Port Bouvard in $3m Dawesville land buy

Como-based land development company Port Bouvard Ltd will purchase another 17ha in Dawesville for almost $3 million, subject to the approval of the WA Planning Commission.

Last month the company indicated that it was pursuing a number of other suitable residential broad acre acquisitions in Western Australia to be developed via syndication or joint ventures.

The company is currently working to a 12 month program of receiving approval, developing and marketing the proposed lots, and was still evaluating other opportunities in the area.

While Port Bouvard hasn't ruled anything out, the land is geographically separate from the company's $100 million, three stage Port Bouvard Residential Resort Estate, which is due to take three years to complete.

In April the company sold its last remaining homesite at Princeton private estate in Stirling two years ahead of schedule.

The full company announcement is pasted below

The Directors of Port Bouvard Limited have today agreed to the purchase of 17 hectares of land in Dawesville, Western Australia, for $2.95 Million.

The land is purchased subject only to approval by the Western Australian Planning Commission of a subdivision plan. The Company is working to a program of receiving the planning approval, developing and marketing the proposed lots within 12 months.

Since our last announcement of 19 July 2006 the Company has received a number of other opportunities which it is currently evaluating.