Port Bouvard wins bank extension

Property developer Port Bouvard has announced a two month extension to its debt facility covering the Oceanique apartments project south of Mandurah.

The developer said St George Bank had accepted terms and conditions for removal of a June 30 repayment covenant over the Oceanique construction facility, and also extended its expiry date from October 31 to December 31.

Port Bouvard said it was continuing discussions with St George with respect to renewing all of its current debt facilities beyond current expiry dates.

Earlier this month Port Bouvard told the market 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.

As of June 2, 25 of the 66 apartments at Oceanique had settled, 19 from the pre sale campaign, and six contracts from recent transactions.

Port Bouvard launched a fire sale campaign for Oceanique in November, where the developer offered discounts up to 40 per cent off the original asking prices.

It also offered prospective buyers a fixed interest rebate of 3.99 per cent over four years on Oceanique apartments.

At 1:45PM (WST) Port Bouvard's stock had gained 4 cents, to trade at 6.6 cents.