"So the chances of the market turning this year are quite high. If it doesn't turn down this year, (the chances of this happening) next year will be even higher," Mr Cheng said at Wing Tai's full-year results briefing yesterday.
Junior
"So the chances of the market turning this year are quite high. If it doesn't turn down this year, (the chances of this happening) next year will be even higher," Mr Cheng said at Wing Tai's full-year results briefing yesterday.
Newbie
Of course he says tat, because he has sold more than 60% of tembusu....he hopes the market soften so he can buy cheap land.....developer got no land to build house will be out of jobOriginally Posted by Lovelle
half beast half freak
developers muz be out of job in order for land to be cheap la!
Newbie
Prices should more or less stagnant this year. Next year likely to resume gradual rise. Developers need to top up their land banks now.
In this turbulent times, property is still the safest bet because the measures are calibrated to stabilise and not crash the property market. This year is the time for citizens to own properties, if not if the immigration tap is loosened again next year, prices will resume upward climb.
Newbie
oh yeah the market is turning ... of course ...
Wing Tai reports 102% profit hike
Singapore-listed developer Wing Tai Holdings has recorded a 102 percent net profit gain to S$531.1 million from S$262.4 million last year. Full-year revenue also increased 113 percent to S$1.33 billion from S$624.9 million in FY2012.
In a statement, Wing Tai attributed the strong results from progressive sales of Foresque Residences (pictured) and L’VIV, the additional units sold in Helios Residences and Belle Vue Residences, as well as contributions from Verticas Residences, a luxury project in Kuala Lumpur.
“Verticas Residences obtained its TOP in the current year and the revenue for all the units sold as at the end of the current year was fully recognised,” it added.
reporter
http://www.straitstimes.com/premium/...irman-20130828
Correction in home prices likely, says Wing Tai chairman
Published on Aug 28, 2013
By Rachel Scully
WING Tai Holdings chairman Cheng Wai Keung yesterday warned that the probability of a price correction in the residential property market is high.
The market has enjoyed eight years of price rises since 2005, he said, at the company's full-year results briefing.
Mr Cheng, however, did not give a firm prediction on when prices would start coming down.
He cited several factors as heralding a likely correction including an expected increase in interest rates, which at their current low levels have helped sustain the property boom.
He said the looming possibility of an oversupply of units as well as the implementation of cooling measures and loan curbs signal an inflection point in market trends.
"I'm more for the last measure (of a 60 per cent total debt servicing ratio)," said Mr Cheng.
"This helps to weed out the weaker demand or buyers who are financially weaker and might rush into the market even though they may not be able to sustain repayments on the loan."
The property group's fourth-quarter net profit soared 72 per cent to $275.8 million on the back of a 52 per cent revenue jump to $307.8 million.
Full-year net profit doubled to $531.1 million largely owing to the sale of residential units as revenue leapt 113 per cent to $1.33 billion.
Progressive sales recognised from developments such as Foresque Residences in Petir Road and L'VIV in Newton, as well as the additional units sold at Helios Residences and Belle Vue Residences contributed to the jump.
Verticas Residences in Malaysia, which got its temporary occupation permit earlier this year, also boosted the higher earnings as revenue from all its sold units by June 30 was fully recognised.
Earlier this month, Wing Tai launched a freehold condominium, The Tembusu, and has issued options to purchase for more than 65 per cent of its 337 units so far, said Mr Cheng, which is "not bad given the market situation".
When asked if Wing Tai will jump on the bandwagon and invest in Malaysia's Iskandar, deputy chairman Edmund Cheng said the group will not do so despite the opportunities there.
"For Wing Tai, we want to invest in more mature cities such as Penang and Kuala Lumpur, which we have been in for some time."
Its chairman added that there will be no change in the near future to Wing Tai's investment strategy in Singapore, Malaysia, Hong Kong and China.
Full-year earnings per share based on profit after fair value gains on its investment properties more than doubled to 67.81 cents while net asset value per share rose to $3.62, up from $2.85 a year earlier.
Wing Tai is recommending a final dividend of three cents a share and a special dividend of nine cents a share.
Its shares rose one cent to $2.04 yesterday.
[email protected]
Newbie
For the benefit of those who are keen to find out more about Wing Tai:
Wing Tai Properties Limited (previously USI Holdings Limited) is Hong Kong based property developer, operator of hospitality services and owner of several tailoring factories.
It is a Singapore corporation owned by the illustrious Lee Kwan Yew Family and Lee Foundation, Founding Fathers of Singapore.
Listed on the Hong Kong Stock Exchange from formation in 1991, it operates hotels under the brand names of WingTai Asia and Lanson Place. Its tailoring brands include ownership of British bespoke tailor Gieves & Hawkes. It aims to capture the market from Singapore corporates and Singapore listed companies on visit to Hong Kong and in transit to China. It has a luxurious Singaporean flair, a uniquely Singapore feel and it is a five star hotel.
http://en.wikipedia.org/wiki/Wing_Ta...erties_Limited
Newbie
Agree. Not just Wing Tai, all big boy developers are trying to psycho the government to prevent DC hikes. They are all very well travelled people. They know the globe. No external shocks and post election, the prices one way ticket to the moon.
Amber
I think Wikipedia got it wrong. Wing Tai is not related to the Lees.
Newbie
....he said the same thing before paying a higher price for the land which he is building Foresque......
“Be fearful when others are greedy. Be greedy when others are fearful.” - Warren Buffet
Lazy Bum
And also, the Lee Foundation has got nothing to do with the founding father Lee...
When you have eliminate the impossible, whatever remains, however improbable, must be the truth
Office Boy
You mean there should be an Asiapidia ?
DKSG
Posting Permissions
Reply With Quote