SINGAPORE (May 12): Wheelock Properties reported a 9.8% fall in 1Q17 earnings to $10 million from a year ago.

Revenue rose 2.1% to $93.7 million mainly due to sales in Ardmore Three and 雍景山. This was partially offset by lower sales in The Panorama and lower interest income from the group’s investment in quoted securities.

In its outlook, Wheelock says rental income from Wheelock Place and Scotts Square Retail, as well as the group’s investment in quoted securities and share of profit of associates, will continue to contribute to the group’s recurring income.

Construction for The Panorama is in progress and targeted for completion in 3Q17. Progress billings are currently at 50% to 55%.

Active marketing is on-going for both Ardmore Three and The Panorama.

Phase 2A construction of 雍景山 is in progress and is expected to be completed in 2018. Sales for the development is on-going.

Shares of Wheelock closed 1 cent lower at $1.74.