison on Tenth in Maylands.
Most excitingly, Finbar has also received development approval for Civic Heart, a 38-storey, elliptical-shaped tower featuring 294 luxury apartments built over a three-level mixed-use retail and commercial podium. The joint-venture development, which boasts a total end value of A$380 million, has been pegged as the new cornerstone of South Perth due to its prestigious scenic riverside location, and will be launched in August.
As the Australian property market continues to benefit from China's growing migratory interest in the country's strong education system, clean environment and secure investment atmosphere, Finbar maintains its momentum as one of Australia's rising real estate stars.
"We're gaining traction in Asia as Perth becomes more well-known as a city, since Perth has the fastest population growth in Australia with an estimated increase of 47,520 people per annum between 2016 and 2021," Chan says. "We are focused on marketing our products overseas and have already established our brand presence. Sydney and Melbourne may be larger cities, but international property buyers should really start putting Perth on their radar."
http://www.finbar.com.au
