PBD sells Esperance land for $1.6m

UPDATE 1.35pm: PBD Developments says it has sold a parcel of beachfront land at Esperance for $1.6 million and received $1.65 million in sales revenue from its luxury Oceanique apartment development in Dawesville south of Mandurah.

PBD said the non-core Bandy Creek asset was sold and settled for $1.6 million earlier this month, above the company's book value of $1.55 million.

Chairman Winson Chow said the sale of the Esperance asset was in line with the company's strategy to focus on the eastern seaboard of Australia and represented a milestone in the divestment of the company's non-core assets.

PBD said the proceeds of the sale would go towards working capital and enhancing the company's capacity and flexibility to acquire value adding assets.

Meanwhile the company said it had also sold two more apartments at Oceanique for $1.65 million.

There were still 20 apartments remaining at Oceanique with a total realisable value of about $25 million.

PBD shares closed up 0.1 cents, or 4.35 per cent, at 2.4 cents.