Monthly Archives: August 2009

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

Posted on 26 Aug 2009 | Comments Off on Wing Tai books 90% on-year drop in full year earnings to S$21m

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 →

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Posted in Developers

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Protecting investors’ rights

Posted on 26 Aug 2009 | Comments Off on Protecting investors’ rights

FOR those who keep complaining non-stop about the Government’s failure to listen to their gripes, it must come as a surprise to find that a proposed change in the Income Tax Act on property sales gains has been scrapped, following public feedback.

As the ST editorial points out this morning, the odd feature about the whole exercise was asking the public feedback in the first place. No living person on earth would say “Tax me some more”.

What Finance Ministry was actually planning to with the proposed tax change was to make it clearer to individuals on the type of circumstances that they would not be taxed if they sell a property.

But it conceded that there was merit in the feedback given by respondents who pointed out that it might create ‘inadvertent uncertainty for Continue reading →

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Posted in Property Market / Real Estate, Tax Matters / Property Tax

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