Monday, April 23, 2012
Wheelock: Executive director, Tan Bee Kim says mkt watchers can expect more activity from Wheelock ahead. The Group is actively looking at investments both locally and overseas. In particular, it is interested in Singapore's residential, commercial, and retail markets, and is not ruling out the possibility of a mixed-devt. Ms Tan sees strength in the Spore market, with upgraders still buying, but notes the luxury market has not been that active. Believes there still is a lot of cash available, and it's just a matter of time before this mkt segment will start moving, “maybe this year (or) next year." Wheelock’s latest project, Ardmore Three, located along Ardmore Park is launch-ready. The group's freehold 36-storey luxury devt comprising 84 three-bedroom units, is expected to be completed by 2014. The group has also been noticeably active in its overseas foray. In Feb last year, Wheelock surprised analysts when it announced it was buying five sites in Fuyang City, China, for Rmb 1.44b (S$285m), with the intention to build about 1,900 residential sites. In Mar, the death of then CEO David Lawrence had raised questions regarding succession planning, which were addressed in Friday’s AGM. Two executive directors, Tan Zing Yan and Tan Bee Kim, previously worked with David, who in turn worked with Chairman Peter Woo. Both EDs now work directly with Peter. Wheelock stock Friday gained 4cts to close at $1.83.