Darren Pateman, who spent three decades at the ASX-listed developer, is stepping down as part of a leadership transition that puts three members of the Chan family in key roles.
The $440 million South Perth tower is about six months away from completion, but a state government policy means buyers are being taxed ahead of settlement.
Finbar Group managing director Darren Pateman has played down concerns about water egress at the construction site of its $404 million twin tower Civic Heart apartment development.
The state's peak planning body has given Finbar Group the green light to proceed with its $207 million plan to build two apartment towers in East Perth.
Finbar Group's two-tower apartment complex on an East Perth heritage-listed site is closer to going ahead, after the project was recommended for approval.
Apartment developer Finbar Group says confidence in the investor market is improving, demonstrated by strong interest in its $97 million Rivervale apartment complex.
Developers are pushing ahead with plans for new projects, hoping recent government initiatives aimed at stimulating the sector will help cushion any further COVID and economic blows.
Western Australia's property developers hope the physical isolation that has helped mitigate the worst of COVID-19 in this state will also insulate the local apartment market from a contagion of a different kind.
ASX-listed apartment developer Finbar Group has established a new business division, appointing an in-house sales team led by former Knight Frank head of residential Western Australia Neil Kay.
Apartments developer Finbar Group has put new project launches on hold, including its $365 million Civic Heart in South Perth, and withdrawn its profit guidance as uncertainty spreads throughout the property sector.
Finbar Group is responding to increased demand for larger apartments with the launch of the second stage of its Applecross development, a $143 million tower to complement its nearly-completed Sabina building on Canning Highway.
Recent planning decisions have been positive for developers in South Perth, but several major players have cautioned that significant challenges remain in the near-city suburb.
UPDATED: ASX-listed apartments developer Finbar Group expects to start building its $300 million, 39-storey Civic Heart project in South Perth later this year, after Planning Minister Rita Saffioti superseded local planning authorities and approved the development.
Finbar Group has signed a joint venture agreement with a Singapore-based developer to purchase 1,697 square metres of land in the CBD for $6.5 million, which Finbar estimates will have an end value of $71 million once developed.
Planning Minister Rita Saffioti says the state government is assessing whether it needs to intervene following the rejection of Finbar Group's $365 million Civic Heart proposal in South Perth by planning authorities.
Western Australia's biggest apartments developer has blasted planning authorities' rejection of its Civic Heart proposal in South Perth, saying the process appeared to be “superficial and subjective” as it gears up for a State Administrative Tribunal appeal.
The number of long-serving chief executives at WA listed companies is shrinking rapidly. We look at recent retirements by several 'veteran' CEOs and a small group of individuals who have lasted more than 10 years.
Apartments developer Finbar Group is moving into property management, a move described by managing director Darren Pateman as the most significant addition to the ASX-listed firm in 24 years.
Apartments developer Finbar Group is poised for a strong performance in the second half of the 2019 financial year, forecasting a solid uplift on its first-half net profit of $1.89 million with the expected completion of its Vue Tower and the first stage of the Palmyra Apartment Estate.
Finbar Group's new $330 million Civic Heart in South Perth will comprise two towers at 39 and 22 storeys, with the state government giving its tick to planning guideline changes for the site.
