Tag Archives: Developers

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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Another reserve list site triggered for release

Posted on 25 Aug 2009 | Comments Off on Another reserve list site triggered for release

Developer has undertaken to bid at least $200 psf ppr for Serangoon condo site

For the fourth time in about a month, a 99-year leasehold site on the government’s reserve list has been triggered for release, as developers seek to replenish their landbanks with suburban condo land after the run-up in home sales.

Market watchers expect more successful applications from developers for the launch of reserve-list sites in the coming months. The latest plot is attractively located at Serangoon Ave 3. It is right next to Lorong Chuan MRT Station and not far off from the Australian International School.

A developer, not named so far, has undertaken to bid at least $83.7 million or about $200 per square foot per plot ratio (psf ppr) for the site, which consultants say can be developed into a condominium with about 300-370 units, depending on units sizes and mix.

Consultants polled by BT generally expect top bids for the plum site to be in the $350-450 psf ppr range, with resulting breakeven costs of about $700-850 psf and target selling prices of $800-1,100 psf on average. Continue reading →

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