EARNINGS at property developers here have sunk like a tonne of bricks as confidence in the residential property market continues to take a beating.
In view of the poor market, Wheelock Properties says it is 'currently reviewing the building plans' for its proposed luxury project Ardmore 3, while MCL Land is reviewing 'the carrying value of development properties for sale in Singapore'.
Total sales for the project have now reached $903 million, and 'this revenue will be recognised progressively in the accounts until Scotts Square is completed' next year.
Wheelock Place was also revalued - from $700 million to $790 million - last year.
Earnings per share were 8.44 cents, down from 22.86 cents the previous year.
Net asset value per share stood at $1.72, down from $1.82 a year earlier.
Wheelock Place was also revalued - from $700 million to $790 million - last year.
Earnings per share were 8.44 cents, down from 22.86 cents the previous year.
Net asset value per share stood at $1.72, down from $1.82 a year earlier.
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