Wheelock Properties net profit doubles in Q2 2016 on Panorama, Ardmore Three sales

REAL estate developer Wheelock Properties posted a net profit of S$35.3 million for the three months ended June 30, 2016, almost double from S$17.7 million a year ago.

Revenue almost quadrupled to S$300.9 million from S$80.1 million a year ago. This was mainly due to sales of units in Ardmore Three and The Panorama, partially offset by lower unit sales in Scotts Square and lower rental income from Scotts Square Retail.

At end-June, 83 per cent (279 units) of the 338 units at Scotts Square were sold at an average price of S$4,000 per square foot (psf). Some 35 of the 38 one-bedroom units earmarked for leasing have been leased, representing 92 per cent occupancy at an average rent of S$5,000 per month per unit.

At Ardmore Three, relaunched on April 14, 42 units have been sold at an average price of above S$2,800 psf.

At The Panorama, 655 units or about 97 per cent of the 675 units launched have been sold at an average price of above S$1,240 psf.

Net asset value at end-June was S$2.48 a share, down from S$2.54 at end-2015.

Wheelock closed Friday trading at S$1.48 a share, up a cent, before results were announced.