WHEELOCK Properties (Singapore) CEO David Lawrence remains upbeat about prospects for Singapore’s luxury residential property market, as the island is increasingly attracting rich people and businesses.
‘The interesting thing is that more and more people are becoming PRs and citizens,’ he says. ‘A lot of them are very rich and want the best product. So you’ve got to be a good developer producing good products like Wheelock or SC Global or Hotel Properties Ltd (HPL).’
Wheelock owns about 16 per cent of SC Global and almost 21 per cent of HPL. ‘We’re happy with our stakes in these companies,’ Mr Lawrence said in a recent interview with BT.
In April last year, he apologised to shareholders at an annual general meeting for having bought a stake in SC Global at the top of the market in 2007. But now he lets on: ‘I should tell you that I have had approaches from Middle Eastern investors recently to buy our stake in SC Global and I said: ‘Not interested. Thank you very much’.’
Wheelock acquired its SC Global stake at an average price of $2.35 a share. SC Global’s stock price fell from a high of $3.40 in June 2007 to a low of 29.5 cents in March this year. It has since been recovering, ending at $1.41 yesterday, down one cent from Thursday’s closing price. Continue reading
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