bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Sandy Li

Wheelock and Co, which invests in property, hotels and logistics, set a conservative sales target of about HK$10 billion (US$1.27 billion) for this year after the group reported a modest gain in core profit for last year.
Underlying profit, excluding revaluation gains on investment properties, amounted to HK$13.2 billion (US$1.69 billion) for the year to December 31, up 9 per cent from 2017.
“We will increase our sales volume … Most developers including us will maintain a low level of unsold stocks,” Wheelock chairman Douglas Woo Chun-kuen said.
He added that reducing unsold inventory would also tamp down holding costs such as interest expenses and maintenance fees.

The sales target was established after the company posted a record HK$29.3 billion (US$3.76 billion) in contract sales of residential and commercial properties last year.
Raymond Cheng, head of Hong Kong and China research and property at CGS-CIMB ­Securities, said the group tended to be more cautious in its market outlook.
HNA will sell its last Kai Tak parcel to Wheelock, losing HK$550m
“Even though sales seem to have picked up recently, developers still need to offer discounts and incentives to speed up sales. If it had set an ambitious sales target, and failed to reach that goal, it would put pressure on its stock price,” Cheng said.
He said the result was above expectations owing to stronger-than-expected development profit margins in the city.
Residential contracted sales rose 52 per cent to a record HK$26 billion (US$3.33 billion) from the sale of 2,145 flats last year, according to a company filing to the stock exchange on Tuesday.
This figure was mainly driven by sales at the Malibu development in Tseung Kwan O, where 1,559 flats were pre-sold for HK$14.4 billion (US$1.85 billion) during the year.
It also sold 300,000 square feet of retail space at the O’South retail development in Tseung Kwan O for HK$3.3 billion (US$423 million) last October, lifting total local contract sales to HK$29.3 billion (US$3.76 billion), up 13 per cent from 2017.
Net profit fell 16.2 per cent to HK$17.24 billion (US$2.2 billion) from smaller revaluations gains on investment property which declined 6.7 per cent to HK$9.2 billion ($US2.5 billion).
Wheelock sees clouds ahead as rate rise and trade war ripple through property market
Wheelock, the builder of luxury residential projects including Mount Nicholson on The Peak and operator of shopping centres such as Harbour City, declared a second interim dividend of 1.05 HK cents, up 10.5 per cent from a year ago, for a total dividend for the year of HK$1.55 (20 US cents) per share.
The company has a land bank of 6.9 million sq ft including residential land acquired at the former Kai Tak airport site in Kowloon last month.
Wheelock’s shares closed 1.43 per cent higher at HK$53.35 after the results announcement.


Jardine Matheson to exit Swire’s Taikoo Place, consolidate offices in Central: sources

Hong Kong developers roll out 1,300 homes as prices edge up on firmer demand

Hong Kong property launch sees brisk sales as buyers unfazed by Trump’s Iran warning

Hong Kong developers test homebuyers with modest price increases after sell-outs

Hong Kong property

Wheelock sets a ‘conservative’ sales target of HK$10 billion this year after reporting 9 per cent rise in core profit

Potential buyers exhibit the MALIBU (at Lohas Park, Tseung Kwan O) property sales at Harbour City in Tsim Sha Tsui. 10MAR18 SCMP / Xiaomei Chen

Wheelock and Co’s Malibu complex at Lohas Park drew large crowds of potential homebuyers on March 24, 2018. Photo: Xiaomei Chen

HNA will sell its last Kai Tak parcel to Wheelock at a HK$550 million loss

Aerial drone view of the former Kai Tak runway site taken January 31, 2019. Photo: Martin Chan

Hong Kong developer Wheelock sees cloudy second half as rate rise and trade war ripple through market

Douglas Woo Chun-kuen, Chairman and Managing Director of Wheelock, attends Wheelock interim result at Landmark Mandarin Oriental in Central. 14AUG18 SCMP / Roy Issa

Drone aerial view of Malibu (left; green), and Hemera (L2), Lohas Park estate (L3) at LOHAS Park. 28MAR18 SCMP / Martin Chan

Wheelock’s Mount Nicholson development in Hong Kong. The company reported record sales in the first half but warned of uncertainties in the rest of the year. Photo: Edmond So

Business

Property

Hong Kong & China

Modest underlying profit of HK$13.2 billion the reason for property, hotels and logistics investor to declare conservative target for this year


Wheelock sets a ‘conservative’ sales target of HK$10 billion this year after reporting 9 per cent rise in core profit

.css-1mniedq{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;}Modest underlying profit of HK$13.2 billion the reason for property, hotels and logistics investor to declare conservative target for this year

Modest underlying profit of HK$13.2 billion the reason for property, hotels and logistics investor to declare conservative target for this year