The product is produced from a settable aqueous calcium sulphate dispersion which has a water to solids ratio of less than 0.4 to 1, and has distributed therethrough lightweight hollow bodies having water-impervious surfaces (such as expanded polystyrene beads). The dispersion contains a hydratable cement (such as calcium sulpho aluminate) which is capable of hydration in the presence of the calcium sulphate dispersion. The hydratable cement is such that it reacts with excess water in the dispersion thereby enhancing the water resistance of the resulting product.