Unit sales help Wheelock to narrow Q4 loss

Singapore

Managing to sell units in three residential projects helped real estate developer Wheelock Properties to narrow its loss in the fourth quarter.

Wheelock chalked up a net loss of S$927,000 for the three months ended Dec 31, 2015, less than its S$103.14 million loss in the corresponding period the year before, it said in a Singapore Exchange filing on Monday after the market closed.

This came on the back of a 302.7 per cent leap in Q4 revenue year on year to S$108.31 million.

The revenue growth was mainly due to sales of units in The Panorama condominium in Ang Mo Kio as well as two freehold luxury projects in Orchard, Ardmore Three and Scotts Square, but that was partly offset by lower rental income from Scotts…