Tag Archives: Developers

Wheelock Properties posts 89% rise in Q2 net profit to S$28.9m

Posted on 12 Aug 2009 | Comments Off on Wheelock Properties posts 89% rise in Q2 net profit to S$28.9m

Mainboard-listed Wheelock Properties has posted an 89 per cent on-year rise in its net profit for the second quarter to S$28.9 million.

However, revenue fell 10.8 per cent to S$78.4 million.

The firm said this was because no further revenue was recognised from its projects, The Cosmopolitan and The Sea View, in the current period, as these projects were completed last year.

In the current financial year, Wheelock said it will continue to recognise profits from its development properties, Ardmore II and Scotts Square, based on the progress of construction works.

Progress billings for these projects are currently on-going.

And Wheelock Place is expected to generate good recurring income due to higher committed renewal and new leases. Continue reading →

Comments Off on Wheelock Properties posts 89% rise in Q2 net profit to S$28.9m

Posted in Developers

Tagged ,

Aspial unit bags 18 shophouses for $25.6m

Posted on 12 Aug 2009 | Comments Off on Aspial unit bags 18 shophouses for $25.6m

WORLD Class Land, a subsidiary of listed Aspial Corporation, has bought a cluster of 18 freehold shophouses fronting Joo Chiat and Onan roads for $25.63 million.

‘The transacted price reflects $410 per square foot on the existing gross floor area of 62,489 sq ft. Upon redevelopment, the property may have the potential of achieving a gross floor area of 81,000 sq ft,’ said Credo Real Estate managing director Karamjit Singh, whose firm handled the sale of the properties through a tender that closed last week.

The seller is a family trust.

The properties comprise two back-to-back rows of nine units of three-storey shophouses with a site area of Continue reading →

Comments Off on Aspial unit bags 18 shophouses for $25.6m

Posted in Developers

Tagged , , , ,