Public company info - Wheelock Properties Ltd. , 00049.HK
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Wheelock Properties Ltd., 00049.HK - Company Profile
Chairman Peter K. C. Woo
Share Issued (share) 2,070,000,000
Par Currency Hong Kong Dollar
Par Value 0.2
Industry Property(HK&Macau)
Corporate Profile Business Summary: The principal activities of the Group are property development, property investment and investment and others. Property development segment encompasses activities relating to the acquisition, development, design, construction, sale and marketing of the Group's trading properties primarily in Hong Kong, Singapore and China. Property investment segment includes leasing of the Group's investment properties, which primarily consist of retail and office properties in Hong Kong and Singapore. Investment and others segment includes activities for managing the Group's corporate assets and liabilities, available-for-sale investments, financial instruments and other treasury operations. Business Review: Over 80% of the 6D-6E Babington Path, Mid-levels, which comprises a total of 47 luxury apartments of superb quality, has been sold, realising proceeds of about HK$496 million. Respective revenue and profits were recognised in 2009, given the occupancy permit for the project has been issued by the end of 2009. Re-development of 2 Heung Yip Road, Aberdeen into a high rise commercial building is underway. The development offers a total GFA of 737,200 square feet, of which about 224,900 square feet was sold in previous years. In accordance with its policy of disposing of non-core assets, the Group completed its sale of Fitfort, a retail footprint in North Point, on 15 December 2009 for HK$935 million, with a respective net profit of HK$126 million being recognised in 2009. Foundation works for the site at 211-215C Prince Edward Road West, which is planned for residential redevelopment, is underway. By the end of December 2009, the Group had acquired 98.5% of the interest in the property at 46 Belcher’s Street. The site is planned for residential development. In early March of 2010, a consortium formed by the Group and New World Development on a 50:50 ownership basis have won the tender for the development of a luxury residential project atop the new Mass Transit Railway (MTR) Austin station at the heart of Tsim Sha Tsui West, which is within close proximity to the existing Airport Express and West Rail Line, as well as the future High-speed Rail terminus. The land parcel has a site area of 295,181 square feet and offers an attributable GFA of 641,082 square feet. The development will be of excellent potential, given its prime location in West Kowloon on top of the key transportation networks in the city. Wheelock House was 98% leased at satisfactory rental rates at the end of December 2009. Following the Group’s two 50:50 joint ventures with China Merchants in Foshan of Guangdong Province for the development of a site in Xincheng District (新城區) and another in Chancheng (禪城區), the Group, through another 50:50 joint venture with the same joint venture partner, successfully acquired in January 2010 at a public auction a land parcel in 南海區獅山鎮 for RMB680 million. Ideally located at the centre of 獅山城區 which is around 15km away from the centre of Chancheng District (禪城區), the parcel boasts a site area of 1.5 million square feet and offers an attributable GFA of 1.67 million square feet. It is planned for an upscale residential project. The development is expected to be completed in phases by 2015. The Group’s first project, being situated in an integrated and well-planned new town (Xincheng District 新城區) of the Foshan City facing the Dong Ping River (東平河), boasts a site area of 2.88 millions square feet and offers an attributable GFA of 2.43 million square feet. Pre-sales of the first phase of the townhouses have been well-received, with all units launched sold out within a few weeks. Twelve low-rise residential towers commenced pre-sales in March 2009, with all units launched sold out by June 2009. In September 2009, four high-rise residential towers were launched for sales, over 97% of which were briskly sold in a month’s time. The Group’s second project, being located at the junction of Kuiqi Road (魁奇路) and Guilan Road (桂瀾路) in Chancheng (禪城區), boasts a site area of 1.15 million square feet and envisages an attributable GFA of 1.45 million square feet. Presales of the first phase covering one high-rise residential tower commenced in December 2009 and met with excellent response. 97% of the units offered were sold within two weeks. These developments are scheduled for completion in phases by 2012 and 2013 respectively. Wheelock Properties (Singapore) Limited (a 76%-owned Singapore listed subsidiary) Profit for Wheelock Properties (Singapore) Limited (“WPSL”) amounted to S$262.3 million for the financial year under review (2008: S$100.9 million) in accordance with the accounting standards in Singapore. Development Properties Ardmore II is a prime residential development with 118 apartments. Main construction work is progressing in accordance with schedule and is expected to be completed by the first half of 2010. All of the 118 units have been previously pre-sold at satisfactory prices. Orchard View, a luxury 36-storey residential development located in the serene enclave of Angullia Park and within walking distance of MRT Orchard Station, comprises 30 units of four-bedroom apartments with private lift lobbies. A preview sale was conducted in August 2009 and three units were sold at decent prices. Main construction work is about to be completed and is scheduled for completion by the first half of 2010. Strategically located in the main shopping belt of Orchard Road, Scotts Square is a prime residential development with 338 international quality apartments, plus a retail annex. The retail podium will be held for long term investment purposes. By December 2009, pre-sales of the apartments have reached 77% (in net saleable area) with excellent prices. Main construction work is in progress. The development is scheduled to be completed by 2011. Ardmore 3, another luxury project along Ardmore Park, is planned for redevelopment and sale. It will be an international-standard luxury residential development in the prestigious Ardmore Park, next to Ardmore II. Piling works for the development is scheduled to commence in mid 2010. Investment Property Wheelock Place, a commercial development at Orchard Road, Singapore, was 100% committed at satisfactory rental rates as at the end of December 2009. It also achieved high retention renewals of 89% and 94% for its office and retail portion respectively. Prospects: Following an austere year dogged by severe economic challenges, the Hong Kong economy is poised to resume growth in 2010. The government forecasts a GDP growth rate of 4-5% for the year. Singapore’s GDP, likewise, is set to revert to growth in 2010. The Ministry of Trade and Industry expects the Singapore economy to grow at 4.5-6.5% this year. However, serious uncertainties remain as the markets anticipate the eventual unwinding of the financial rescue programmes introduced by various governments around the world in 2009 to avert a collapse of financial systems and economies.

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