Wing Tai Holdings posted strong results, primarily in the third quarter, attributed to the progressive recognition of contributions the from Floridian in Bukit Timah and Helios Residences in the Cairnhill area.
Helios Residences obtained its temporary occupation permit in January and 71 of its 140 units have already been sold. As for the Floridian, a joint venture (JV) with Orchard Parade Holdings, more than 80 percent of the project’s 336 units have also been taken up.
Wing Tai plans to preview Foresque Residences, a 99-year leasehold condominium at Petir Road, as early as next week. Property agents are taking interest in this 24-storey project, offered at over S$1,000 psf each.
Foresque Residences will feature 496 units, which include one- to four-bedroom units, penthouses and cabana units.
For Q3 ending 31 March, Wing Tai reported a net profit of approximately S$59.5 million, an increase of 157 percent from S$23.1 million over the same period last year. Revenue jumped 39 percent to S$205.2 million, while operating profit almost doubled to S$76.8 million from S$39.9 million.
For the nine months ending 31 March, net profit climbed 56 percent year-on-year to S$143.6 million, despite an 11 percent decrease in revenue to S$534 million.
The company’s strong Q3 revenue from development properties was attributed to strong sales recognition from additional units sold at Belle Vue Residences and Helios Residences in Singapore.
Belle Vue was completed in 2010 and out of its 176 units, more than 70 percent have been sold. Wing Tai’s nine-month operating profit grew 17 percent year-on-year to S$193.9 million.
Wing Tai noted that the latest round of property cooling measures announced in January eased the demand on residential property and increased its prices.
“The group will keep a close watch on the property market and will from time to time release more residential units for sale in the current year,” it added.
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