Tag Archives: SC Global Developments

Wheelock’s Q1 profit up eight-fold on SC Global stake sale

Wheelock Properties on Monday reported first-quarter net profit grew more than eight-fold from the corresponding period a year earlier following an exceptional gain on the disposal of its stake in developer SC Global Developments.

Net profit for the three months ended March 31 rose 701 per cent to S$105.3 million after Wheelock booked a $93 million gain on the sale of its 17.9 per cent stake in SC Global to the latter’s founder and chief executive Simon Cheong, who succeeded in taking the company private.

Revenue in the period grew 3.4 per cent to S$27 million, the company said.

“The marginal increase in revenue for the first quarter was mainly due to revenue recognised from Ardmore Three based on the progress of construction works, interest income and dividend income received from the group’s investments and revenue from the retail malls. This was partially offset by sales from Scotts Square and Orchard View in the same period last year,” it said.

Source : Today – 29Apr 2013

Aussie firm linked to world’s richest woman buys Sentosa condos

A company linked to Australian mining tycoon Gina Rinehart’s Hancock Prospecting is acquiring two units at Seven Palms, a Sentosa Cove condo project by SC Global Developments for S$57.2 million, according to sources who spoke to The Business Times.

Rinehart is considered the world’s richest woman with a fortune estimated at around A$30 billion (S$39 billion).

Located near Tanjong Beach, Seven Palms is a four-storey residential development that features just 41 units. Nearing completion, it is designed by award-winning Kerry Hill architects.

The firm linked to Hancock Prospecting is said to be paying around S$23.3 million for a third floor unit and nearly S$33.9 million for a unit on the fourth floor. However, the unit sizes are not known.

One industry watcher estimated that the two units are likely to have surpassed S$4,000 psf, a new benchmark for Sentosa Cove.

If the price of the fourth floor unit is indeed S$33.9 million, it would break the present record set for a duplex penthouse at Far East Organization’s Boulevard Vue project, which hit S$33.4 million in 2009. This translates to S$4,150 psf for the 8,051 sq ft unit, based on CBRE’s analysis of URA Realis caveats data.

Source : PropertyGuru – 26 Jul 2012