05/07/2013 - 15:25

PBD lifts sales at Oceanique

05/07/2013 - 15:25

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PBD lifts sales at Oceanique

Property group PBD Developments has achieved an uptick in sales at its Oceanique project, after cutting apartment prices and completing a company recapitalisation.

Formerly known as Port Bouvard, the company achieved eight apartment settlements in the half-year to June 2013, compared with one in the previous half-year.

The gross proceeds for the financial year were about $8 million, equating to an average price of $888,000.

By contrast, the initial batch of sales in 2008 and 2009 were at prices averaging $2.6 million, indicating how much the apartment market in Mandurah has weakened since the GFC.

Many of the initial sales were not completed, because conditional purchasers walked away from their high-priced agreements.

The company responded in November 2010 by slashing prices to as little as $780,000.

It appears prices have slipped further since then, with the completed sales during 2012-13 including one apartment at $680,000.

The highest price achieved over the past year was $1.7 million.

To date, 44 of the 66 Oceanique apartments have settled, and the company said it has a further four conditional contracts on hand.

Chief executive Jally Lin said the company had seen strong interest from both local and overseas buyers.

The company said the remaining stock at Oceanique ranges from $950,000 up to $3.7 million for a penthouse.

Oceanique is the company’s main asset and it has started to diversify into east coast markets.

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