Conservative land banking, supportive valuation keep Wing Tai at 'buy'

By PC Lee
/ The Edge |
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While the recent cooling measures should further slow down project sales for Wing Tai, the property group has been prudent, winning only a single land parcel in the current cycle.
In the current en bloc cycle, Wing Tai, along with its JV partner, won a land parcel in Serangoon North Ave 1, for $965 psf ppr last July.
Although the bid was higher than implied land cost compared to other en blocs in the vicinity, this was the only land parcel won during the cycle which limits Wing Tai’s exposure to any potential slowdown from recent cooling measures.
According to URA’s figures, 193 of 469 units have been sold in The Crest while another 113 units are listed under resale category. In the 43-unit Le Nouvel Ardmore, 10 units have been cleared including resales. As for the 613-unit Garden Residences, 66 units have been sold so far.
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