29 Aug '14, 4am

Wing Tai to hold prices steady despite slump, Singapore Property News, Singapore Property Guides...

Lower contribution from Helios Residences was partly responsible for the drop in property development turnover. -- PHOTO: WING TAI HOLDINGS DEVELOPER Wing Tai Holdings will not slash prices to shift its high-end properties, despite poor sales and rules that require firms to sell units within a designated period. That was the message chairman Cheng Wai Keung delivered after a results briefing yesterday. "Like in retail , you don't see high-end luxury products having a fire sale... you're selling a brand, an image. You're not trying to sell for utility," he added. The remarks come amid a period of slumping sales and buyer caution, as seen by Wing Tai's numbers yesterday. Net profit for the fourth quarter to June 30 declined 48 per cent year-on-year to $143 million, with revenue dropping 42 per cent to $180 million over the same period. Net profit for the 12 months plummeted ...

Full article: http://www.stproperty.sg/articles-property/singapore-prop...

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Wing Tai to hold prices steady

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Lower contribution from Helios Residences was partly responsible for the drop in property development turnover. -- PHOTO: ...

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