Wing Tai posts lower Q1 results

Singapore property developer Wing Tai Holdings has posted a Q1 net profit of $30.2 million, down 35 percent from $46.3 million in the previous year, while revenue dropped 52 percent to $131 million from $275.8 million a year ago.

The developer said the Q1 revenue was mainly attributed to sales from Helios Residences project, which is located on the former Phoenix Mansion site at Cairnhill Circle.

Over the same period last year, the developer had sold 300 units worth $650 million in its three projects, The Floridian in Bukit Timah, Belle Vue Residences in Oxley Walk and Ascentia Sky off Alexandra Road.