CIMB Research raised its target price for Wheelock Properties Singapore to $1.81 from $1.78 and kept its ‘neutral’ rating, citing better-than-expected first half core earnings.
By 10:07 a.m., Wheelock shares were up 0.5% at $1.855, and have gained 22.8% so far this year, compared to the Thomson Reuters Asia Pacific and Russia Real Estate Operations Index 17.6% so far this year.
Wheelock reported a 31% rise in second quarter net profit to $48.5 million, helped by stronger sales at its Orchard View property in Singapore, said CIMB.
However, stronger volume at the development came at the expense of lower average selling price of $2,900 per squarefoot (psf), compared to $3,210 psf last year.
Wheelock is expected to launch two remaining residential sites in the next 12 months, and occupancy at its Wheelock Place property recovered to 93% in the second quarter from 84% in the previous three months. CIMB noted.
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