Daily Archives: 26 Aug 2009

Demand for mass market homes stable: Wing Tai

Posted on 26 Aug 2009 | Comments Off

Wing Tai Holdings has sold at least 144 units at the Ascentia Sky development in Alexandra Road at $1,200 to $1,300 psf. — ST PHOTO: DESMOND WEE

SINGAPORE’S property market looks set for recovery, although the ride ahead is not likely to be smooth, according to the chairman of property developer Wing Tai Holdings.

Mr Cheng Wai Keung, speaking yesterday at Wing Tai’s full-year results briefing at Fairmont Singapore, said the mass market segment had probably stabilised and he was cautiously optimistic about the mid-end segment. Continue reading →

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Posted in Developers, New Launches, Property Market / Real Estate, Property Price

Tagged Developers, Market Report, New Launch, Property Investment, Property Price, Real Estate Facts & Figures, Singapore Property Market, Singapore Real Estate, Wing Tai Holdings

Wing Tai books 90% on-year drop in full year earnings to S$21m

Posted on 26 Aug 2009 | Comments Off

Wing Tai Holdings has booked a sharp drop in annual earnings.

Net income for the year ended in June came in at S$21 million, down by some 90 per cent on-year. The bottomline was dragged lower by fair value losses on investment properties.

Meanwhile, its revenue climbed by 18 per cent to S$428 million.

With the residential property market showing signs of a pickup in recent months, Wing Tai Holdings took the opportunity to commence sales of its latest projects, such as Belle Vue Residences, Ascentia Sky and Floridian. And it said the numbers have been encouraging.

Tan Hwee Bin, executive director, Wing Tai Holdings, said: “Subsequent to the year-end, which is from July 1, we have made another sale of 270 units and that will generate sales proceeds of S$570 million.” Continue reading →