Port Bouvard sells Mandurah property

Property developer Port Bouvard has agreed to sell its landholding at Lot 105 Old Coast Road Dawesville for $4.5 million to an undisclosed purchaser with settlement in financial year 2010.

The 17.4 hectare site was purchased by Port Bouvard in November 2006 for $2.95m. Since purchase, the Company has identified and proposed a more viable residential outcome over the site.

Port Bouvard Limited Joint Chief Executive Matt Perrott commented "The sale of our Dawesville site is in accordance with the Company's stated asset realisation strategy, and is a good example of the Company's ability to add significant value to its projects."

Port Bouvard Limited recently announced its asset realisation strategy to focus on disposing of non-core sites in addition to continuing to add value through approvals processes over its larger core assets.

"We expect our asset realisation strategy to maximise short to medium term value for Port Bouvard Limited and the longer term value being delivered through high quality residential estates over the next 15 years", Mr Perrott stated.