http://www.businesstimes.com.sg/arch...-wheels-motion

Published April 21, 2012

Wheelock setting its wheels in motion

Group exploring local and overseas projects, mixed-developments

By Mindy Tan


MARKET watchers can expect more activity from Wheelock Properties looking ahead, says Tan Bee Kim, its executive director.

"We are actively looking at investments both locally and overseas," says Ms Tan, sharing that the group is interested in Singapore's residential, commercial, and retail markets, and is not ruling out the possibility of a mixed-development.

Its latest project, Ardmore Three, located along Ardmore Park is launch-ready, noted Ms Tan, adding that the group is keeping an eye on the market before deciding on a launch date.

"There is strength in the Singapore market (and) upgraders are still buying. I think there is a lot of liquidity in the market and with low interest rates ... everyone is putting his or her money in the stock market or property market.

"However, the luxury market is not that active. I still believe in the strength of the luxury market. There still is a lot of cash available and I think it's just a matter of time before that market will also start moving. As the lower end of the market picks up, you will see pricing of the suburban market move up ... so when the time comes, as a consequence, the luxury market has to go up as well. Maybe this year (or) next year."

The group's freehold 36-storey luxury development comprising 84 three-bedroom units, is expected to be completed by 2014.

The group has also been noticeably active in its overseas foray. In February last year, Wheelock Properties surprised analysts when it announced it was buying five sites in Fuyang City, China, for 1.44 billion yuan (S$285 million), with the intention to build about 1,900 residential sites.

In March, the death of Wheelock Properties' David Lawrence had raised questions regarding succession planning, which were addressed in yesterday's annual general meeting.

Says Ms Tan: "Previous to this, David Lawrence used to be CEO, and he had both Tan Zing Yan and myself working with him to run the company. In turn, David worked with the chairman of the group, Peter Woo. However, with David's passing, the current setup is that both of the executive directors work directly with the chairman, who is in constant contact with us."

Wheelock Properties' stock yesterday gained four cents to close at $1.83.