Slow sales at The Panorama (pictured) have prompted developer Wheelock Properties to make an accounting provision of $110 million for the condominium for the year ended 31 December 2013.
"An allowance for diminution in value of $110 million was made on the Ang Mo Kio project (The Panorama) due to the weakening market conditions and the slow take up rate of the property," the firm said in a statement.
The move contributed to a $91 million loss in the fourth quarter, a decrease of 197 percent compared to the same period in 2012.
Data from the URA analysed by PropertyGuru yesterday showed that caveats have been lodged for 48 of the 120 launched units in the 698-unit project. The mean average price of units sold to date is $1,409 psf.
Located at Ang Mo Kio Avenue 2, the 99-year leasehold site was awarded to Wheelock in January 2013 after it submitted the top bid of $550 million under the Government Land Sales (GLS) Programme.
Set for completion in 2019, The Panorama comprises two 20-storey blocks, four 17-storey blocks, two levels of basement car parks and a clubhouse.
Meanwhile, Wheelock achieved a full-year profit of $40 million, down 37 percent when compared to the previous year.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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