Singapore-based Wheelock Properties has announced that its revenue for the fourth quarter rose 40.1 percent to S$126.2 million, attributed to higher revenue contribution from Scotts Square, based on the progress of construction works last year.
The company said it plans to begin construction of Ardmore III in mid-2011 and expects the Scotts Square to be completed in the second half of the year.
“Shops in Scotts Square will open by this Christmas and will contribute to the group’s recurring income,” said David Lawrence, Chief Executive of Wheelock.
Meanwhile, net property in the fourth quarter dropped 36 percent to S$107.8 million, while fair value on investment properties also fell 57 percent to S$55.2 million in Q4.
However, the company’s full-year results saw strong growth, with revenue increasing 48 percent to S$571.7 million. Aside from higher revenue contribution from Scotts Square, unit sales at Orchard View also contributed to the strong results.
Wheelock said its net profit for the year also rose 21 percent to S$316.2 million.
“We continue to be in a strong financial position, allowing us to take advantage of investment and acquisition opportunities which may arise,” said Mr. Lawrence.