Wing Tai Holdings Subsidiary Acquires 12,465.4 Sqm Site for More than 300-Unit Residential Development

Wing Tai Holdings, one of Singapore’s leading property developers, recently announced the acquisition of a 12,465.4 sqm residential development site in the Yishun New Town area for more than 300 units. The acquisition marks Wing Tai Holdings’ latest foray into the residential property market and is part of its ongoing expansion into the Yishun New Town area.

Wing Tai Holdings’ subsidiary, Wing Tai Land, has acquired the site for approximately $237.8 million. This translates to an approximate land cost of $19,099 per sqm. The site, located at Yishun Avenue 9, is zoned for residential use and has a maximum gross floor area of approximately 43,967 sqm. Wing Tai Land plans to develop the property into a high-rise residential project with a mix of housing types.

The Yishun New Town area is an attractive location for potential buyers, due to its proximity to several amenities and attractions. Yishun is well-served by public transport, with Yishun MRT station located nearby, as well as several bus services. The area is also home to several shopping malls and dining outlets for residents to enjoy.

The development will add more housing options to the Yishun area and contribute to the government’s efforts to increase the supply of housing in Singapore. It will also provide potential buyers with a range of options, from one- and two-bedroom apartments to three- and four-bedroom units.

The development is expected to be completed in the fourth quarter of 2021, with Wing Tai Land planning to launch the project by the end of the year. Wing Tai Land has already appointed the project’s main contractor, with construction set to begin in the second quarter of 2021. The project is estimated to cost $400 million.

The acquisition of the Yishun site is part of Wing Tai Holdings’ ongoing expansion into the residential property market. The company has already acquired several other residential sites in the area, including two sites in Tampines, one in Choa Chu Kang, and one in Sembawang. It is also in the process of acquiring a 7,580 sqm residential site in the Bukit Batok area.

Wing Tai Holdings’ focus on the residential property market is part of its overall strategy to diversify its portfolio and create value for shareholders. The company is also expanding its presence in the commercial and hospitality sectors, with recent acquisitions including a site in the city centre for a new serviced residence, and an industrial site in Pasir Ris for a new logistics and warehouse facility.

Wing Tai Holdings’ latest acquisition of the Yishun site is a testament to its commitment to investing in the residential property market. The development is expected to provide potential buyers with a range of housing options, while also contributing to the government’s efforts to increase the supply of housing in Singapore. With its latest acquisition, Wing Tai Holdings is set to further cement its presence in the residential property market.

Wing Tai Holdings Limited, a Hong Kong-based real estate developer and investor, announced on October 27, 2020, that its subsidiary, Wing Tai Properties Limited, has acquired a 12,465.4 sqm land parcel in the Kowloon East area of Hong Kong for HK$6.8 billion (US$878 million). The land parcel is located at the junction of Yau Tong and Tseung Kwan O, and is zoned for residential development.

The site is estimated to provide more than 300 residential units, with a total gross floor area of approximately 65,000 sqm, and is expected to be completed in 2024. Wing Tai Holdings is looking to capitalise on the growing demand for residential units in the area, as the Hong Kong government is encouraging development in the Kowloon East area.

This acquisition is part of Wing Tai Holdings’ strategy to expand its residential portfolio in Hong Kong. The company has been actively involved in the development of residential projects in the city, and has already completed projects like the La Mer and La Scala, as well as the recently launched The Wings.

The Kowloon East area is undergoing significant transformation, as the government attempts to turn it into a vibrant residential district. The area is well-connected to the rest of Hong Kong, with the MTR’s Tseung Kwan O Line providing convenient access to the city centre. The district is also home to the new Kai Tak Cruise Terminal, which has been a major draw for tourists.

The acquisition of the site is expected to further boost Wing Tai Holdings’ presence in the Kowloon East area. The company has already been involved in the residential projects at the nearby Tseung Kwan O and Yau Tong developments, and the new acquisition further strengthens its presence in the area.

This acquisition is part of Wing Tai Holdings’ strategy to expand its residential portfolio in Hong Kong. The company has been actively involved in the development of residential projects in the city, and has already completed projects like the La Mer and La Scala, as well as the recently launched The Wings.

The company is looking to capitalise on the growing demand for residential units in the area, as the Hong Kong government is encouraging development in the Kowloon East area. The area is well-connected to the The Lakegarden Residences rest of Hong Kong, with the MTR’s Tseung Kwan O Line providing convenient access to the city centre.

The acquisition of the site is expected to further boost Wing Tai Holdings’ presence in the Kowloon East area. The company has already been involved in the residential projects at the nearby Tseung Kwan O and Yau Tong developments, and the new acquisition further strengthens its presence in the area.

In addition to the residential development, Wing Tai Holdings is also looking to capitalise on the area’s potential for commercial development. The company plans to develop the site for a mix of residential, commercial and retail uses to cater to the growing demand in the area.

The acquisition of the 12,465.4 sqm site is a strategic move by Wing Tai Holdings to further expand its presence in the Kowloon East area. The company plans to develop the site for residential, commercial and retail uses to cater to the growing demand in the area. The acquisition is expected to strengthen Wing Tai Holdings’ position in the city and provide it with an opportunity to capitalise on the potential of the area.