Wing Tai: Property market price correction looming!

By The Folks @PropTalk - August 22, 2012 2 Comments
Property developer Wing Tai foresees a growing possibility of a correction in Singapore's property market.

This as the firm announced its fourth quarter (Q4) earnings on Tuesday.

At the results briefing, Wing Tai said it is targetting to launch its latest freehold residential development with 337 residential units with one commercial unit next year.

Formerly zoned for industrial use, the developer has successfully applied to change the use of its former headquarters to residential.

Located at Tampines Road near Kovan MRT station, Wing Tai said this latest project which sits on land acquired in the 1960s would help capture any potential uptick in the property market.

But the property developer believes the market is set for a correction ahead.

Chairman of Wing Tai Holdings, Cheng Wai Keung, said: "A number of you have been asking why have we not been tendering for URA projects and we have not been active in the market for quite some time.

"I would still maintain that the correction will be coming and the way I look at it, is that if there is a cycle, if you take away that 2008 temporary drop, you smooth out the curve, it is actually the eighth or ninth year of the rise in this cycle."
Source: Channel News Asia

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2 comments to ''Wing Tai: Property market price correction looming!"

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  1. They launching FH property next year. Means correction wont come next year yet . Heng ah. Huat sia

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  2. Hi Anonymous (22/8/12, 2:59PM):

    While you may have a point there, local developers are also unlikely to just sit around even during a "soft" market.

    Yes they may all rush to push out projects before the market starts to correct (like they are doing now) and the number of new launches may reduce as prices correct, but they will still be launching new projects selectively.

    Cheers!

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