Wheelock hit with $103m loss in Q4

Due to significant write-downs.

Wheelock Properties reported a loss of $103.14m in the fourth quarter, 13% higher than the $91.3m loss that it booked in the same quarter last year.

The loss was due to significant write-downs for the Scotts Square retail mall and the Fuyang residential project, which totalled to $126m.

“Scotts Square Retail was revalued from $312 million to $260 million with a fair value loss of $52 million. Scotts Square is operating under very challenging circumstances as a boutique mall. A substantial tenant and trade mix revamp is underway for the mall and downward revision of rental revenue is expected for the initial years,” Wheelock stated.

For the full year, Wheelock recorded a profit of $43m, higher than the $40m it booked in FY13.