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Luxury property developer Wheelock Properties (Singapore) posted a revenue of $26.9 million for the fourth quarter ended 31 December 2014, down 7.2 percent from $28.98 million.
Net loss widened from $91.3 million to $103.1 million.
For the full year, the group saw its revenue drop 15.4 percent to $99 million while net profit climbed 7.7 percent to $43 million.
It also saw its total assets increase from $3.8 billion as at 31 December 2013 to $3.9 billion as at 31 December 2014. Shareholder equity was also higher at $3.1 billion compared to $3 billion previously.
“In 2014, the property development business was difficult, faced with headwinds from stringent government policies in the markets where the group operates as well as tightened mortgage lending practices. These have impacted our sales and margins,” said Wheelock Properties Senior Executive Director Tan Bee Kim.
“Local market conditions in 2015 are expected to remain subdued and macro-economic conditions fragile. With prudent financial management and a strong cash position, we are poised to capitalise on any opportunities or seek new projects locally or overseas,” she added.
Wheelock Properties’ latest development projects include Scotts Square, The Panorama and Ardmore Three.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
