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Thread: 105/107 Tampines Road, 337 units, Wing Tai

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    Default 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.


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    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.

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

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    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.

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    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.

    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.

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    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.

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    Arrow

    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?

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

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    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.

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    I wonder if they will be srlling the project as freehold or leasehold.

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    can't b. maybe re rezoned.

    the condo announcement was only weeks back

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    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.

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    wow, should I return my K. Regency and aim for this FH project next year? Still got 3 weeks to think...

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

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    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...

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    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

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    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..

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    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..

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    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?

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    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)

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    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?

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    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

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    probably need to pay DC

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    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?

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    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

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    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

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    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?

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    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.

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    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?

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    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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