Published November 13, 2012

Wheelock's Q3 net down 59.9%

By Kalpana Rashiwala


WHEELOCK Properties (Singapore) has posted a group net profit of $32.4 million for the third quarter ended Sept 30, 2012, down 59.9 per cent from the same period last year. Revenue fell 77.1 per cent to $37.7 million.

For the first nine months of this year, the group's net profit declined 44.7 per cent to $94.1 million, while revenue dropped 46.1 per cent to $180.4 million.

Wheelock said revenue and profit from property development in Q3 2012 and the first nine months of 2012 were lower due mainly to the completion of Scotts Square in Q3 2011 and lower sales from the project compared with the same period last year.

This was partly offset by higher sales from Orchard View.

In the property investment segment, revenue and profit for Q3 2012 and the first nine months of this year increased, due mainly to the contribution from Scotts Square Retail in the current period; the majority of the leases started after November 2011.

Wheelock posted earnings per share of 2.71 cents for Q3 2012, down from 6.75 cents in Q3 2011. Net asset value per share stood at $2.56 at Sept 30, 2012, up from $2.42 at end-Dec 2011.

The counter ended unchanged at $1.835 yesterday.

The group said that a private preview was held for Ardrmore Three in September this year. "A full launch of the development is being reviewed in view of the current market conditions," it added.

The 36-storey development along Ardmore Park, comprising 84 three-bedroom apartments, is slated for completion by 2014.

Over at Scotts Square Retail, 93 per cent of the net lettable area was committed as at Sept 30, 2012. The average rental achieved was nearly $22 psf per month.

As for the apartments in the Scotts Square project, 79 per cent or 266 out of 338 units were sold at end-Sept 2012, representing 85 per cent of the net saleable area at an average price of $4,003 psf.

Fifteen unsold one-bedroom units have been furnished for lease and as at end-Sept 2012, nine units have been committed at rentals between $5,000 and $6,500 per month.