UPMARKET developer Wheelock Properties (Singapore) yesterday reported a 59.1 per cent drop in third-quarter net profit to $54.3 million.
Revenue for the three months ended Sept 30 was down 42 per cent at $133.1 million.
The fall was mainly due to lower revenue booked for its Scotts Square project. The completion of The Sea View and The Cosmopolitan in the second and third quarters of last year also contributed to lower revenue in the current year.
This was partially offset by higher revenue booked for its Ardmore II project. Revenue booked for Orchard View also began in the third quarter. Orchard View, a 30-unit apartment at Angullia Park, is expected to be completed in the first half of next year. So far, three units have been sold at an average price of $3,131 per square foot.
Source : Straits Times – 14 Nov 2009
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