Tag Archives: Wing Tai Holdings

Still no confirmed buyer for $300m bungalow

The tender for the S$300 million bungalow at 33 Nassim Road closed yesterday with no confirmation on a buyer, reported The Straits Times.

Karamjit Singh, Head of Investments and Residential at Jones Lang LaSalle, said that bids were received but declined to give details.

According to market watchers, a negotiation is likely to take place before the final offer is confirmed due to the high price.

With a land area of 85,000 sq ft, the site houses a two-storey bungalow, tennis court and swimming pool. Cheng Wai Keung, the seller and chairman of Wing Tai Holdings, was expecting bids of between S$250 million and S$300 million, or S$2,947 to S$3,536 psf.

This price would surpass the earlier records set by a Leedon Park property sold for S$2,110 psf and a home sold at Nassim Road for S$2,000 psf.

With its eye-popping price tag, some experts are doubtful whether the property will find a buyer.

“Potential buyers could afford large mansions in many other cosmopolitan and global cities like London or New York. Why would they choose to pay such a premium here?” said one analyst who declined to be named.

Source : PropGuru – 18 May 2013

Wing Tai’s Q3 profit up 123% to S$94.6 million

Property developer Wing Tai Holdings on Monday reported third-quarter profit more than doubled from the corresponding period a year earlier, boosted by sales from residential projects in Singapore and Malaysia.

Net profit for the three months ended March 31 was S$94.6 million, up 123 per cent from a year earlier, as revenue surged 256 per cent to S$455.8 million. For the nine-month period, net profit jumped 151 per cent to S$255.3 million as revenue rose 142 per cent to a record S$1.02 billion.

The company said the jump in turnover was mainly attributable to the progressive sales recognized in Singapore from Foresque Residences in Petir Road, L’VIV in Newton, the additional units sold in Helios Residences in Cairnhill and Belle Vue Residences in Oxley Walk.

Meanwhile, its Verticas Residences in Malaysia obtained its Temporary Occupation Permit and the revenue for all the units sold as at the end of the current period was fully recognized.

Source – Today – 13 May 2013