PBD bails out of Bandy Creek

PBD Developments, formerly known as Port Bouvard, has offloaded its Bandy Creek development site near Esperance for $1.6 million, while also announcing the sale of two more apartments at its Oceanique project, nearly four years after the building was completed.

The company had been planning a canal-style development with an end value of around $50 million at Bandy Creek, which is located on the eastern fringes of Esperance.

Chairman Winson Chow said the sale of the 17-hectare beachfront site was in line with the company’s strategy to focus on east coast property assets.

Mr Chow said the proceeds would go towards boosting working capital as well as potential acquisitions.

Also today, PBD said it had sold a further two apartments at its Oceanique development near Mandurah, for proceeds of $1.65 million.

PBD said 20 apartments remained for sale at Oceanique, with a total value of around $25 million.

The $110 million project comprises 66 apartments adjacent to The Cut golf course.

At 12:00PM, WST, PBD shares were steady at 2.3 cents.