SINGAPORE PRESS-Wheelock takes S$110 mln hit on condo project - Straits Times

Mon Feb 24, 2014 7:35pm EST

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Sales of the Panorama began only last month, but the poor take-up has prompted developer Wheelock Properties (Singapore) Ltd to take a huge hit on its condominium project in Ang Mo Kio in its financial statement for last year.

The firm said on Monday that it will make an accounting provision of S$110 million ($87 million) for the 99-year leasehold estate for the year ended Dec. 31, 2013.

NOTE: Reuters has not verified this story and does not vouch for its accuracy. ($1 = 1.2652 Singapore dollar) (Compiled by Singapore Newsroom; Editing by Anand Basu)

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