Published March 29, 2007

Wing Tai lining up 3 new launches


WING Tai Asia will roll out at least three new residential launches over the next few months including two on recently acquired collective sale sites.

Riverine by the Park: Set for April launch. On pricing, Wing Tai plans to take its cue from new projects nearby

Helios Residences on the former Phoenix Mansion site at Cairnhill Circle will be launched in May while the yet-to-be-named development on the former Belle Vue site at Oxley Walk will be launched in July.

The third development will be The Riverine by the Park on Kallang Road, to be launched in April.

Wing Tai deputy chairman Edmund Cheng would not reveal launch prices but said that it would take its 'cue' from new properties in the same vicinity.

Wing Tai bought Phoenix Mansion for $57.9 million or $716 per square foot per plot ratio (psf ppr) in July 2005 and Belle Vue for $227.3 million or $665.95 psf ppr three months later.

Although it has helped to boost the collective sales market here - with the $1,369 psf ppr price it paid for Ardmore Point in October last year, and more recently paying $1,650 psf ppr for Anderson 18 (with City Developments) - Wing Tai does feel that owners' price expectations for collective sale sites are getting quite high.

'They are asking for prices that are higher than what developers are selling,' said Mr Cheng. 'I think they have to be a bit realistic also,' he added.

Still, as Mr Cheng conceded, the sentiment in the market is, 'good'. 'The market is strong and economic growth is there. Singapore is transforming from a local to a global market, so of course your asset will have a global value,' he added.

On future acquisitions, Mr Cheng said: 'We will continue to see how the market develops. If the market continues to be strong, we will respond and consider if there is economic viability or not.'

Wing Tai does already have a sizeable stable of new products. In April 2006, it acquired a large development site with NTUC Choice Homes in Tanah Merah and Mr Cheng says that this development, which will have around 500-units, will also be launched this year.

The new development on the site of Newton Meadows, acquired in May 2006, could also be launched this year, he said.

In the 'super, super luxury' segment, Wing Tai is expected to launch the new developments at Ardmore Point and Anderson 18 early next year. These will be two separate developments, Mr Cheng said, quelling speculation that both sites could be amalgamated.

Other high-end products that Wing Tai has on the market include The Light @ Cairnhill and VisionCrest Residences. The former is almost fully sold while the latter is more than 50 per cent sold. For its high-end developments, foreigners make up about 50 per cent of the buyers, Mr Cheng revealed.