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Scotts Tower units to be downsized

Posted on 29 Oct 2009 | Comments Off

FAR East Organization is shrinking the units at its luxury Scotts Tower development at the junction of Scotts and Cairnhill roads to make them more affordable.

Architect Ole Scheeren is working with the property firm to reconfigure the units.

Far East executive director Chia Boon Kuah said the eye-catching freehold project will not be launched yet as the firm is ‘reviewing the project’ with a view to reconfiguring unit sizes.

The 31-storey tower – one of Mr Scheeren’s two residential projects in Singapore – features four individual apartment towers suspended from a central core.

The gravity-defying design was commissioned in 2006 when the property market was on the way up. Far East had expected to launch it late in 2007.

Targeted at the global market, Scotts Tower was designed to offer 68 luxury apartments with elevated panoramic views. The smallest was to be a three-bedroom duplex unit.

But the plan now is to offer smaller units, which would lower the absolute price quantum of each apartment. Continue reading →

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Tagged Far East Organization, Scotts Tower

Wing Tai’s first-quarter profit up 42%

Posted on 29 Oct 2009 | Comments Off

THE residential property boom and the robust sales it has delivered gave Wing Tai Holdings plenty to cheer about in the first quarter of its financial year.

Profit and turnover posted healthy growth as buyers snapped up more homes developed by Wing Tai in the three months to Sept 30 than in the whole of last year.

Net profit jumped 42 per cent to $46.33 million, up from $32.59 million the same quarter last year, while revenue surged 106 per cent to $277.18 million, up from $134.3 million.

The group sold about 300 units, with sale proceeds totalling around $650 million from three projects – Belle Vue Residences in Oxley Walk, Ascentia Sky off Alexandra Road and The Floridian in Bukit Timah. Progressive sales were also recognised from The Riverine by the Park.

This compares with sales of 100 residential units worth $208.5 million for the 12 months to June 30, the end of its financial year.

Some developments were also commanding higher prices. In August, the firm noted that the selling price for units in the upmarket Belle Vue Residences rose from an average of $1,700 per sq ft (psf) to $1,900 psf, with some units being sold for as high as $2,400 psf. Continue reading →