SINGAPORE (Aug 11): Property developer Wheelock Properties saw 2Q earnings double to $35.3 million from $17.7 million last year on higher sales.

Revenue grew nearly three-fold at 275.5% to $300.9 million from $80 million in 2Q15, mainly due to the unit sales contributions from condominiums Ardmore Three and The Panorama.

Since Ardmore Three’s relaunch on April 14 this year, 42 units have been sold at an average price of above $2,800 psf.

About 97% of The Panorama’s 675 units launched were sold at an average price of above $1,240 psf.

The growth in revenue was partially offset by lower unit sales in Scotts Square and lower rental income from Scotts Square Retail.

83% of Scott Square’s 338 units were sold at an average price of $4,000 psf. Thirty-five of the 38 units earmarked for leasing have been leased, representing 92% occupancy at an average rent of $5,000 per month per unit.

No dividend income was declared for the quarter.

Shares of Wheelock Properties closed 0.68% higher at $1.48.

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