Wing Tai Holdings

[ngcheeki]

After a long absent of daily share buyback dated 1st April 2009, Wing Tai Holdings today bought back 687,000 shares @ $1.65 per share. See the following for more detail.

http://infopub.sgx.com/Apps?A=COW_CorpAn...IG6ViLQqSo

[SLC81]

Good candidate for privatisation, almost 60% discount to its NAV

[wx1985]

nice run up to 1.95! any idea what is the catalyst for this?

[sgpunter]

Wing Tai has always been speculated on as a potential privatization target. Another property counter Hong Fok halted for trading today and there is speculation of takeover as well so I believe the effect may have rubbed off on Wing Tai. (same goes for Ho Bee)

[RT Knight]

today volumne is astonishing!!!
wondering why don't Wing Tai delist its Malaysia Subsidiary, WT Mlaysia...
it cost less than 100million to WIng Tai yo delist it.. whereas, the company hold lot of cash

[ngcheeki]

http://www.theedgemarkets.com/sg/article...51-million

Super penthouse at Le Nouvel Ardmore sold for $51 million

SINGAPORE (Apr 10): Word on the street is that the biggest penthouse at listed property developer Wing Tai Holdings ( Financial Dashboard)’ luxury condo, Le Nouvel Ardmore, has been sold for $51 million

The 13,875 sq ft duplex penthouse comes with five bedrooms, a study, a private pool and a roof terrace of 5,000 sq ft.

This translates to $3,676 psf based on floor area.

Prior to that, three units have been sold at Le Nouvel Ardmore – one in 2011 and two in 2013 - at prices above $4,300 psf.

Does this mean that the penthouse was sold at a discount?

Luxury property specialist Samuel Eyo, managing director of Singapore Christie’s Homes, says that the lower price psf is owing to the large roof terrace.

If one were to place a lower psf price on the roof terrace, the absolute price based on the internal area of 8,875 sq ft translates to a price above $5,000 psf, estimates a property consultant who declined to be named.

The 43-unit freehold luxury condo designed by acclaimed French architect Jean Nouvel, was completed in April last year.

Standing tall at 33-storeys, typical units at Le Nouvel Ardmore are four bedroom apartments sized from 3,800 sq ft.

The sole penthouse that was sold was located on the 32nd and 33rd storeys.

“It’s a record transaction for a penthouse - both in terms of absolute price and size – since the collapse of Lehman Brothers,” says Eyo. “The penthouse was able to command such a premium pricing because of the prestigious Ardmore Park location, the rarity of new penthouses above 13,000 sq ft for sale, the quality of the development, and the fantastic views from that level.”

Prior to this deal, the highest penthouse transaction recorded was the sale of a 7,718 sq ft penthouse at TwentyOne Angullia Park for $42.9 million ($5,560 psf) in June 2013.

“The probability that the buyer is a Singaporean is very low,” says Ku Swee Yong, CEO of Century 21. “At $51 million, most Singaporeans would rather buy a Good Class Bungalow.” For a foreign buyer, the additional buyer’s stamp duty of 15% on the $51 million purchase price amounts to $7.65 million.

“I’m happy that there are still people who can find good value in our luxury condo market,” comments Ku. “However, we cannot take this transaction to indicate any trend. There will always be exceptional pricing and products in a weak or strong market. Even in a weak market, you will find someone willing to pay for a Monet or a limited edition Rolls-Royce. A penthouse of this size and on an elevated site with amazing views is considered a rare product.”

Hence, Ku is of the view that it’s a “one-off transaction” as the broader market remains weak due to impending supply concerns.

This record transaction of a Le Nouvel Ardmore penthouse comes just a month after the sale of a 6,017 sq ft penthouse at St Regis Residences on Tanglin Road where the seller sustained a $15.8 million loss. The penthouse was purchased by Japanese tycoon Katsumi Tada of Daisho Group for $28 million ($4,653 psf) in a sub-sale in 2007, and it was sold reportedly to a Singaporean for $12.2 million ($2,028 psf) last month.

“The sale at St Regis Residences reflects the market price of the project and location,” says Christie’s Eyo. “Likewise, this transaction reflects the market price of Ardmore Park and the product.”

[kagemusha]

Even a well known stock can have such deep discount and not realised its true valuation after so many years...

[SLC81]

Even a well known stock can have such deep discount and not realised its true valuation after so many years...

Wingtai share price traded at $1.51 while NAV $ 4.09, huge discount. It has started buying back share today 800k

[SLC81]

Wingtai has consistently buying back shares in the last few days.
The current price at $ 1.54 is just abit higher that the last General Offer by Mr. Cheng at $ 1.39 few years ago.

[MINX]

Even a well known stock can have such deep discount and not realised its true valuation after so many years...

Wingtai share price traded at $1.51 while NAV $ 4.09, huge discount. It has started buying back share today 800k

There is a reason why the share price is depressed, it's business is not doing well.