Singapore developer Wing Tai has reported a net profit drop of 41 percent to $150.3 million in the fourth quarter ended 30 June 2015 from $254.4 million in the year before.
Revenue fell 16 percent to $676.7 million from $803.4 million previously.
Wing Tai attributed most of its revenue to the progressive sales recognised from The Tembusu, as well as from Le Nouvel Ardmore, Foresque Residences and Helios Residences in Singapore, and The Lakeview in China.
The company noted that the Urban Redevelopment Authority’s (URA) property price index dipped 0.9 percent last quarter, marking the seventh consecutive quarterly price decline.
The number of residential units sold in Singapore also dropped from 4,409 units in H1 2014 to 3,427 units in H1 this year.
Looking ahead, Wing Tai expects buying sentiment for private residential property here to remain subdued in the current year.
Image: Artist’s impression of The Tembusu at Kovan.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
