{"id":69856,"date":"2017-10-24T10:07:46","date_gmt":"2017-10-24T03:07:46","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/wing-tai-net-profit-surges-to-8-19m\/"},"modified":"2017-10-24T13:09:00","modified_gmt":"2017-10-24T06:09:00","slug":"wing-tai-net-profit-surges-to-8-19m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/wing-tai-net-profit-surges-to-8-19m\/","title":{"rendered":"Wing Tai net profit surges to $8.19m"},"content":{"rendered":"


\nLaunched for sale on 30 May, Serangoon North Avenue 1 was acquired by Wing Tai and Keppel Land for $446.28 million. (Photo: URA)
\nWing Tai Holdings\u2019 net profit soared to $8.19 million in the first quarter ended 30 September from $1.06 million in the same period a year ago, revealed an SGX filing on Monday (23 October).
\nAt the same time, its operating profit increased substantially to $13.97 million from $2.3 million primarily due to the sale of additional units in Le Nouvel Ardmore in Singapore, along with those in Le Nouvel KLCC and Verticas Residences both in Malaysia. Another contributing factor is the disposal of the Huai Hai project in Shanghai.
\nHowever, the Singapore-listed property developer\u2019s revenue during the quarter marginally declined to $67.13 million from $70.19 million during the corresponding period last year.
\nNevertheless, its share of profits from associated firms and joint ventures rose to $6.76 million from $5.8 million mainly thanks to the higher contribution from Wing Tai Properties Limited in Hong Kong.
\nFurthermore, the group revealed that they have teamed up with Keppel Land to jointly build more than 600 houses on the 99-year leasehold prime residential site in Serangoon North Avenue 1 that was acquired from the government last August for $446.28 million.
\nAs of 10am today (24 October), Wing Tai Holdings\u2019 shares traded at $2.35, up from $2.32 on Monday.
\n\u00a0
\nThis article was edited by Keshia Faculin.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Wing Tai net profit surges to .19m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Launched for sale on 30 May, Serangoon North Avenue 1 was acquired by Wing Tai...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-69856","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-iaI","jetpack-related-posts":[{"id":23671,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/wing-tai-reports-net-profit-slump\/","url_meta":{"origin":69856,"position":0},"title":"Wing Tai reports net profit slump","date":"August 23, 2016","format":false,"excerpt":"\r Artist\u2019s impression of The Tembusu condo in Kovan, which is almost fully sold. Property developer Wing Tai Holdings saw its net profit for the financial year ended 30 June 2016 plunge by 95 percent year-on-year to $59.4 million, while revenue dropped by 20 percent on year to $544.5 million.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":64594,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/upgraders-dominate-the-housing-market-says-wing-tai\/","url_meta":{"origin":69856,"position":1},"title":"Upgraders dominate the housing market, says Wing Tai","date":"August 25, 2017","format":false,"excerpt":"\r \u00a0 A \u201cstrange phenomenon\u201d has occurred in the housing market, in which home upgraders dominated the market, while foreign buying and speculative investment remains suppressed, reported the Straits Times. The phenomenon comes as upgraders pushed prices in new townships and traditional areas nearer to those in the fringe area\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21668,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-seeks-pps-transaction-for-nouvel-18-worth-965m\/","url_meta":{"origin":69856,"position":2},"title":"CDL seeks PPS transaction for Nouvel 18 worth $965m","date":"July 29, 2016","format":false,"excerpt":"\r Nouvel 18 was completed almost two years ago, but has yet to be launched. Property developer City Developments Limited (CDL) is working on a Profit Participation Securities (PPS) scheme involving its Nouvel 18 condominium, with a deal size of $965 million, revealed Credit Suisse citing The Business Times. A\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8203,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-respite-from-mounting-extension-charges-for-developers\/","url_meta":{"origin":69856,"position":3},"title":"No respite from mounting extension charges for developers","date":"March 3, 2016","format":false,"excerpt":"\r Luxury apartments in the Orchard area. (Photo: Cheryl Marie Tay) Property developers forked out $24.9 million in extension fees last year for failing to dispose of all the residential units in their developments within the mandated period, reported The Straits Times. While this is lower than the $29.98 million\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":39,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kongs-housing-market-may-not-follow-weakness-in-singapore-says-wing-tai-properties\/","url_meta":{"origin":69856,"position":4},"title":"Hong Kong\u2019s housing market may not follow weakness in Singapore, says Wing Tai Properties","date":"November 25, 2015","format":false,"excerpt":"\r Singapore saw disappointing sales and falling prices of private homes due to government-introduced cooling measures, yet developer Wing Tai Properties believes Hong Kong\u2019s housing market may not necessarily follow the path of the Southeast Asian country.\r \r Source : South China Morning Post\r Read more...Hong Kong\u2019s housing market may\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":126845,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/wing-tai-holdings-outguns-rivals-in-en-bloc-singapore-residential-tender-with-us199-million-bid\/","url_meta":{"origin":69856,"position":5},"title":"Wing Tai Holdings outguns rivals in en bloc Singapore residential tender with US$199 million bid","date":"May 26, 2022","format":false,"excerpt":"\r Wing Tai Holdings plans to redevelop the 57-year-old Lakeside Apartments into an \u2018iconic\u2019 residential development with unobstructed views of Jurong Lake.\r \r Source : South China Morning Post\r Read more...Wing Tai Holdings outguns rivals in en bloc Singapore residential tender with US9 million bid","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/69856"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=69856"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/69856\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=69856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=69856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=69856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}