reporter2
21-08-12, 11:50
http://www.businesstimes.com.sg/archive/tuesday/premium/companies/others/wheelock-chalks-31-rise-q2-net-485m
Published August 14, 2012
Wheelock chalks up 31% rise in Q2 net to $48.5m
Revenue from Orchard View condo, Scotts Square mall beef up its position
By Felda Chay
DESPITE a barely-moving high end property market, luxury property developer Wheelock Properties managed a 31.2 per cent jump in second-quarter net profit from a year ago, on the back of higher sales from the Orchard View condominium and revenue from its Scotts Square retail mall.
The group said that net profit for the three months ended June 30 rose to $48.5 million from $37 million a year earlier. This comes after it turned in a year-on-year drop in earnings in the first quarter.
Earnings per share in Q2 rose to 4.06 cents from 3.09 cents. Revenue soared 72.4 per cent to $116.6 million.
While the luxury residential market has suffered this year as a result of the government's cooling measures, Wheelock Properties believes that it is in a strong position.
It said that it has achieved "good sales" at some of its projects, and that its retail malls, Wheelock Place and Scotts Square, have achieved good rental rates and high occupancy, and will continue to contribute to the group's recurring income.
It is looking to launch its high-end 84-unit development, Ardmore Three, this year.
Providing an update on the project, Tan Bee Kim, director at Wheelock Properties, said: "Building construction has commenced at Ardmore Three and is expected to be completed by 2014.
"We look forward to launch this project within the current year at an opportune time."
The group's freehold, 30-unit development along Angullia Park has seen "good sales" so far, with 14 of the units sold since the start of the year, said Wheelock Properties. This means that as at June 30, 27 units, or 90 per cent of the project, have been sold, with prices averaging at about $2,900 per square foot (psf).
It also sold four units of the residential Scotts Square, a freehold project at Orchard Road. Scotts Square is, as of end-June, 79 per cent (266 units) sold at an average price of over $4,000 psf.
The group also gave an update on its residential development project in China's Fuyang City - where it bought five sites for 1.44 billion yuan (S$282 million) last year with the intention to build about 1,900 homes.
Said Ms Tan: "In China, construction on the sites at Fuyang City will commence by the first quarter of next year and we expect to launch the first phase in the second half of 2013."
The group remains in a strong financial position to take advantage of investment and development opportunities which may arise locally or overseas.
Net asset value per share as at end-June was $2.42, same as at December last year.
Yesterday, Wheelock Properties' shares closed 0.3 per cent lower at $1.845.
Published August 14, 2012
Wheelock chalks up 31% rise in Q2 net to $48.5m
Revenue from Orchard View condo, Scotts Square mall beef up its position
By Felda Chay
DESPITE a barely-moving high end property market, luxury property developer Wheelock Properties managed a 31.2 per cent jump in second-quarter net profit from a year ago, on the back of higher sales from the Orchard View condominium and revenue from its Scotts Square retail mall.
The group said that net profit for the three months ended June 30 rose to $48.5 million from $37 million a year earlier. This comes after it turned in a year-on-year drop in earnings in the first quarter.
Earnings per share in Q2 rose to 4.06 cents from 3.09 cents. Revenue soared 72.4 per cent to $116.6 million.
While the luxury residential market has suffered this year as a result of the government's cooling measures, Wheelock Properties believes that it is in a strong position.
It said that it has achieved "good sales" at some of its projects, and that its retail malls, Wheelock Place and Scotts Square, have achieved good rental rates and high occupancy, and will continue to contribute to the group's recurring income.
It is looking to launch its high-end 84-unit development, Ardmore Three, this year.
Providing an update on the project, Tan Bee Kim, director at Wheelock Properties, said: "Building construction has commenced at Ardmore Three and is expected to be completed by 2014.
"We look forward to launch this project within the current year at an opportune time."
The group's freehold, 30-unit development along Angullia Park has seen "good sales" so far, with 14 of the units sold since the start of the year, said Wheelock Properties. This means that as at June 30, 27 units, or 90 per cent of the project, have been sold, with prices averaging at about $2,900 per square foot (psf).
It also sold four units of the residential Scotts Square, a freehold project at Orchard Road. Scotts Square is, as of end-June, 79 per cent (266 units) sold at an average price of over $4,000 psf.
The group also gave an update on its residential development project in China's Fuyang City - where it bought five sites for 1.44 billion yuan (S$282 million) last year with the intention to build about 1,900 homes.
Said Ms Tan: "In China, construction on the sites at Fuyang City will commence by the first quarter of next year and we expect to launch the first phase in the second half of 2013."
The group remains in a strong financial position to take advantage of investment and development opportunities which may arise locally or overseas.
Net asset value per share as at end-June was $2.42, same as at December last year.
Yesterday, Wheelock Properties' shares closed 0.3 per cent lower at $1.845.