Wheelock Properties reported 4QFY2014 total revenue of just $26.9 million, down from $29 million in 4QFY2013. Net loss last quarter widened to $103.1 million, from $91.3 million the previous year. The group disposed of its investment in Hotel Proper- ties Ltd to its 40% associated company, 68 Holdings Pte Ltd, which in turn gave rise to a negative goodwill of $116 million.

The company also recognised a fair-value loss of $52 million on Scotts Square Retail, which was re- valued from $312 million to $260 million in FY2014. Wheelock plans to revamp the tenant mix for the mall, with downward revision  of  rental  revenue for the initial years. Wheelock had sold 79% (268 units) of the 338 residential units at Scotts Square as at end-4Q2014. This represents 85% of net sale- able area at an average price of $4,004 psf. Owing to weakening luxury residential property sales, the developer intends to lease the 36 unsold units at an average of $5,250 a month.

An impairment loss of $75 million was made on its Fuyang project in China. “This is a realistic approach taken by the group in the face of a slower pace of development in the broad neighbourhood, which was unexpected, thus causing uncertain market conditions and timing of the project,” according to Wheelock in a statement. “Comparable sales statistics in the area are also a key factor.”

Ardmore Three (below), a 36-storey, 84-unit freehold development, obtained TOP on Dec 16, 2014. Three units have been sold in a private pre- view at an average of $3,158 psf. At the 698-unit The Panorama in Ang Mo Kio, the group man- aged to sell 317 units, or 91% of the 350 units released. Prices were at an average of $1,267 psf. The group is still actively marketing the project, and construction is in progress, with completion scheduled for 2017.

This article appeared in the City & Country of Issue 666 (Mar 02) of The Edge Singapore.