Wheelock's residential projects nearly sold out

Only 7% of Ardmore Three units are left unsold.

Thanks to the turnaround in the property market, Wheelock Properties' residential projects are now mostly sold.

OCBC Investment Research said that 93% of Ardmore Three, comprising 78 units, has been sold.

Meanwhile, Wheelock sold 299 out of 338 units or 88% of Scotts Square. From the 28 unsold units earmarked for lease, 71% has been tenanted.

Since June 2017, Panorama sold out and subsequently got the Temporary Occupation Permit (TOP) this year.

Amongst Wheelock's Chinese properties, 98% or 765 in 784 units launched in Phase 1 and 2A of the Fuyang City Project have been sold.

The occupancy rate for Scotts Square Retail remains healthy at 99% whilst the overall occupancy for Wheelock Place was 94%, with another 3% pre-committed.

Here's more from OCBC Investment Research:

To recap, the group recently reported quarterly results with 3Q17 PATMI increasing 72.1% YoY to $48.8m. This was broadly in line with expectations.

For the year to date, 9M2017 revenues decreased 26% YoY mostly due to lower sales at Ardmore Three and The Panorama, partially offset by higher sales at Wheelock’s Fuyang City project and Scotts Square.

Because of lower gains on disposal of the group’s investment in quoted securities, the other income line item for 9M2017 also fell. With the completion of The Panorama, Wheelock also carried out a $12m write-back of diminution in value made on the project.

The group’s balance sheet further strengthened with $607.0m in cash and equivalents and is in a net cash position.