SINGAPORE - Luxury developer Wheelock Properties has posted a 7.2 per cent drop in third quarter net earnings to $11 million.

Revenue for the three months to Sept 30 slumped by 17.4 per cent to $22.8 million, as the contribution recognised from Ardmore Three based on the progress of construction works was much lower than that in the same period last year.

The group also received lower dividend income from its investments following the disposal of its investment in Hotel Properties to its associated company in the second quarter.

Other operating expenses ballooned by 169 per cent to $3.5 million, mainly due to exchange loss arising from the translation of bank loan denominated in foreign currency.

Giving an update on its properties, Wheelock said that as at Sept 30, 79 per cent or 268 units of the 338 units at Scotts Square were sold, representing 85 per cent of the net saleable area at an average price of $4,004 per square foot.

With the weakening demand for sales in the luxury sector, its current focus is on leasing.

For the same period, 33 units were leased out with average rental above $5,200 per month.

Meanwhile, three units of the upmarket Ardmore Three, a 36-storey freehold development along Ardmore Park comprising 84 three-bedroom apartments, were sold in a private preview at an average price of $3,158 psf.

Earnings per share shrank to 0.92 cent from 0.99 cent previously while net asset value per share firmed to $2.66 compared to $2.51 as at Dec 31.

Temporary Occupation Permit for the Ardmore Three is expected towards the end of 2014.

In preparation for marketing launch, Wheelock is fitting out three showflats and a sales office on site.