Wheelock Properties sees six-fold jump in FY profit to S$218m

Wheelock Properties said its full year 2007 profit jumped nearly six-fold to S$218 million.

The improvement was fuelled by changes in fair value on its investment property. Revenue rose 44 percent to S$189 million.

Wheelock remains upbeat about its strong financial position. For the financial year 2008, Wheelock will recognise the remaining profits from its property developments – The Sea View and The Cosmopolitan.

It will also continue to recognise profits from Ardmore II based on the progress of construction works. The firm expects to start profit recognition on Scotts Square.

Its flagship Wheelock Place will also continue to maintain full occupancy in the current strong market conditions. Prospects for improved rental rates are expected to be good for both office and retail space. – CNA /ls

Source : Channel NewsAsia – 22 Feb 2008

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