Troubled property developer Port Bouvard is continuing to shift its focus to the east coast, with the appointment of two Sydney-based executives to senior roles.
It has recruited a new chief executive in Jally Lin, who has more than 15 years’ experience in the Australian and Chinese property industries.
He was formerly a senior manager of Sydney-based construction company Sezone, where he developed more than 500 residential apartments, 600 residential land lots and a number of projects across Sydney and along the Queensland coast.
Prior to this, Mr Lin held a senior executive role with Beijing-based commercial developer Wang Sen Developments.
The role of general manager of development is to be filled by Evian Delfabbro, who previously held a similar position with FKP Property Group in New South Wales and Victoria.
FKP is Port Bouvard’s largest shareholder and one of its board nominees, Sydney-based Winson Chow, was appointed chairman in April.
The company will seek shareholder approval next month to change its name to PBD Developments, in light of its pursuit of new opportunities away from the Port Bouvard project south of Mandurah.
In April it announced its first east coast project, being an apartment development in the Sydney suburb of Annandale.
The company’s share register has also experienced big changes, with Hong Kong group Future Rise Investment acquiring a 19.7 per cent stake.
Port Bouvard’s most recent CEO was Darryl Guihot, who acted in the role for six months before leaving in January this year.
Mr Guihot had previously worked for FKP, and was brought in to replace John Wroth in July last year.
In February this year, Port Bouvard reported an interim statutory loss of $4 million, on revenue of $877,000.
The company’s Oceanique project south of Mandurah is currently undertaking a final sell-out of its remaining apartments, while its Point Grey project remains undeveloped since approval was granted by the government in April last year.
The company is also seeking to sell its Bandy Creek project in Esperance.
Port Bouvard’s share price is currently at 1 cent.