Kaeden Ong

Wheelock Q1 profit dives in absence of disposal gain

Posted by Kaeden Ong on 13th May 2014 in Blog

WHEELOCK Properties (Singapore)’s first-quarter net profit has slumped 86.5 per cent to $14.3 million, from $105.3 million a year ago. This was due mainly to the previous first quarter being boosted by a $93.8 million accounting gain on disposal of SC Global Developments shares.

Revenue for the three months ended March 31 slipped 6.5 per cent to $25.3 million. Earnings per share plunged to 1.19 cents from 8.8 cents previously. Net asset value per share dipped to $2.49 as at end-March from $2.51 as at end-December.

In its results statement yesterday, Wheelock said that at its completed Scotts Square development, 79 per cent or 268 of the 338 residential units were sold as at March 31 this year – at an average price of $4,004 per square foot. “For the same period, 23 units were leased out of our stock of 26 units. Average rental achieved was close to $5,600 per month.” Marketing and leasing of the remaining units is ongoing, it added.

Along Ardmore Park, construction is in progress and completion targeted for year-end for the 84-unit Ardmore Three project. Planning for the sales launch of Ardmore Three is underway.

In China, phase 1 construction is in progress at the residential site at Fuyang City, 22 km from Hangzhou. The project will comprise 3.2 million square feet of villas, townhouses, duplexes and apartments. The sales gallery and show units were completed in mid-April 2014 and a marketing launch is being planned.

Wheelock was in the news last month for teaming up with Ong Beng Seng to launch a $3.50 a share cash offer for Hotel Properties Ltd (HPL).

Shares in Wheelock closed trading yesterday a cent higher at $1.795.

Credits: ST Property

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