Port Bouvard settles rural Gidgegannup purchase

Como-based Port Bouvard has settled on the rural residential portion of its acquisition of 483 hectares at Gidgegannup, the company has announced.

The development will consist of 270 rural residential lots, due to come onto the market in the 2008-09 financial year.

A further 1,900 lots are to be built into the proposed Gidgegannup townsite, scheduled for 2010 and 2011.

The full text of a company announcement is pasted below

We are pleased to advise that we settled today on the proposed rural residential portion of land at Gidgegannup in accordance with previous announcements to market.

The remaining payments for the proposed townsite at Gidgegannup are scheduled for financial years 2010 and 2011 per the purchase agreements.

The Company is excited about the opportunity ahead to develop another showcase asset and believes Gidgegannup will help underpin Company profitability for future years.