105/107 Tampines Road, 337 units, Wing Tai

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22-08-12, 09:32
carbuncle

105/107 Tampines Road, 337 units, Wing Tai

Quote:

Originally Posted by dtrax

Source: http://www.channelnewsasia.com/stori...221332/1/.html

SINGAPORE: Property developer Wing Tai foresees a growing possibility of a correction in Singapore's property market.

This as the firm announced its fourth quarter (Q4) earnings on Tuesday.

Wing Tai's Q4 net profit slipped 16 per cent to S$140.5 million. This is despite its revenue jumping 88 per cent to S$202.2 million.

The company said its lower Q4 profit was due to a change in accounting standards, which do not recognise profits from uncompleted units.

Full-year profit declined 35 per cent year-on-year to S$242.2 million, while turnover dropped 17 per cent to S$624.9 million.

A total dividend of seven cents per share was also declared.

Despite the weaker performance, analysts Channel NewsAsia spoke to said the developer's earnings were above expectations.

The dividend was also a surprise as Maybank Kim Eng's analyst Wilson Liew was expecting dividends to be five cents per share.

At the results briefing, Wing Tai said it is targetting to launch its latest freehold residential development with 337 residential units with one commercial unit next year.

Formerly zoned for industrial use, the developer has successfully applied to change the use of its former headquarters to residential.

Located at Tampines Road near Kovan MRT station, Wing Tai said this latest project which sits on land acquired in the 1960s would help capture any potential uptick in the property market.

But the property developer believes the market is set for a correction ahead.

Chairman of Wing Tai Holdings, Cheng Wai Keung, said: "A number of you have been asking why have we not been tendering for URA projects and we have not been active in the market for quite some time.

"I would still maintain that the correction will be coming and the way I look at it, is that if there is a cycle, if you take away that 2008 temporary drop, you smooth out the curve, it is actually the eighth or ninth year of the rise in this cycle."

- CNA/ck

No more warehouse sales?

From Kim Eng:

Looking within for redevelopment potential. Management announced plans to redevelop its industrial properties at 105 and 107 Tampines Road into a 337-unit freehold condo with GFA of 297,232 sq ft. We estimate its breakeven cost to be ~SGD870 psf, and assuming an ASP of SGD1,350 psf, the development could return a healthy pre-tax margin of 36%. We estimate an RNAV accretion of 12 cts/sh.

http://a7.sphotos.ak.fbcdn.net/hphot...42367245_o.jpg
22-08-12, 10:16
price

Quote:

Originally Posted by carbuncle

No more warehouse sales?

From Kim Eng:

Looking within for redevelopment potential. Management announced plans to redevelop its industrial properties at 105 and 107 Tampines Road into a 337-unit freehold condo with GFA of 297,232 sq ft. We estimate its breakeven cost to be ~SGD870 psf, and assuming an ASP of SGD1,350 psf, the development could return a healthy pre-tax margin of 36%. We estimate an RNAV accretion of 12 cts/sh.

http://a7.sphotos.ak.fbcdn.net/hphot...42367245_o.jpg

That's quite a good land size for freehold! So near the 99years kg!
22-08-12, 10:19
carbuncle

Quote:

Originally Posted by price

That's quite a good land size for freehold! So near the 99years kg!

I expect they will build back gate leading to the popular midnight porridge places!!

However, no sweat for KG as Wing Tai *NEVER* build MM units.

Previous Developments

8 Orange Grove Kovan Melody The Bloomsville
Amaryllis Ville Maplewoods The Grandville
Blossomvale Newton 18 The Grange
Burlington Square Oleander Towers The Hillgrove
Casa Merah Palm Spring The Light at Cairnhill
Central Green Park Mall The Meritz
Chancery Park Sentinelle Garden The Nexus
Cherryhill Sentinelle Watch The Riverine by the Park
Draycott Eight Taman Bukit Minyak Indah The Serenade@Holland
Duchess Crest Taman Jentayu Indah The Tessarina
Eastwood Taman Seri Impian The Tomlinson
Gems Garden Taman Nagasar The Waterfront
House of Tan Yeok Nee Tanah Merah Green VisionCrest Residence

Having said that, I ABSOLUTE ABSOLUTELY love their Riverine By The Park.
22-08-12, 13:46
carbuncle

http://a2.sphotos.ak.fbcdn.net/hphot...15217143_o.jpg
22-08-12, 13:49
carbuncle

By Romesh Navaratnarajah:

Wing Tai Holdings will soon develop a five-block, 18-storey residential project at 105 & 107 Tampines Road, said a company release.

The development will offer a total of 337 residential units in addition to a commercial unit. The homes would range from one- to four- bedders and include dual key units. :doh:

Measuring 141,539 sq ft, the freehold site has a gross floor area (GFA) of 297,232 sq ft and a plot ratio of 2.1.

Arc Studio Architecture + Urbanism have been appointed as the project architect.

Meanwhile, the group posted S$202.22 million in revenue for its fourth quarter ended-30 June, up 88 percent from S$107.49 million over the same period last year. Gross profit likewise increased 54 percent to S$98.45 million from 63.75 million previously.

However, for the year ended-30 June, Wing Tai’s revenue dipped 17 percent to S$624.89 million from S$751.1 last year.

At the same time, gross profit decreased 30 percent to S$305.39 million from S$439.26 million in 2011.
22-08-12, 17:29
bargain hunter

foresque had <500 sq ft units but overall should be ok. should be good mix of 1 to 4 bedders. also, 1350psf may be too low? foresque they also sell at this price rite?

Quote:

Originally Posted by carbuncle

I expect they will build back gate leading to the popular midnight porridge places!!

However, no sweat for KG as Wing Tai *NEVER* build MM units.

Previous Developments

8 Orange Grove Kovan Melody The Bloomsville
Amaryllis Ville Maplewoods The Grandville
Blossomvale Newton 18 The Grange
Burlington Square Oleander Towers The Hillgrove
Casa Merah Palm Spring The Light at Cairnhill
Central Green Park Mall The Meritz
Chancery Park Sentinelle Garden The Nexus
Cherryhill Sentinelle Watch The Riverine by the Park
Draycott Eight Taman Bukit Minyak Indah The Serenade@Holland
Duchess Crest Taman Jentayu Indah The Tessarina
Eastwood Taman Seri Impian The Tomlinson
Gems Garden Taman Nagasar The Waterfront
House of Tan Yeok Nee Tanah Merah Green VisionCrest Residence

Having said that, I ABSOLUTE ABSOLUTELY love their Riverine By The Park.
03-10-12, 07:41
Kanarazu

According to URA master plan 2008 with amendments, the industrial GFR 2.5 plot has been rezoned to residential GFR 1.4 yielding 268 units rather than 337 that wing Tai originally planned for. No more high rise too. Bad news for them?
03-10-12, 07:54
ysyap

Like that means they have to resubmit drawings and plans? Cannot right? Who's shouldering the extra cost???
03-10-12, 08:13
Kanarazu

Quote:

Originally Posted by ysyap

Like that means they have to resubmit drawings and plans? Cannot right? Who's shouldering the extra cost???

Not sure, it's quite strange and maybe URA data is outdated. Btw the 268 number is wrong, my mistake .. But the GFR 1.4 residential rezone thingy has been approved since mar 2011.
03-10-12, 08:33
kane

I wonder if they will be srlling the project as freehold or leasehold.
03-10-12, 08:47
carbuncle

can't b. maybe re rezoned.

the condo announcement was only weeks back
03-10-12, 10:49
Kanarazu

Quote:

Originally Posted by carbuncle

can't b. maybe re rezoned.

the condo announcement was only weeks back

Gazetted approved amendments to master plan shows it approved by minister of MND in apr 2011 for GFR 1.4. Nothing found in the gazetted proposed amendments list yet. Guess the process takes time.
03-10-12, 13:42
CP5211

wow, should I return my K. Regency and aim for this FH project next year? Still got 3 weeks to think...
03-10-12, 13:44
CP5211

wow, should I return my K. Regency and aim for this FH project next year?
03-10-12, 13:46
Lovelle

Quote:

Originally Posted by CP5211

wow, should I return my K. Regency and aim for this FH project next year?

when did u buy ? it was fully sold out very long time ago...
03-10-12, 13:48
CP5211

Quote:

Originally Posted by Lovelle

when did u buy ? it was fully sold out very long time ago...

Hi, sorry I meant Kovan Regency which I bought last Sat at around $1250 psf. I dont mind paying more for a FH
03-10-12, 14:27
Lovelle

Quote:

Originally Posted by CP5211

Hi, sorry I meant Kovan Regency which I bought last Sat at around $1250 psf. I dont mind paying more for a FH

since u paid oredi just hang on to it. if Tampines price go up, ur K.R will go up as well. Same as reverse..
03-10-12, 14:29
CP5211

Quote:

Originally Posted by Lovelle

since u paid oredi just hang on to it. if Tampines price go up, ur K.R will go up as well. Same as reverse..

Hmm. agent told me Kovan Regency was last plot of land and I only stumped upon this thread today..
03-10-12, 14:45
buttercarp

Quote:

Originally Posted by CP5211

wow, should I return my K. Regency and aim for this FH project next year?

Don't be so fickle lah.
Since you sign OTP for KR, just hold on to it.

Btw this Tampines project looks like quite a distance from Kovan MRT.
How far exactly is it?
03-10-12, 15:26
carbuncle

Quote:

Originally Posted by buttercarp

Don't be so fickle lah.
Since you sign OTP for KR, just hold on to it.

Btw this Tampines project looks like quite a distance from Kovan MRT.
How far exactly is it?

5 mins walk. (not counting traffic light waiting)
03-10-12, 15:31
buttercarp

Quote:

Originally Posted by carbuncle

5 mins walk. (not counting traffic light waiting)

Wow, that near!
Why the developer so lucky and can change it from industrial to residential status?
03-10-12, 15:35
zeamybro

Quote:

Originally Posted by CP5211

Hmm. agent told me Kovan Regency was last plot of land and I only stumped upon this thread today..

You can still flip the option, i am sure there will be takers ... provided u dont ask for a huge margin
03-10-12, 15:37
eng81157

probably need to pay DC
03-10-12, 15:38
buttercarp

Quote:

Originally Posted by zeamybro

You can still flip the option, i am sure there will be takers ... provided u dont ask for a huge margin

If flip OTP, lose how much?
03-10-12, 15:39
zeamybro

Quote:

Originally Posted by buttercarp

If flip OTP, lose how much?

Eh my understanding is no penalty if flip within first 2 weeks, some greedy ones may even asked for a huge margin
03-10-12, 15:42
eng81157

Quote:

Originally Posted by buttercarp

If flip OTP, lose how much?

won't lose if you manage to get a buyer for your OTP. if can't, then u lose the 1% deposit
03-10-12, 15:43
buttercarp

Quote:

Originally Posted by zeamybro

Eh my understanding is no penalty if flip within first 2 weeks, some greedy ones may even asked for a huge margin

Oh yes, the cooling off period.
How do they ask for huge margin? I tot the developer will return them the 5% and then sell to another person?
03-10-12, 15:44
buttercarp

Quote:

Originally Posted by eng81157

won't lose if you manage to get a buyer for your OTP. if can't, then u lose the 1% deposit

OIC.... thanks.
03-10-12, 15:53
condolisa

Quote:

Originally Posted by eng81157

won't lose if you manage to get a buyer for your OTP. if can't, then u lose the 1% deposit

Do you sell your OTP through agent and if yes, do they charge for this service?
03-10-12, 15:58
eng81157

Quote:

Originally Posted by condolisa

Do you sell your OTP through agent and if yes, do they charge for this service?

i only encountered this once, though i didn't sell my OTP. if i recall correctly, the agent gets a percentage-based commission

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