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Wheelock narrows Q4 loss

SALES of units in three development projects helped real estate firm Wheelock Properties narrow its fourth-quarter loss.

Wheelock posted a net loss of S$927,000 for the three months ended Dec 31, less than its S$103.14 million loss the preceding year.

This was on the back of a 302.7 per cent jump in revenue year-on-year to S$108.31 million.

The group said in a Singapore Exchange filing on Monday after the market closed that revenue expanded "mainly due to units sales in The Panorama, Ardmore Three and Scotts Square", though this was partially offset by lower rental income from Scotts Square Retail.

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Scotts Square Retail has been revalued from S$260 million to S$234 million and Wheelock Place has been revalued from S$915 million to S$912 million, it said, noting that this revaluation of its investment properties was done by independent professional valuers.

"Demand in the local residential market is still muted and we will continue to actively market all our developments," it added.

Wheelock shares slid half a cent to S$1.40 on Monday before the results were out.

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