The M is 93.5% sold at a median price of $2,758 psf for it’s 522-unit

Wing Tai Holdings has reported earnings of $140.2 million in FY2022 that ended in June. This is which is 222% over results of $43.6 million for FY2021. The increase was due to the company’s earnings for 2HFY2022 in the amount of $86.4 million. This was a change from the $13.2 million loss in 2HFY2021.

Lentor Hills Residences at Yio Chu Kang location is perfect for singles, couples and family-oriented individuals looking for spacious housing in a lush setting.

In the course of time, Wing Tai’s earnings increased by its greater percentage of the profits of associated or joint venture (JV) companies.

In FY2022, the company’s share of profits from joint venture and associate (JV) businesses rose by 209% over the course of the year to $112.2 million. This was mostly due to more substantial contribution of Wing Tai Properties Limited in Hong Kong as well as Uniqlo in Singapore and Malaysia.

In the 2HFY2022, the company’s share of profits from JV and associate companies stood in the range of $90.7 million, a difference from its loss share of $2.2 million during the exact same timeframe the year prior. Earnings per share was 16.62 cents on adjusted basis for FY2022.

The total revenue for the fiscal year FY2022 grew by 12% year-on-year to $514.6 million, mostly because of the greater contribution from the development properties and, in particular, the sales recorded as progressive by Middle Road’s M located at Middle Road and the additional units that were sold in Le Nouvel Ardmore in Singapore.

On May 20, 2022 Wing Tai entered into an agreement for the purchasing of Lakeside Apartments along Yuan Ching Road in Jurong for $273.9 million. The leasehold site is located on an size which is 12,465.4 sq.m. ((134,178 sq feet). The purchase is subject to approval by the Strata Title Board and the Land Dealings Approval Unit of Singapore Land Authority. Wing Tai is planning to develop the site for residential property development that is available for purchase.

Then, in Australia, Wing Tai acquired the remaining 50% part of the freehold office building located at 464-466 St Kilda Road, Melbourne, Victoria, from its joint venture partner for A$49.4 million. Following the closing of the purchase, the company now owns 100% of the property.

The cost of sales increased by 26% year-over-year up to $350.0 million, and gross profit dropped by 10% over the same period at $164.6 million. Other gains were down 7% in a year in the range of $11.0 million. Operating profits fell by 11% year-over-year up to $62.3 million.

The company has declared a one-time and final dividend in cash of 3 cents, as well with an additional payout of three cents in FY2022. It is one cent more than the FY2021 dividend, which included a final and first dividend of three cents, as well as an extra payout of two cents.

In the future, the company predicts that the property cooling measures to begin in Dec. 2021. increasing interest rates, the higher inflation and geopolitical instability to impact purchasing decisions for residential properties located in Singapore.