Baby boomer and retiree demand for luxury apartments in Mandurah has buoyed developer Port Bouvard Ltd in the lead up to the sales launch of its $100 million Oceanique apartment development next month.
Baby boomer and retiree demand for luxury apartments in Mandurah has buoyed developer Port Bouvard Ltd in the lead up to the sales launch of its $100 million Oceanique apartment development next month.
The company has already sold two penthouses off the plan for $5.4 million and $5.1 million, in addition to 18 apartments at an average price of $2.5 million.
Located within the developer’s namesake residential resort estate south of Mandurah, the two eight-storey towers will comprise 67 apartments in total. Construction is due to start in April.
Port Bouvard managing director Ross Neumann said interest from retirees and cashed-up baby boomers had been strong, and he was confident the remaining apartments priced from $1 million each would sell quickly.
When completed in late 2009, the apartments will have uninterrupted views of the Indian Ocean, the Dawesville Channel, The Cut golf course and the Port Bouvard estate.
“The freeway extension from Perth to Mandurah will reduce the journey to an hour, meaning the area will be more accessible and the population will steadily increase over the coming years,” Mr Neumann said.
He also revealed the company was forging ahead with the development of a resort hotel at Port Bouvard, which would be strata packaged.
“We’re talking to a well-known hotel management firm now, but the project is probably six to eight months away.
“There’ll be a major day spa incorporated into the plan and conference facilities. I expect the hotel to be popular with the over 50s.”
The hotel site was originally part of a $22.4 million package of properties offered to entrepreneur John Kelly last year, a deal which fell through due to difficulties in raising capital.
Mr Kelly eventually secured The Cut 18-hole golf course and clubhouse for $10.8 million.
Port Bouvard is also intent on progressing its flagship 275-hectare Point Grey marina and residential development, as well as subdividing a 17-hectare land parcel at Dawesville.
Another major land bank is awaiting development at Furnissdale, between Mandurah and Pinjarra, which is expected to contain about 600 lots.
Of all its projects, a new canal estate at Esperance is its most ambitious, with the creation of 700 lots and significant commercial developments planned around a new marina near the Bandy Creek Boat Harbour.
Mr Neumann said once environmental issues had been resolved, he hoped the approval process would be expeditious and development could start within the year.
