Wing Tai Holdings : W05 +0.75% chairman and managing director Cheng Wai Keung has continued to build his deemed interest in the company, through his spouse Helen Chow acquiring shares.

 

From Sep 10 to 12, Cheng increased his deemed interest in the leading real estate developer and lifestyle retailer by 95,000 shares.

 

He maintains a 61.52 per cent total interest in the company.

 

 

Helen Chow, the wife of Wing Tai&rsquo s chairman Cheng Wai Keung has acquired 70,000 shares for an undisclosed amount, according to a filing on the Singapore Exchange S68 on Sept 5. 

 

Following the transaction, Chow, together with her husband, have a total of 468.44 million shares, or 61.51% of the total number of ordinary voting shares held.

 

Chow, who serves as a director of Wing Tai Property Management, began buying Wing Tai shares on Sept 8, 2023, and has since added 21,400 shares to her stake.

Loss per share comes in at S$0.1338 per share, compared with S$0.0701 in the same period a year ago

 

PROPERTY developer Wing Tai Holdings : W05 -0.79% widened its net loss in the second half of its 2024 fiscal year ended Jun 30 to S$99.2 million, nearly doubling its losses from S$50 million a year ago.

 

Its revenue also fell by 67 per cent to S$71.5 million over the same period, mainly due to lower contributions from its development properties, the company said on Tuesday (Aug 27). Among them is a condominium project called The M, which is experiencing lower progressive sales.

 

Loss per share for H2 came in at S$0.1338 per share, compared with S$0.0701 in the same period a year ago.

 

The biggest hit to the company&rsquo s bottom line came from the performance of its associated and joint venture companies, which netted a loss of S$90.9 million for the half year &ndash more than double the loss of S$43.8 million in H2 FY2023.

 

One of these companies is Wing Tai Properties, a developer of residential and commercial projects in Hong Kong, where property prices have been depressed for some time.

 

Wing Tai Holdings&rsquo share of loss arising from its Hong Kong associate came in at S$108 million for the full fiscal year. This was largely attributable to the provision for impairment losses on its development properties and the fair value losses on its investment properties in Hong Kong.

 

Wing Tai Holdings owns 33 per cent of Wing Tai Properties, based on its latest annual report. The group issued a profit warning regarding its Hong Kong associate two weeks ago, and on Aug 6, it announced it was likely to report a loss for FY2024 due to fair value changes and impairments for overseas properties.

 

For the full year, Wing Tai Holdings reported a net loss of S$78.7 million, a reversal from a net profit of S$13.3 million in FY2023.

 

Revenue came in at S$169.2 million, a 64 per cent drop over the same period.

 

Wing Tai subsidiary bags 99-year residential site in River Valley

 

Site near Great World City draws two bids top bid of S$1,325 psf ppr from Wing Tai

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Loss per share for the full year stood at S$0.1113 per share, compared with earnings per share of S$0.0087 last year.

 

The company has recommended a first and final dividend of S$0.03 per share, as well as a special dividend of S$0.02 per share.

 

Wing Tai Holdings said that it is cautiously optimistic and expects the buying sentiment for private residential property in Singapore to improve over time, with inflation moderating and interest rates trending downwards.

The group expects to be in the red for FY2024 due to fair value changes and impairments for overseas properties

 

DEVELOPER Wing Tai Holdings : W05 -1.6%warned on Wednesday (Aug 14) that its Hong Kong associate Wing Tai Properties may report a loss of HK$1.3 billion to HK$1.4 billion (S$215.9 million to S$236.4 million) for the six months to Jun 30, 2024. This would widen the loss of HK$374.2 million that the associate reported in the year-ago period.

 

Wing Tai Properties said that, on the basis of preliminary findings from its semi-annual independent revaluation, &ldquo the aggregate of adverse changes in the fair value of the group&rsquo s investment properties and the impairment provision for the group&rsquo s properties under development&rdquo are estimated to be more than HK$1 billion.

 

This is much larger than the fair value decline of HK$480 million recorded for the group&rsquo s investment properties in the year-ago period. No impairment provision for properties under development were made then.

 

Changes in fair values and impairment provision are non-cash items, and Wing Tai Properties said that the &ldquo overall financial, business and trading positions of the group remain healthy&rdquo .

 

Wing Tai Properties is the developer of various residential and commercial projects in Hong Kong, where property prices have been depressed for some time.

 

Wing Tai Holdings owns 33 per cent of Wing Tai Properties, based on its latest annual report. On Aug 6, Wing Tai Holdings announced it was likely to report a loss for FY2024 (the company has a June year-end) due to fair value changes and impairments for overseas properties.

 

It had reported a profit of S$13.3 million for FY2023, down from S$140.2 million in FY2022.

 

The group added, however, that its financial position &ldquo remains healthy with a low net gearing ratio of approximately 0.07&rdquo as at end-June.

 

Wing Tai Holdings expects to announce its results on Aug 27.

 

Singapore-listed shares of Wing Tai Holdings closed at S$1.23 on Wednesday, down 1.6 per cent, ahead of the announcement.

The land parcel has a permissible gross floor area of 32,527 square metres

 

WING Tai : W05 +0.72%&rsquo s wholly owned subsidiary has been awarded a 99-year leasehold residential site in River Valley at the tender price of about S$464 million, and plans to build over 400 apartments there.

 

Winchamp Investment&rsquo s win, located at the junction of River Valley Green and River Valley Road, has a permissible gross floor area of 32,527 square metres (sq m), said Wing Tai in a bourse filing on Thursday (Jun 27).

 

Urban Redevelopment Authority is the awarding agency of the land parcel of about 9,300 sq m.

 

WING Tai : W05 +0.72% has priced S$100 million in fixed-rate senior unsecured notes due Apr 3, 2029, at 4.38 per cent. Coupon payments will be made semi-annually.

 

The notes were issued under the property developer&rsquo s S$1 billion multicurrency debt-issuance programme established on Mar 6.

 

Net proceeds from the issuance will be used to finance working capital requirements and investments, and to refinance existing borrowings.

 

DBS Bank, HSBC and OCBC were the joint book runners for the issue. DBS Bank and OCBC were the joint global coordinators.

 

The property developer and fashion retailer on Wednesday (Mar 6) said it plans to use the net proceeds for general working capital and investments, as well as refinancing existing borrowings.

 

It may issue perpetual securities and notes denominated in Singapore dollars or any other currency, in various amounts and tenors, at fixed, floating, variable or hybrid interest rates. They may also not bear any interest.

 

The debt issuance programme has obtained in-principle approval from the Singapore Exchange. HSBC is the arranger and dealer of the facility.