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Updated Wednesday, August 25, 2010 10:55 am TWN, By Robin Chan, The Straits Times/Asia News Network

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Property launches pick up speed in Singapore

Property prices in the mass market segment have surged. Home buyers have already snapped up 9,957 private homes in the first seven months of this year, after last year's strong sales of 14,688 units.

The latest official data shows sales of private homes have slowed, but prices have still edged above their 1996 highs.

The Government moved to cool the market with a string of measures last September and again in February and a record Government Land Sales program in May for the second half.

Cheng said the Government is likely to introduce more measures if the market is still not “in control.”

While the frenzy in the mass market has not been reflected in the high-end market, Cheng believes this segment will eventually continue to rise. “I see this market becoming even more sophisticated than before,” he said.

When asked why Wing Tai has not joined the frenzy for sites, he said it was because “most of the land available for tender is for the upgrader market or just one class above it.”

Wing Tai is among 10 bidders to buy and redevelop a landmark commercial site at City Hall which includes the historic Capitol Theatre, Capitol Building and Stamford House. It did so as the site offered long-term opportunity, he said.

“We will have to look at the different sites available. If you ask me, I will play a medium-to-long term game now, rather than the next nine to 12 months.”

On possible launches this year, Cheng said the high-end Anderson18 site, its joint venture with City Developments, “is a likely scenario.” But he said he did not want to pre-empt its partner.

Wing Tai booked net profits of SG$68.9 million (US$50.6 million) in the fourth quarter, reversing a net loss of SG$53.9 million a year earlier. This helped push its full-year profits up 666 percent to SG$160.8 million.

Revenue rose 64 percent to SG$821.9 million for the year helped by properties sold at Belle Vue Residences and The Riverine by the Park. For the quarter ended June 30, revenue was up 17 percent to SG$222 million.

The firm declared a final dividend of three cents a share and a special dividend of two cents a share.

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