EARNINGS at property developers here have sunk like a tonne of bricks as confidence in the residential property market continues to take a beating.

Wheelock Properties yesterday reported a 63 per cent drop in full-year net profit for last year, while MCL Land sank deep into the red, reversing a healthy bottom line a year earlier.

In view of the poor market, Wheelock Properties says it is 'currently reviewing the building plans' for its proposed luxury project Ardmore 3, while MCL Land is reviewing 'the carrying value of development properties for sale in Singapore'.

For the year ended Dec 31 last year, Wheelock Properties posted a net profit of $100.9 million, down from $273.5 million, even though revenue rose 19.4 per cent to $454.6 million. The previous period was nine months due to a change in the company's year-end.

The company attributed the higher revenues to the sale of units at Scotts Square as well as higher rental rates accrued by Wheelock Place, the group's office and retail property in Orchard Road.

Although the depressed residential market here meant prices of freehold non-landed private prime homes fell 14 per cent in the last quarter, the group sold 13 units in Scotts Square last year for a revenue of $54 million, or $4,028 per sq ft, it said.

Total sales for the project have now reached $903 million, and 'this revenue will be recognised progressively in the accounts until Scotts Square is completed' next year.

Wheelock Place was also revalued - from $700 million to $790 million - last year.

Earnings per share were 8.44 cents, down from 22.86 cents the previous year.

Net asset value per share stood at $1.72, down from $1.82 a year earlier.

Read the full story in today's edition of The Straits Times.