Wheelock Properties enjoys doubling of second quarter net profit to $35.3 million

SINGAPORE - Wheelock Properties' second quarter net profit nearly doubled to $35.3 million from $17.3 million in the same period last year.

Revenue for the three months to June 30 soared by 275.5 per cent to $300.9 million.

For the first six months, net profit jumped by 54.8 per cent to $46.4 million on the back of a 118.9 per cent rise in revenue to $392.7 million.

The rise in revenues was mainly due to the home sales at Ardmore Three and The Panorama condominiums.

This was partially offset by lower units sales in Scotts Square and lower rental income from Scotts Square Retail.

As for the residential units at Scotts Square, a total of 279 units out of the 338 units have been sold at an average price of $4,000 per square foot.

In addition, 35 of the 38 units earmarked for leasing have been leased, representing 92 per cent occupancy at an average monthly rent of $5,000 per unit.

Admore Three, which was relaunched in April, has sold in total 42 units at an average price of more than $2,800psf.

At The Panorama, a total of 655 units of the 675 units launched have been sold at an

average price of above $1,240 psf.

Second quarter earnings per share climbed to 2.95 cents from 1.48 cents previously while net asset value per share eased to $2.48 compared to $2.54 as at Dec 31.

Looking ahead, Wheelock said that rental income from Wheelock Place and Scotts Square Retail, as well as the group's investments in quoted securities, will continue to contribute to its recurring income.

Sales from the relaunch of Ardmore Three has been good and is continuing steadily.

Construction for The Panorama is in progress and targeted for completion in 2017. Progress billings on the project is on-going and ranges from 30 per cent to 55 per cent. Sales in The Panorama, following the closure of showflat in July, will continue.