While the latest real estate statistics show a higher turnover of new residential units compared to the same period a year ago, Wing Tai Holdings chairman Cheng Wai Keung is not upbeat. Speaking at the company’s FY2019 corporate result briefing on Aug 27, he states that the pick-up in residential sales is largely due to the number of new projects launched this year rather than an indication of improving market sentiment. “My outlook of the property market in Singapore is still quite subdued, and, in particular, we cannot deny that there is a lot of [incoming] supply in the marketplace that will dampen over-optimistic sentiments on the property market,” he says. In Singapore, Wing Tai’s upcoming project on Middle Road will likely feature smaller units. For FY2019 ending June 20, 2019, the group recorded a total revenue of $322.6 million, representing a 10% decrease from the $360.4 million revenue recorded in the previous year. The company says this is mainly due to lower contributions from development properties.... Continue Reading