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Oustanding Market Response to Hervey Bay Project  - 31/01/2008

Chairman of both Seymour Group and Watpac Ltd, Kevin Seymour, announced today a strong market response to the newest Hervey Bay residential estate, OceanBlue.

Mr Seymour says that Stage One of the OceanBlue project in Hervey Bay, developed in partnership with Watpac Property, is expected to be 50 per cent sold or under contract by the end of this week.

Mr Seymour said today he regarded Hervey Bay as a strong investment opportunity and added that he would continue to seek out projects in the region, in addition to Seymour Group’s current residential land project, harbor and seabed leases.

OceanBlue, a 174 lot residential project one street back from the beach and boarding Point Vernon at Hervey Bay, has confirmed 10 contracts within three days of its first 25 near oceanside lots coming onto the market. 

A further five contracts are expected to be finalised by this weekend.

My Seymour attributes the project’s success to high quality land in a very high quality location.

“OceanBlue redefines the quality of residential estates on the Fraser Coast and is one of the very last opportunities to purchase near oceanside land in Hervey Bay,” said Mr Seymour.

“We have come onto the market at a time of a significant stockmarket correction and talk of higher interest rates but the market response to OceanBlue could not have been better.

“Independent people like demographer Bernard Salt have been talking up the merits of Hervey Bay and the proof is in the market response to OceanBlue,” he said.

“Hervey Bay remains a solid investment as far as I’m concerned because it has the room for expansion and it has a strong local economy underpinned by tourism,” said Mr Seymour.

“The likely upgrade of the local airport, increased jet services from Melbourne and the State Government’s go ahead for the redevelopment of the marina complex will bring even further infrastructure driven growth to Hervey Bay,” he said.

Mr Seymour said he was planning to bring forward the release of further stages of OceanBlue to meet market demand.

“We intend to make OceanBlue the finest residential address on the Fraser Coast and we are now even more determined to deliver on this promise given the strong market response to our first stage release,” said Mr Seymour.