Tag Archives: Wing Tai Holdings

Wing Tai’s first-quarter profit up 42%

Posted on 29 Oct 2009 | Comments Off on Wing Tai’s first-quarter profit up 42%

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 →

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Posted in Developers, Property Market / Real Estate, Property Price

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Property players, Temasek suffer paper losses of $1.1b

Posted on 15 Sep 2009 | Comments Off on Property players, Temasek suffer paper losses of $1.1b

PROPERTY tycoons and Temasek Holdings have taken the biggest battering from the Government’s introduction of measures designed to prevent future dramatic price swings in the residential property market.

The paper losses incurred by the eight biggest tycoons as a result of the raft of market-calming measures announced yesterday – City Developments’ (CDL) Mr Kwek Leng Beng included – amounted to nearly $700 million.

And Temasek Holdings suffered a total paper loss in share value of some $396 million, after the valuation of its stake in CapitaLand fell at a stroke by $267 million and that of Keppel Land by $129 million.

Together, the tycoons and Temasek Holdings had to brave a total paper loss of some $1.1 billion, as traders stampeded out of the market on news that the Government was going to stop allowing developers from absorbing interest payments on loans extended to buyers of flats that are still being built.

It is also barring interest-only mortgages for uncompleted housing projects, and is pushing for more sites to be sold.

Among the tycoons, Mr Kwek – whose family controls 49 per cent of giant developer CDL – saw the heftiest loss on paper.

With CDL plunging 84 cents or 7.6 per cent to $10.24, the paper loss worked out to $328 million. Continue reading →

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