Port Bouvard surges on Pt Grey milestone

Port Bouvard has surged on news that it has now sold 25 of the 66 apartments at Oceanique, as negotiations continue with St George Bank over a key banking covenant, and the developer forges on with its flagship community Point Grey.

At 11:29(AM) WST, the company's stock had gained 30 per cent, to trade at 7.3 cents.

Port Bouvard announced to the market today that of the 25 contracts for Oceanique that had settled, 19 were from the pre sale campaign, and six contracts were from recent transactions.

The developer previously reported that there had been 40 sales during the presale campaign, and of those, 15 remained yet to settle, and six have been terminated.

"Each of the 15 contracts on foot is currently being pursued vigorously by the company with a number in various stages of court proceedings," Port Bouvard said in a statement to the Australian Securities Exchange.

The remaining six sales were from Port Bouvard's fire-sale campaign, launched in November, where the developer offered discounts up to 40 per cent off the original asking prices.

Port Bouvard also announced today that it was in advanced discussions with St George Bank with respect to the removal of a covenant due June 30 on the debt facility over Oceanique.

It said St George had offered to remove the covenant on certain terms and conditions, which were not disclosed.

Port Bouvard said it had permanently reduced its facilities with St George by $73.2 million since July 1 last year, primarily on the back of Oceanique settlements.

Also, Port Bouvard told the market today it had received the ministerial consent required to advance its 275-hectare master planned community, Point Grey.

Port Bouvard plans to develop a 3,000-lot residential and tourism precinct built around a marina at Point Grey, located around 20 kilometres west of Pinjarra.

The consent will allow Port Bouvard to develop an outline development plan and subdivision approval for the first three stages to commence.

The WA Environmental Protection Authority gave its nod to the Point Grey development in March, and Port Bouvard said it expected to receive Commonwealth environmental approval by the end of the year.