Mustera Secures $10.2M in Sales as Verse on McCabe Nears Construction
Mustera Property Group has advanced its Verse on McCabe development with design finalised and a strong sales campaign, securing over $10 million in contracts post-quarter. Meanwhile, Forbes Residences continues to deliver solid sales and the company benefits from refinancing that reduces financing costs.
- Verse on McCabe design finalised and marketing campaign launched
- $10.2 million in sales contracts secured post-quarter
- Forbes Residences records $3.5 million apartment settlement and $5.4 million in subsequent contracts
- Refinancing reduces overall financing costs with new $3 million loan facility
- Positive net operating cash flow and $3.62 million cash balance at quarter end
Progress on Verse on McCabe Project
Mustera Property Group has made significant strides in its residential development pipeline during the September 2025 quarter. The company finalised design development for its flagship Verse on McCabe project, a 42-apartment, eight-storey building in North Fremantle boasting views of the Swan River and Indian Ocean. The marketing campaign launched at the end of August, accompanied by the opening of a display suite, has generated strong buyer interest, resulting in multiple reservations. Post-quarter, Mustera has secured $10.2 million in sales contracts, signalling robust demand ahead of construction, which is anticipated to commence in the second quarter of 2026.
Ongoing Sales Momentum at Forbes Residences
Alongside Verse on McCabe, Mustera continues to progress sales at its Forbes Residences project in Applecross. During the quarter, the company settled the sale of a residential apartment for $3.5 million, contributing positively to cash flow. At quarter end, two apartments and two commercial units remained available, with the two remaining residential apartments subsequently entering contracts worth $5.4 million. Mustera remains focused on targeted marketing strategies to sell the remaining commercial units, underscoring its commitment to maximising returns from this development.
Financial Management and Refinancing Benefits
Mustera reported operating costs of approximately $556,000 and marketing expenses of $508,000 for the quarter, reflecting ongoing development and promotional activities. Staff and administrative costs totalled $431,000, while interest and finance costs amounted to around $237,000. Importantly, the company successfully refinanced an existing debt facility with National Australia Bank, reducing its financing costs. Additionally, Mustera secured a new $3 million loan facility with a private lender on commercial terms to support its development activities. These financial maneuvers have helped maintain a positive net operating cash flow of $213,000 and a healthy cash balance of $3.62 million at quarter end.
Outlook and Strategic Focus
With construction for Verse on McCabe expected to begin in mid-2026, Mustera is well positioned to capitalise on the strong pre-sales momentum. The continued sales progress at Forbes Residences further supports the company’s cash flow and development pipeline. The refinancing efforts demonstrate prudent financial management aimed at lowering costs and sustaining liquidity. Investors will be watching closely as Mustera transitions from design and sales phases into construction and delivery, which will be critical for realising value from these projects.
Bottom Line?
Mustera’s strong sales traction and refinancing set the stage for a pivotal construction phase in 2026.
Questions in the middle?
- Will construction on Verse on McCabe commence on schedule in Q2 2026?
- How quickly can Mustera convert remaining commercial units at Forbes Residences into sales?
- What impact will the refinancing have on Mustera’s overall cost of capital and profitability?
