Feeling heat from cooling property

DEVELOPERS are feeling the heat from a tougher operating environment as property valuations slide, and some have been pushed to make provisions for projects.

Wheelock Properties has made an accounting provision of $110 million for The Panorama, a 99-year leasehold condominium in Ang Mo Kio, while OUE has declared a net fair value loss of $76.8 million on its investment properties.

Wheelock posted a loss of $91.3 million for its fiscal fourth quarter, wider than the $30.8 million a year ago. For the full year ended December, the developer posted a net profit of $40 million, down 36.7 per cent from the $63.3 million a year ago.