Real estate company Wing Tai Holdings on Tuesday reported net profit of S$42.3 million in the third quarter, down 74 per cent from the corresponding period a year ago as revenue fell 69 per cent to S$128.1 million as a result of lower contributions from development properties.
The company remained cautious over the outlook for the property market.
The Urban Redevelopment Authority’s residential property price index fell 0.1 per cent in the first quarter of 2012, compared with the 0.2 per cent increase in the previous quarter. This was the first quarterly fall in prices since the second quarter of 2009, following nine consecutive quarters of declining price increases, Wing Tai noted.
It said that “with the imposition of the additional buyer’s stamp duty in December 2011, the luxury and high-end property market appears to be consolidating. The group will continue to keep a close watch on the property market.”
Source Today 8 may 2012
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