Sales at Wheelock’s Scotts Square residential towers remained stagnant with only 79% units sold

Management is focused on leasing unsold units.

Persistent headwinds in the domestic residential sector, particularly in the high-end segment, continue to challenge property developers.

According to a report by OCBC, the sales status at the Wheelock Properties’ Scotts Square residential towers remained stagnant over the quarter with 79% of total units sold (268 units sold out of 338 total units).

Here’s more from OCBC:

Management indicates that their current focus is to lease unsold units, and 33 units have been leased to date with average rentals above S$5.2k pm. 

At Ardmore Three, three units out of the total 84 units have been sold to date (ASP: S$3.2k psf) while the 698-unit The Panorama is now 40% sold (282 units sold).