Friday, June 22, 2018
 
Columnist
Martin Hennecke

Wheelock core profit up 2pc
 
13/03/2018
 
Samantha Wong and Bloomberg

Wheelock and Company (0020) said its core profit last year increased by 2 percent to HK$12 billion.

The board has recommended a second interim dividend of 95 HK cents, bringing total dividend of HK$1.425 for the year.

Earnings per share were HK$10.09, up from HK$8.02 in 2016.

Wheelock's share price yesterday closed up 55 HK cents at HK$59.85.

During the year, Wheelock said the value of its Hong Kong property transactions increased by 18 percent to HK$26.1 billion.

It sold or presold 1,325 flats worth HK$17.1 billion.

They included 657 flats at its Monterey project in Tseung Kwan O, 306 apartments at Oasis Kai Tak, as well as five houses and 14 apartments at Mount Nicholson at the Peak.

In the commercial property front, Wheelock sold a grade A en-bloc commercial building in Kowloon East for HK$9.0 billion.

Last week, Wheelock agreed to buy a plot of land near the former Kai Tak airport from conglomerate HNA Group Co. for HK$6.36 billion.

A binding offer for the 79,000-square-foot site was made on March 8 and the deal is likely to be completed by May 16.

Wheelock's purchase offer is about 15 percent higher than what HNA paid for the site last year, according to government records.

Wheelock chairman and managing director Douglas Woo Chun Kuen said yesterday that the firm is interested in bidding for another site from HNA if it is priced at market rates.

In January this year, Wheelock acquired via public tender a residential site in Kowloon Tong for HK$12.5 billion. It plans to build a luxury residential development on the site.

Over the weekend, Wheelock sold 750 flats at its Malibu project in Lohas Park.

The next batch of about 160 apartments is likely to be released today and will be priced at an average per sq ft price of about HK$15,500 after certain discounts are applied, according to Woo.

Meanwhile, Kowloon Development Company (0034) said it expects to record a significant increase in profit last year from a year earlier.

The Hong Kong-based developer said such increase was mainly due to the increase in profit derived from the group's property developments in China.

The group also said the profit increase was also due to contributions from the property development in Macau of its 73.4 percent held unit, Polytec Asset Holdings (0208).

Kowloon Development recently sold eight flats at its nano residential project, 63 Pokfulam, on Hong Kong Island at a per sq ft price from HK$27,000 to HK$34,300.

The flats that it sold ranged from 209 sellable sq ft to 318 ssf. The development will provide 350 units in two towers. It has so far sold 129 flats in the project.

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