Wing Tai chairman: Outlook for Singapore residential market still subdued despite pick-up in sales

is largely due to the number of new projects launched this year rather than an indication of improving market sentiment.

In Singapore, Wing Tai’s upcoming project on Middle Road will likely feature smaller units. “We have the approval to have more than 500 units [in the development],” says Cheng. When the site was launched for sale under the 2H2018 Government Land Sales programme, the guidelines indicated that the site could yield about 375 residential 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.

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