Port Bouvard says it has received a further four settlements on its Oceanique apartments development near Mandurah, taking its revenue for the development to $72 million.
Thirty apartments in Oceanique remain unsold, and continue to be marketed internationally and domestically.
Port Bouvard said it was also pursuing 7 unsettled contracts from a pre-sale campaign, with litigation at various stages.
In its annual report released in August, Port Bouvard reported revenue from sales of apartments at Oceanique had reached $61.5 million, with 25 of the 66 contracts settled.
The four settlements reported in August and October take the number of apartments settled at Oceanique to 29.
“It is pleasing the settlements of Oceanique apartments have now resulted in $72 million in gross settlement proceeds,” chief executive John Wroth said.
“We are proud of the attractive lifestyle and investment opportunity the multi-awarded Oceanique offers.
“Further, as all the net settlement proceeds have been solely used to reduce the group’s net debt position, net gearing presently sits at around 26 per cent.”
The Oceanique development has been well received by the development industry, receiving accolades from the Urban Development Institute of Australia, the Master Builders Association, and the Royal Australian Institute of Architects.
The news was not enough to buck the falling trend on the Australian Securities Exchange today, with Port Bouvard shares falling 6.25 per cent, to 4.5 cents.
