Wheelock Properties (Singapore) saw net profit fall 70.7 percent to S$14.2 million in Q2 2013, while revenue also plunged 71.3 percent to S$33.5 million.
Based on the progress of construction, revenue realised from sales at luxury condominium project Ardmore Three (pictured) was significantly lower compared to contributions from Orchard View and Scotts Square over the same period last year.
The decline was partially offset by higher dividend income and interest income from investments as well as revenue from its malls, media reports said.
Going forward, the firm expects to launch a new condominium project at Ang Mo Kio Avenue 2 before the end of the year. With an area of 198,942 sq ft, the project could yield about 700 units.
Nikki De Guzman, Junior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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