Wing Tai Holdings Limited Overview
Wing Tai Holdings is a Cheng family-controlled Singapore investment holding company. Over six decades it has evolved from Singapore's first jeans factory into a regional real-estate and lifestyle group. Its economic engine is premium residential development in Singapore, concentrated in the Core Central Region (CCR), complemented by a smaller Malaysian development business. Around this sits a recurring-income layer: Orchard Road offices (Winsland House I and II), Lanson Place serviced residences, Australian offices and data centres, and a Tokyo hotel. The group also owns a roughly one-third equity stake in Hong Kong-listed Wing Tai Properties Limited, and a lifestyle retail franchise anchored by its Uniqlo joint ventures in Singapore and Malaysia. Total assets are about S$4.1 billion, and the shares trade at roughly 0.4x book value. The market prices Wing Tai as a conglomerate holding company with Hong Kong valuation risk. Its FY2026 earnings recovery shows how much the group still depends on Singapore land-banking skill and launch timing.
Company's own description
In its FY2026 results, Wing Tai describes the Company as an investment holding company. Its subsidiaries engage in investment holding, property investment and development, and garment retailing. The group reports four operating segments:
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development properties;
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investment properties, including hotel operations;
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retail;
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"others", comprising investment holding, central management and administrative activities.
The website describes Wing Tai as a real-estate developer and lifestyle retailer headquartered in Singapore. It says the group owns, manages and develops assets across Asia and Australia through three core businesses: real estate, lifestyle retail and hospitality management.
Independent characterisation
Wing Tai is best understood as a three-layer holding structure.
Layer 1: Consolidated development engine (cyclical, lumpy). Singapore residential projects are sold under progressive-payment schemes, with revenue recognised over time as construction progresses. In FY2026, S$530.4 million of total revenue of S$617.4 million was recognised over time. Development properties contributed S$544.8 million (88%) of group revenue. Malaysia, mainly Jesselton Hills in Penang, adds a smaller and lower-priced landed-housing stream.
Layer 2: Consolidated recurring income (stable but small). Rental income was S$44.8 million in FY2026 and S$43.5 million in FY2025. The key assets are:
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Winsland House I and II and Lanson Place Winsland in Singapore;
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380 Flinders Street and 464 St Kilda Road offices in Melbourne;
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three Australian data centres (12 Brookhollow Avenue NSW, 28 Thornton Crescent VIC, 4 Wesley Court VIC);
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Singa Plaza in Suzhou;
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a 134-room hotel in Asakusa, Tokyo.
Layer 3: Equity-accounted value (large, volatile). Investments in associates and joint ventures total S$1,414.5 million, about 34% of total assets, as at 30 June 2026. The dominant holding is Wing Tai Properties Limited (HKEX: 369), held at about 34%. The rest are the Uniqlo Singapore and Uniqlo Malaysia joint ventures with Fast Retailing, the G2000 Singapore joint venture, and DRC Investments, the vehicle that took Amara Holdings private in 2025. Fair-value and impairment swings at Wing Tai Properties have dominated group earnings since FY2023.
Revenue model mix
| Revenue type | FY2026 | Share of total |
|---|---|---|
| Sale of development properties | 544.8 | 88.2% |
| Rental income (investment properties and hotels) | 44.8 | 7.3% |
| Sale of goods (retail) | 24.4 | 4.0% |
| Management fees | 1.1 | 0.2% |
| Dividend income | 2.3 | 0.4% |
| Total | 617.4 | 100% |
Source: FY2026 Full Yearly Results, Note 4.2.
Value-chain position, customers and end-markets
Value-chain position: Wing Tai is a master developer. It acquires land through Government Land Sales (GLS) tenders, collective (en bloc) sales and private treaty. It controls design, marketing and sales in-house through Wing Tai Property Management, led by Head of Marketing Stacey Ow Yeong and Director Helen Chow, and outsources construction.
Investment portfolio: The group is asset owner and, through Lanson Place, hospitality operator. Lanson Place also manages third-party assets such as Lanson Place Mall of Asia in Manila.
Retail: The model mixes franchises (Malaysia: Mango, Furla, JNBY, Sergent Major, Charles Tyrwhitt) with joint ventures (Uniqlo Singapore and Malaysia, G2000 Singapore). The company confirmed this at its 2024 AGM.
Customers: Singapore citizen and permanent-resident home buyers dominate: about 98% of River Green's launch-weekend buyers were Singaporeans or PRs (The Edge Singapore, Aug 2025). Other customer groups are Malaysian upgraders and landed-home buyers, office tenants in Orchard Road and Melbourne, ASX/NYSE-listed telecom and IT tenants of the Australian data centres, corporate and leisure serviced-residence guests, and mass-market apparel shoppers.
End-markets: Singapore private residential (primary), Malaysian residential (Penang and Klang Valley), Singapore and Australian office, data centre, hospitality (Singapore, Malaysia, Hong Kong, China, Australia, Philippines, Japan), and apparel retail (Singapore and Malaysia).
Strategy
Stated strategy themes
Wing Tai does not publish a formal multi-year strategic plan or investor-day targets. Its strategic posture, as expressed in results commentary, its website and recent actions, rests on four themes:
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Selective, well-timed Singapore land replenishment, with a CCR emphasis. Wing Tai won River Valley Green (2024) and Dunearn Road (2026) through GLS, and has a long history of prime CCR projects (Le Nouvel Ardmore, Nouvel 18, The Crest). In the FY2026 outlook, management said it expects Singapore private-residential sentiment to stay stable and will release units "at the appropriate times."
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Product quality and design differentiation. The company emphasises architect-led projects (the Jean Nouvel-designed Le Nouvel series), compact-but-efficient layouts priced for the local buyer (River Green), and Green Mark Platinum Super Low Energy certification (LakeGarden, River Green). Marketing head Stacey Ow Yeong publicly framed River Green's success as balancing unit efficiency with affordability.
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Recurring income diversification across Asia-Pacific. Wing Tai has built Australian offices and data centres since 2016, entered Japan hospitality in 2019, expanded the Lanson Place brand (Melbourne 2024), and co-invested in Amara Holdings (2025). It describes Amara as an opportunity to gain indirect exposure to property assets (offer document, April 2025).
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Portfolio pruning. Recent moves include exiting Chinese development entities (Jiaxin disposal 2025, Yongrui deregistration 2024), disposing of a S$278.2 million quoted equity stake no longer aligned with long-term strategy (FY2026), rationalising Singapore franchise retail, and repaying development debt.
Strategic initiatives in the last 24 months
| Date | Initiative | Detail |
|---|---|---|
| Apr–Jul 2025 | Amara Holdings privatisation | DRC Investments JV; S$0.895 per share; S$514.6 million offer value; Amara delisted 21 Jul 2025 |
| Apr 2025 | Pathlight School community art collaboration at River Green | Social and placemaking initiative |
| Aug 2025 | River Green launch | 88% sold on launch weekend; over 90% by June 2026 |
| FY2026 | Disposal of quoted equity securities | S$278.2 million fair value; gain of S$51.5 million to retained earnings |
| Mar 2026 | Mont Kiara land acquisition | RM45 million; residential for sale |
| May 2026 | Dunearn Road JV with Metro Holdings | S$533 million; about 330 units; Tan Hwee Bin called it a chance to help define the new Turf City precinct |
| FY2025 | Climate risk | Expanded to quantitative scenario analysis (SR2025) |
| FY2025 | Workplace safety | Became a WSH Advocate (SR2025) |
| FY2026 | Capital management | Development loans fully repaid; net gearing cut to 0.15x; special dividend of 1 cent reinstated |
Management guidance and medium-term targets
Wing Tai provides no quantitative medium-term financial targets (ROE, earnings or payout). Guidance is qualitative and limited to market commentary in each results announcement. Dividend policy is not formally articulated as a payout ratio. The track record is a 3-cent ordinary dividend each year from FY2022 to FY2026, plus specials in good years (3 cents FY2022, 2 cents FY2023, 1 cent FY2026).
Products & Services
Development properties — active and pipeline
| Project | Location | Description / specs | Target customer | Launch / status | Pricing (as disclosed) |
|---|---|---|---|---|---|
| River Green | River Valley Green (Parcel A), District 9, Singapore (CCR) | 99-year leasehold; 524 units in one 36-storey tower; 1–4 bedrooms, 420–980 sq ft; sheltered link to Great World MRT (Thomson-East Coast Line); first private residential project in Singapore to receive BCA Green Mark Platinum Super Low Energy with all five sustainability badges (company statement) | Owner-occupiers and investors seeking compact CCR units | Site won June 2024 for S$464 million (S$1,325 psf ppr); launched 2 Aug 2025; 88% sold on launch weekend; over 90% sold at 30 Jun 2026; website lists 2030 | From S$2,846 psf at preview; S$3,130 psf average at launch |
| The LakeGarden Residences | 9E & 9F Yuan Ching Road, Jurong Lake District, Singapore (OCR) | 99-year leasehold; 306 units in two 19-storey towers; 1–5 bedrooms plus 4 penthouses; Green Mark Platinum Super Low Energy (SR2023) | Upgraders in western Singapore | Site via Lakeside Apartments en bloc (2022); launched Aug 2023 (over 30% of 211 released units sold at launch); website lists 2027 completion | — |
| Dunearn Road (Turf City) JV | Dunearn Road, Bukit Timah Turf City, District 10/11, Singapore (CCR) | 99-year leasehold; 19,045.9 sqm site; about 330 residential units with ground-floor commercial; height capped at 5 storeys on the western section and 10 storeys along Dunearn Road | Luxury buyers | Awarded 4 May 2026 to Winrich Investment (Wing Tai) and Metrobilt Construction (Metro Holdings) for S$532,999,999 (S$1,625 psf ppr); launch typically 12–18 months after award | Analysts project above S$3,000 psf average (SRI, EdgeProp) |
| Mont Kiara site | Lot 81131, Mukim Batu, Kuala Lumpur | Freehold; 11,092 sqm; residential for sale | Klang Valley mid-high-end buyers | Acquired 16 Mar 2026 for RM45 million; boutique launch reportedly planned for 2027 (EdgeProp Malaysia) | — |
| Jesselton Hills — Garden Superlink (Phase 5) | Bukit Mertajam, Penang | Part of a 120-acre gated township; 282 double-storey superlink homes | Penang landed-home buyers | Website lists 2025; FY2026 Malaysian sales were mainly from Jesselton Hills | — |
| Jesselton Hills — Garden Villas (Phase 4) | Bukit Mertajam, Penang | 184 freehold double-storey semi-detached homes plus 3 bungalows | Penang upper-mid landed buyers | Website lists 2025 | — |
FY2026 residential sales: Singapore 566 units worth S$1,181 million; Malaysia 58 units worth S$25 million; total 624 units worth S$1,206 million (FY2026 results presentation, slide 6).
Recently completed and notable legacy developments (selection from company portfolio)
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The M @ Middle Road (Bugis; TOP August 2023; fully sold in FY2024)
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The Garden Residences (Serangoon North; JV with Keppel Land; 2021)
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Le Nouvel Ardmore (Ardmore Park; 2014; last unit sold FY2023)
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Nouvel 18 (Anderson Road; 50% stake sold to CDL in 2016)
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The Crest (Prince Charles Crescent; 2017)
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The Tembusu (Tampines Road; 2017)
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Le Nouvel KLCC (Kuala Lumpur; Jean Nouvel-designed twin towers; 2017)
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Malaren Gardens (Shanghai; 2018)
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The Lakeside and The Lakeview (Jiangsu; 2016)
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BM Utama and Sentinelle series (Penang)
The company's residential portfolio dates back to Kovan Court (1981 completion).
Investment properties (consolidated)
| Asset | Location | Type / specs | Notes |
|---|---|---|---|
| Winsland House I | 3 Killiney Road, Orchard, Singapore | 10-storey office; group HQ | Singapore commercial valued at S$22,416–24,844 per sqm; cap rate 3.7–3.8% (FY2026 Note 10.1) |
| Winsland House II | Orchard, Singapore | Two restored Edwardian semi-detached houses plus modern office block | Same valuation band |
| Lanson Place Winsland | Orchard, Singapore | Serviced residences | Estimated monthly rent S$7,494 per room in FY2026 (S$7,001 in FY2025); cap rate 4.0%; discount rate 6.3% |
| 380 Flinders Street | Melbourne CBD | 8-level freehold commercial building with car parking and retail | Australian cap rates widened to 6.8–9.0% in FY2026 (5.5–8.5% in FY2025) |
| 464 St Kilda Road | Melbourne | 8-storey freehold office | 50% acquired 2018 with Abacus; remaining 50% acquired 2022 |
| 12 Brookhollow Avenue | Norwest Business Park, NSW | Data centre and business-continuity offices, freehold | Fully leased to an ASX-listed telecom provider |
| 28 Thornton Crescent | Victoria | Single-storey data centre and business-continuity space, freehold | Fully leased to an ASX-listed telecom provider |
| 4 Wesley Court | Tally Ho Business Park, Victoria | Freehold data centre | Fully leased to an NYSE-listed IT services company |
| 11–27 Tavistock Place | Melbourne | Acquired 2023 | Use not specified in reviewed sources |
| Far East Village Hotel Tokyo, Asakusa | Tokyo | 134-room hotel (formerly Red Planet Hotel Asakusa) | DCF discount rate 3.8% |
| Singa Plaza | Suzhou Industrial Park, China | Business and residential complex | Valued at S$1,757 per sqm in FY2026 |
| The Frontage, Mahkota Promenade, Impiana Commercial Hub, The Gallery | Penang, Malaysia | Shop-offices and retail units | Small recurring income |
The consolidated investment property carrying value was S$840.9 million at 30 June 2026 (S$830.5 million at 30 June 2025).
Hospitality — Lanson Place (owned and/or managed)
| Property | Location | Specs | Notes |
|---|---|---|---|
| Lanson Place Winsland | Singapore | Serviced residences | Entered Singapore 1998 |
| Lanson Place Bukit Ceylon | Kuala Lumpur | 150 serviced apartments (1–3 bedrooms) | Golden Triangle |
| Lanson Place Causeway Bay | Hong Kong | Boutique hotel redesigned by Pierre-Yves Rochon | Under Wing Tai Properties; reopened and stabilising (WTP 1H2026) |
| Lanson Place Mall of Asia | Pasay City, Manila | 247 hotel rooms plus 142 serviced residences | First Lanson Place in the Philippines |
| Lanson Place Parkside | Shanghai (former French Concession) | 1–2 bedroom serviced apartments | — |
| Lanson Place Parliament Gardens | Melbourne | 137 units (rooms and 1–2 bedroom apartments) | Opened September 2024 |
Retail brands (as represented on the company website, October 2026)
| Brand | Market(s) | Model | Details |
|---|---|---|---|
| UNIQLO | Singapore (29 stores), Malaysia (60 stores) | JV with Fast Retailing (from 2008 in Singapore, 2010 in Malaysia) | Wing Tai's Malaysia stake was reported as 45% (Inside Retail Asia). The Singapore stake is not confirmed in reviewed filings. Uniqlo Singapore revenue fell 2% in FY2024 (AGM 2024 responses). |
| G2000 | Singapore (over 20 stores) | JV (G2000 Apparel (S) Pte Ltd with G2000 International) | In Singapore since 1990 |
| Furla | Malaysia | Franchise / distribution | Italian bags and accessories |
| MANGO | Malaysia | Franchise | — |
| JNBY | Malaysia | Franchise | Added around 2025 |
| Sergent Major | Malaysia | Franchise | French childrenswear |
| Charles Tyrwhitt | Malaysia | Franchise | Added around late 2025 |
| wt+ rewards | Singapore and Malaysia | Loyalty programme | Cross-brand points |
Observation. adidas, historically one of Wing Tai Retail's largest Singapore franchises, no longer appears among represented brands. Consolidated Singapore retail revenue fell from S$17.7 million in FY2025 to S$0.6 million in FY2026, and was nil in 2H FY2026 (FY2026 results, Note 4.2). This is consistent with an exit from directly operated Singapore franchise retail; G2000 and Uniqlo are equity-accounted and therefore excluded from revenue. The terms and timing of any franchise termination are not publicly disclosed in reviewed sources.
Other services
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Property management and project management: Wing Tai Property Management Pte Ltd, Wing Tai Malaysia Property Management Sdn Bhd, and Wing Tai Property Management (Australia) Pty Ltd, incorporated in 1H FY2025.
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Fund management: unit established in 2016 to invest in Asia-Pacific core, core-plus and value-add real estate. Current AUM is not publicly disclosed.
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Management fee income: S$1.1 million in FY2026.
Financial Narrative
All figures in S$ million unless noted. FY2022–FY2023 come from the FY2023 results; FY2024–FY2025 from the FY2025 results; FY2026 from the FY2026 results. FY2026 is unaudited.
Income statement
Notes.
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Underlying net profit for FY2024 was not captured in the reviewed filings. The "-999" entry is a placeholder only and must be read as not publicly disclosed in reviewed sources; exclude it from any chart.
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It excludes the share of associate and JV results.
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EPS is calculated after deducting perpetual-securities distributions. This is why FY2023 EPS (0.87 cents) is low relative to PATMI.
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DPS breakdown: FY2022 3 + 3 special; FY2023 3 + 2 special; FY2024 3; FY2025 3; FY2026 3 + 1 special.
Margins and growth
Revenue CAGR: FY2022–FY2026 (4-year) is 4.7%. FY2021 (S$461.4 million)–FY2026 (5-year) is 6.0%. Both are calculated from filed revenue.
Commentary.
Revenue: The revenue line is a function of the development cycle. FY2022–FY2023 revenue was carried by The M at Middle Road and Le Nouvel Ardmore. FY2024 collapsed to S$169.2 million because The M was fully sold and no new Singapore project was yet recognising revenue at scale. FY2025 recovered on LakeGarden and Jesselton Hills. FY2026 surged 168% on River Green and LakeGarden.
Gross margin: Gross margin moves inversely to development intensity. In low-development years, high-margin rental income dominates the mix: 58.2% in FY2024 against 26.7% in FY2026, when development revenue with thinner accounting margins dominated.
Operating costs: Distribution expenses rose 54% in FY2026 to S$47.4 million on River Green sales commissions. Administrative costs were broadly flat at S$78.8 million.
Finance costs: Finance costs peaked at S$44.3 million in FY2025 after new MTN issuance and mortgage drawdowns for River Green. They fell to S$42.2 million in FY2026 as development loans were repaid.
Bottom line: Below operating profit, the line is governed by Wing Tai Properties' Hong Kong valuations. The swing in associate results from -S$58.7 million (FY2024) to +S$16.2 million (FY2026) moved PATMI by about S$75 million on its own.
Underlying earnings: On management's underlying basis (excluding fair-value and impairment losses and negative goodwill), FY2026 net profit of S$83.1 million was the strongest result since FY2023's S$131.3 million.
Balance sheet
Goodwill and intangibles are not presented as separate line items on the condensed balance sheets. Their amount is not publicly disclosed in the condensed statements reviewed.
Debt structure at 30 June 2026:
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Unsecured MTNs and notes: S$99.9 million due within 12 months and S$596.7 million due after one year.
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Secured bank borrowings: S$145.3 million, all non-current and attributed to the investment properties segment.
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Development-segment borrowings were fully repaid during FY2026 (S$480.0 million at 30 June 2025, nil at 30 June 2026).
Commentary.
Gearing: The balance sheet has remained conservatively geared throughout the cycle. Net gearing peaked at 0.29x in June 2025, after the River Valley Green land payment and the S$130 million loan to a JV associated with the Amara transaction. It then halved to 0.15x by June 2026 as River Green progress billings were collected.
Securities disposal: The FY2026 disposal of quoted equity securities (fair value S$278.2 million; cumulative gain S$51.5 million reclassified to retained earnings) was a significant source of liquidity. The counterparty and the identity of the securities are not named in the results.
NAV per share: NAV per share fell from S$4.32 (FY2022) to S$3.73 (FY2025), driven by Hong Kong losses, currency translation and the S$150 million perpetual redemptions. It recovered to S$3.92 in FY2026 on profit, a S$95.6 million FVOCI fair-value gain, and S$40.9 million of currency translation gains.
Cash flow
Commentary.
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Under SFRS(I), land purchases for development flow through operating cash flow as changes in development properties. Operating cash flow is therefore negative in land-acquisition years: the LakeGarden site in FY2023 and River Valley Green in FY2025 (development-property outflow of S$461.3 million).
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Operating cash flow is positive in harvest years: FY2024 (S$279.7 million receivables release on The M) and FY2026 (S$323.6 million development-property release).
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FY2026 operating cash flow of only S$41.2 million understates underlying cash generation. It is net of a S$376.3 million increase in receivables and other assets, which includes the Dunearn Road deposit and higher LakeGarden unbilled revenue.
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Investing inflows of S$336.6 million in FY2026 (mainly the S$278.2 million securities disposal) and the S$60.6 million loan from a non-controlling interest funded S$483.9 million of debt repayment.
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Dividends received from associates and JVs (Uniqlo, Wing Tai Properties) are a material cash support: S$104.7 million in FY2023, falling to S$17.6 million in FY2026.
Ratios
The cash conversion cycle is not meaningful for a developer-holding company and is not disclosed.
Commentary.
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Returns on equity have been sub-scale for five years, never exceeding 4.3%. This is the central reason the shares trade at about 0.4x book.
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Net debt/EBITDA is distorted because EBITDA excludes associate earnings, which carry about 34% of assets. Look-through leverage is materially lower.
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Interest cover on consolidated operating profit fell below 1.0x in FY2024–FY2025. This was manageable only because of the large cash balance, dividends from associates, and a low-gearing balance sheet. It recovered to 1.2x in FY2026.
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Segment Overview
| Segment | What it contains | Key assets / entities |
|---|---|---|
Development properties | Sale of residential (and some commercial) units in Singapore, Malaysia and China. Includes the equity-accounted share of Wing Tai Properties' Hong Kong development results (impairments flow through segment EBIT). | River Green, The LakeGarden Residences, Jesselton Hills (Penang), Dunearn Road JV (from FY2026), Mont Kiara site |
Investment properties (including hotel operations) | Rental from offices, serviced residences, data centres and a hotel. Includes the share of Wing Tai Properties' Hong Kong investment-property fair-value movements. | Winsland House I and II, Lanson Place Winsland, Australian offices and data centres, Asakusa hotel, Singa Plaza Suzhou, Malaysian shop-offices |
Retail | Directly operated franchise retail plus share of retail JV profits | Wing Tai Retail (Singapore), Wing Tai Fashion (Malaysia), Uniqlo Singapore and Malaysia JVs, G2000 Singapore JV |
Others | Investment holding, central management, administration, dividend and management-fee income | Head office, financial assets, corporate treasury |
Revenue by Segment
| Segment | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Development properties revenue (SGD Mn) | 419.2 | 378.4 | 75.1 | 135.0 | 544.8 |
Investment properties revenue (SGD Mn) | 40.2 | 40.1 | 42.8 | 43.5 | 44.8 |
Retail revenue (SGD Mn) | 42.8 | 45.2 | 40.8 | 42.3 | 24.4 |
Others revenue (SGD Mn) | 12.4 | 12.6 | 10.5 | 9.4 | 3.4 |
Total revenue (SGD Mn) | 514.6 | 476.3 | 169.2 | 230.2 | 617.4 |
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View Subscription PlansResults by Segment
| Segment | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Development properties EBIT (SGD Mn) | 120.8 | 69.5 | -33.5 | -59.4 | 45.0 |
Investment properties EBIT (SGD Mn) | 48.9 | -65.5 | -23.7 | -29.7 | 3.1 |
Retail EBIT (SGD Mn) | 44.7 | 63.6 | 47.8 | 31.5 | 59.3 |
Others EBIT (SGD Mn) | -42.7 | -58.9 | -42.9 | 31.9 | -46.0 |
Total segment EBIT (SGD Mn) | 171.7 | 8.7 | -52.3 | -25.8 | 61.4 |
Revenue by Segment (%) and Segment Margins & Growth (%)
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
Development share of revenue (%) | 44.4 | 58.7 | 88.2 |
Investment share of revenue (%) | 25.3 | 18.9 | 7.3 |
Retail share of revenue (%) | 24.1 | 18.4 | 4.0 |
Others share of revenue (%) | 6.2 | 4.1 | 0.5 |
Development revenue YoY growth (%) | -80.2 | 79.8 | 303.5 |
Investment revenue YoY growth (%) | 6.7 | 1.6 | 3.0 |
Retail revenue YoY growth (%) | -9.8 | 3.8 | -42.4 |
Development EBIT margin on segment revenue (%) | -44.6 | -44.0 | 8.3 |
Segment Overview — Development properties
| Segment | Segment assets | Investments in associates/JVs | Borrowings |
|---|---|---|---|
Development properties | 1,499.9 | 444.2 | 0.0 |
Investment properties | 929.8 | 1,379.2 | 145.3 |
Retail | 14.3 | 208.0 | 0.0 |
Others | 138.0 | -616.9 | 696.6 |
Revenue by Segment (FY2021–FY2025)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
WTP revenue (HKD Mn) | 3,423.2 | 4,096.7 | 882.4 | 1,031.1 | 968.8 |
WTP profit/(loss) for the year (HKD Mn) | 917.6 | -323.9 | -812.4 | -2,576.0 | -1,692.5 |
Income Statement and Per-Share Data
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue (SGD Mn) | 514.6 | 476.3 | 169.2 | 230.2 | 617.4 |
Gross profit (SGD Mn) | 164.6 | 142.5 | 98.5 | 104.8 | 164.9 |
Other gains/(losses) net (SGD Mn) | 11.0 | 4.4 | 24.0 | 11.0 | 11.8 |
Distribution expenses (SGD Mn) | -29.3 | -39.4 | -27.5 | -30.8 | -47.4 |
Administrative and other expenses (SGD Mn) | -84.0 | -80.6 | -72.5 | -77.7 | -78.8 |
Operating profit (SGD Mn) | 62.3 | 26.9 | 22.5 | 7.4 | 50.5 |
Depreciation of PPE (SGD Mn) | 13.3 | 9.6 | 9.7 | 11.4 | 7.8 |
EBITDA, operating profit plus depreciation (SGD Mn) | 75.6 | 36.5 | 32.3 | 18.7 | 58.3 |
Finance costs (SGD Mn) | -25.3 | -27.3 | -34.8 | -44.3 | -42.2 |
Share of associates and JVs (SGD Mn) | 112.2 | -10.4 | -58.7 | -22.5 | 16.2 |
Profit/(loss) before tax (SGD Mn) | 149.1 | -10.7 | -70.9 | -59.5 | 24.5 |
Income tax (SGD Mn) | -5.5 | 22.1 | -11.3 | -6.5 | -3.5 |
Total profit/(loss) (SGD Mn) | 143.7 | 11.3 | -82.2 | -65.9 | 21.0 |
Net profit attributable to shareholders (SGD Mn) | 140.2 | 13.3 | -78.7 | -61.0 | 23.8 |
Underlying net profit, company-defined (SGD Mn) | 145.7 | 131.3 | -999 | 1.1 | 83.1 |
Basic EPS (S$ cents) | 16.64 | 0.87 | -11.13 | -8.00 | 3.12 |
Diluted EPS (S$ cents) | 16.62 | 0.86 | -11.13 | -8.00 | 3.11 |
Dividend per share declared for the year (S$ cents) | 6 | 5 | 3 | 3 | 4 |
Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Gross margin (%) | 32.0 | 29.9 | 58.2 | 45.5 | 26.7 |
Operating margin (%) | 12.1 | 5.7 | 13.3 | 3.2 | 8.2 |
EBITDA margin (%) | 14.7 | 7.7 | 19.1 | 8.1 | 9.4 |
Net margin, PATMI/revenue (%) | 27.2 | 2.8 | -46.5 | -26.5 | 3.9 |
Revenue YoY growth (%) | 11.5 | -7.4 | -64.5 | 36.1 | 168.2 |
Balance Sheet and Per-Share Data
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Total assets (SGD Mn) | 4,261.9 | 4,151.9 | 3,989.5 | 4,275.6 | 4,133.7 |
Cash and cash equivalents (SGD Mn) | 513.8 | 402.1 | 605.9 | 403.5 | 379.5 |
Development properties (SGD Mn) | 510.7 | 641.5 | 629.5 | 1,115.0 | 801.0 |
Investment properties (SGD Mn) | 837.6 | 811.8 | 835.5 | 830.5 | 840.9 |
Investments in associates and JVs (SGD Mn) | 1,796.3 | 1,630.2 | 1,538.8 | 1,400.2 | 1,414.5 |
Short-term borrowings (SGD Mn) | 294.1 | 71.0 | 21.6 | 37.4 | 99.9 |
Long-term borrowings (SGD Mn) | 297.0 | 600.0 | 774.9 | 1,197.6 | 741.9 |
Total borrowings (SGD Mn) | 591.1 | 671.0 | 796.5 | 1,235.0 | 841.8 |
Net debt (SGD Mn) | 77.3 | 268.9 | 190.6 | 831.5 | 462.4 |
Shareholders' funds (SGD Mn) | 3,286.3 | 3,137.8 | 2,968.0 | 2,847.7 | 2,996.1 |
Perpetual securities (SGD Mn) | 148.6 | 148.6 | 0.0 | 0.0 | 0.0 |
Total equity (SGD Mn) | 3,511.1 | 3,354.3 | 3,032.5 | 2,903.0 | 3,046.4 |
Working capital, current assets less current liabilities (SGD Mn) | 921.8 | 1,262.2 | 1,190.2 | 1,439.5 | 1,353.0 |
NAV per share (SGD) | 4.32 | 4.13 | 3.90 | 3.73 | 3.92 |
Net gearing, net debt/total equity (x) | 0.02 | 0.08 | 0.06 | 0.29 | 0.15 |
Cash Flow
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Operating cash flow (SGD Mn) | 97.5 | -244.5 | 318.0 | -443.4 | 41.2 |
Capex, investment property plus PPE additions (SGD Mn) | 58.9 | 6.1 | 31.7 | 5.2 | 2.5 |
Free cash flow, OCF less capex (SGD Mn) | 38.6 | -250.6 | 286.3 | -448.6 | 38.6 |
Dividends paid to shareholders (SGD Mn) | 38.4 | 45.6 | 38.1 | 22.9 | 22.9 |
Share buybacks (SGD Mn) | 18.0 | 3.6 | 0.0 | 0.0 | 0.0 |
Perpetual securities distributions paid (SGD Mn) | 12.8 | 6.7 | 6.7 | 0.0 | 0.0 |
Perpetual securities redeemed (SGD Mn) | 150.0 | 0.0 | 150.0 | 0.0 | 0.0 |
Dividends received (SGD Mn) | 64.2 | 104.7 | 44.5 | 47.6 | 17.6 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
ROE, PATMI/average shareholders' funds (%) | 4.3 | 0.4 | -2.6 | -2.1 | 0.8 |
ROA, total profit/closing total assets (%) | 3.4 | 0.3 | -2.1 | -1.5 | 0.5 |
Pre-tax ROIC, segment EBIT/(closing equity plus net debt) (%) | 4.8 | 0.2 | -1.6 | -0.7 | 1.7 |
Current ratio (x) | 3.32 | 8.36 | 9.05 | 11.44 | 6.48 |
Debt/equity, total borrowings/total equity (x) | 0.17 | 0.20 | 0.26 | 0.43 | 0.28 |
Net debt/EBITDA (x) | 1.0 | 7.4 | 5.9 | 44.5 | 7.9 |
Interest coverage, segment EBIT/finance costs (x) | 6.8 | 0.3 | -1.5 | -0.6 | 1.5 |
Interest coverage, operating profit/finance costs (x) | 2.5 | 1.0 | 0.6 | 0.2 | 1.2 |
Asset turnover, revenue/closing total assets (x) | 0.12 | 0.11 | 0.04 | 0.05 | 0.15 |
Revenue by Region
| Region | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Singapore revenue (SGD Mn) | 442.0 | 422.2 | 114.2 | 166.7 | 562.7 |
Malaysia revenue (SGD Mn) | 60.5 | 44.7 | 44.0 | 52.1 | 42.9 |
Australia revenue (SGD Mn) | 9.3 | 8.2 | 7.8 | 7.8 | 8.0 |
China revenue (SGD Mn) | 1.0 | 0.8 | 0.9 | 0.9 | 0.6 |
Japan revenue (SGD Mn) | 1.8 | 0.4 | 2.3 | 2.9 | 3.2 |
Total revenue (SGD Mn) | 514.6 | 476.3 | 169.2 | 230.2 | 617.4 |
Geographic Revenue
| Region | FY2024 YoY (%) | FY2025 YoY (%) | FY2026 YoY (%) |
|---|---|---|---|
Singapore | -72.9 | 45.9 | 237.6 |
Malaysia | -1.7 | 18.4 | -17.5 |
Australia | -4.5 | -1.0 | 3.2 |
China | 7.4 | 0.8 | -35.6 |
Japan | 490.5 | 24.8 | 10.1 |
Segment Overview (2)
| Segment | Singapore | Malaysia | Australia | China | Japan | Total |
|---|---|---|---|---|---|---|
Development properties | 525.9 | 18.9 | 0.0 | 0.0 | 0.0 | 544.8 |
Investment properties | 33.0 | 0.1 | 8.0 | 0.6 | 3.2 | 44.8 |
Retail | 0.6 | 23.8 | 0.0 | 0.0 | 0.0 | 24.4 |
Others | 3.2 | 0.2 | 0.0 | 0.0 | 0.0 | 3.4 |
Total | 562.7 | 42.9 | 8.0 | 0.6 | 3.2 | 617.4 |
Segment Overview (3)
| Segment | Singapore | Malaysia | Australia | China | Japan | Total |
|---|---|---|---|---|---|---|
Development properties | 107.8 | 27.2 | 0.0 | 0.0 | 0.0 | 135.0 |
Investment properties | 31.9 | 0.1 | 7.8 | 0.9 | 2.9 | 43.5 |
Retail | 17.7 | 24.6 | 0.0 | 0.0 | 0.0 | 42.3 |
Others | 9.3 | 0.1 | 0.0 | 0.0 | 0.0 | 9.4 |
Total | 166.7 | 52.1 | 7.8 | 0.9 | 2.9 | 230.2 |
By Country Details
| By country | Share of total assets (%) |
|---|---|
Singapore | 55 |
Hong Kong | 27 |
Malaysia | 12 |
Australia | 4 |
China | 2 |
Valuation Snapshot
| Metric | Value | Basis / source |
|---|---|---|
Latest verified price | S$1.57 | Mid-August 2026, S&P via StockAnalysis.com; close of S$1.54 on 30 Jun 2026 |
Market capitalisation | About S$1,199 million | 763.89 million shares × S$1.57 |
52-week change | +12.1% | To 11 Aug 2026, S&P |
5-year change | About -14% | Proxy: S$1.83 average paid by Empire Gate in July 2021 versus S$1.57; indicative only |
Reference prices | S$2.07 (Aug 2019); S$1.56 (Oct 2022 buyback); S$1.21 (Feb 2025); S$1.65 (18 Mar 2026) | The Edge Singapore |
Beta (5-year) | 0.24 | S&P |
P/E, FY2026 reported EPS (3.12 cents) | About 50x | Calculated |
P/E, FY2026 underlying net profit (S$83.1 million; about 10.9 cents) | About 14x | Calculated |
P/B, NAV S$3.92 | 0.40x | Calculated |
EV (market cap + debt S$841.8 million + NCI S$50.4 million − cash S$379.5 million) | About S$1,712 million | Calculated; excludes value of associates |
EV/Sales, FY2026 | About 2.8x | Calculated |
EV/EBITDA, FY2026 (EBITDA S$58.3 million) | About 29x | Distorted by S$1.41 billion of equity-accounted assets outside EBITDA |
Dividend yield, FY2026 4 cents | About 2.5% | Company cited 2.6% on the pre-results price |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Ordinary dividend per share (S$ cents) | 3 | 3 | 3 | 3 | 3 |
Special dividend per share (S$ cents) | 3 | 2 | 0 | 0 | 1 |
Total dividend per share (S$ cents) | 6 | 5 | 3 | 3 | 4 |
NAV per share (SGD) | 4.32 | 4.13 | 3.90 | 3.73 | 3.92 |
Dividends paid in year (SGD Mn) | 38.4 | 45.6 | 38.1 | 22.9 | 22.9 |
Share buybacks (SGD Mn) | 18.0 | 3.6 | 0.0 | 0.0 | 0.0 |
Analyst Conclusions
Management guidance
Management expects Singapore private-residential buying sentiment to "remain stable" and will release more units at appropriate times (FY2026 results, item F4). No quantitative revenue, earnings or dividend guidance is given. Earnings visibility comes from progressive recognition of River Green (over 90% sold; 2030 completion) and LakeGarden (2027 completion), plus S$1,181 million of Singapore sales booked in FY2026.
Consensus
Not publicly disclosed. No broker consensus estimates were identified for W05.
Bull case
-
Earnings re-base. Underlying net profit rose from S$1.1 million (FY2025) to S$83.1 million (FY2026). River Green and LakeGarden recognition continues through FY2027–FY2030, and Dunearn could layer on from around FY2028.
-
Hong Kong drag fading. WTP's 1H2026 loss narrowed by over 90% and core profit rose to HK$177 million. If valuations stabilise, reported PATMI could converge with underlying profit.
-
Deep value with a strong balance sheet. At about 0.40x P/B and 0.15x net gearing, the gap to NAV of about S$2.35 per share gives room for re-rating through higher payouts, buybacks or asset monetisation (Amara, Australian assets).
Bear case
-
Persistent value trap. ROE has not exceeded 4.3% in five years. The controlling family has little need for public-market re-rating, and identifiable institutional ownership is only about 3.9%.
-
Margin squeeze ahead. The Dunearn land cost of S$1,625 psf ppr and rising construction costs, together with Turf City supply, could compress development margins relative to River Green's S$1,325 psf ppr land base.
-
Structural Hong Kong and Australian office headwinds. Kowloon East and Melbourne office cap rates continue to widen (Australia 6.8–9.0%), so non-cash losses may recur and NAV could erode again.
Catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Expected timing | Why it matters |
|---|---|---|
| AGM approval of 3 + 1 cent dividends; buyback mandate renewal | Late Oct 2026 | Signal on capital return |
| 1H FY2027 results | About Feb 2027 | River Green and LakeGarden recognition run-rate; WTP share of results |
| WTP FY2026 results | About Mar–Apr 2027 | Hong Kong valuation trajectory |
| Dunearn Road development application, pricing and launch | 2027 (12–18 months after award) | Next earnings leg; test of S$3,000+ psf pricing |
| Mont Kiara boutique launch | 2027 (reported) | Malaysian pipeline |
| LakeGarden TOP | 2027 (website) | Completion and final cash collection |
| MTN refinancing (S$99.9 million within 12 months) | By FY2027 | Funding cost trend |
| Further land bids (GLS or en bloc) | Ongoing | Pipeline depth beyond 2028 |
| Amara / DRC asset actions | Unscheduled | Potential gains or recycling |
| Singapore policy changes | Unscheduled | Demand risk |
Analyst verdict
Wing Tai Holdings exits FY2026 as a company whose operating engine has unambiguously recovered, while its equity story remains unresolved.
The operating facts are strong. The Singapore development franchise delivered the best-selling CCR launch of 2025, recognised S$544.8 million of development revenue, and generated enough cash to cut net gearing from 0.29x to 0.15x in twelve months, all while funding a district-benchmark land bid at Dunearn Road. Underlying net profit of S$83.1 million and the reinstated special dividend confirm that the core business earns respectable cash returns when the pipeline is full.
The structural issues are equally clear. About one-third of assets are equity-accounted, the largest of which, Wing Tai Properties, has reported four straight annual losses. Consolidated ROE has languished between -2.6% and 4.3% for five years. Pipeline concentration means FY2028 and beyond depend heavily on Dunearn Road and Mont Kiara, both bought in a rising land market. The governance structure is professionally run but family-controlled at about 61.8% with a combined Chair/MD role. Together these explain why the market capitalises a S$3.0 billion book at about S$1.2 billion.
Analytically, Wing Tai is a "show-me" deep-value holding company. Downside appears cushioned by a low-geared balance sheet, Orchard Road real assets, high-return Uniqlo JVs and visible recognition from River Green and LakeGarden through 2030. Upside depends less on Singapore execution, which is proven, than on two variables outside the development engine: stabilisation of Hong Kong valuations, and a more explicit capital-return or value-unlocking stance by the controlling shareholders.
Monitorables that would change this view:
-
a positive WTP full-year result in 2027;
-
a formal dividend payout framework or a resumption of buybacks;
-
Dunearn launch pricing comfortably above S$3,000 psf.
Absent these, the NAV discount is likely to persist even as earnings normalise.
Data integrity notes: FY2026 figures are unaudited per the 25 August 2026 announcement. EBITDA, ROE, ROA, ROIC, coverage and valuation multiples are analyst calculations from filed figures, with definitions stated.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Independence | First appointed | Age* | Education | Other principal roles |
|---|---|---|---|---|---|---|
Cheng Wai Keung | Chairman and Managing Director | Executive, non-independent | 17 Apr 1973 (MD 1985; Chairman 1994) | 76 | BSc Indiana University; MBA University of Chicago | Chairman, Singapore Health Services; Deputy Chairman, Temasek Capital (China); Vice Chairman, Singapore-Suzhou Township Development; Director, MOH Holdings |
Edmund Cheng Wai Wing | Deputy Chairman and Deputy MD | Executive, non-independent | 11 May 1981 | 74 | BEng (Civil) Northwestern; MArch Carnegie Mellon | Chairman, Mapletree Investments; Chairman, Singapore Art Museum; Pro-Chancellor, SUSS; Distinguished Service Order 2026 |
Tan Hwee Bin | Executive Director | Executive | 5 Dec 2008 | about 63 (born 1963) | BAcc NUS; CA (Singapore); Harvard AMP | Chair, NTUC FairPrice Co-operative and NTUC FairPrice Foundation; Vice President, SNEF |
Cheng Man Tak | Non-Independent Non-Executive Director | Non-independent | 11 May 1981 | 66 | BSc USC; MBA Pepperdine | Director, Evergreen Products Group (HKEX); President, Federation of HK Garment Manufacturers |
Eric Ang Teik Lim | Lead Independent Director | Independent | 1 Jul 2020 (Lead ID from 31 Dec 2021) | — | BBA (Hons) NUS | Former Senior Executive Advisor, DBS Group |
Sim Beng Mei Mildred (Mildred Tan) | Independent Director | Independent | 2 Jan 2019 | — | BA (Hons) Middlesex; MEd Sheffield | Chair, Singapore Totalisator Board; Council of Presidential Advisers; former MD, EY Advisory |
Kwa Kim Li | Independent Director | Independent | 1 May 2022 | — | LLB (Hons) NUS | Managing Partner, Lee & Lee LLP; Director, Changi Airport Group |
Guy Daniel Harvey-Samuel | Independent Director | Independent | 2 Jan 2018 | — | ACIB; SMU Executive Diploma | Former CEO, HSBC Singapore; Director, M1, Capella Hotel Group, Clifford Capital |
Tan Sri Zulkurnain bin Awang | Independent Director | Independent | 2 Jan 2018 | — | PhD Leeds; Harvard AMP | Chairman, Wing Tai Malaysia Sdn Bhd |
Yeoh Oon Jin | Independent Director | Independent | 1 Dec 2025 | — | BCom (Accounting) Birmingham; FCA (ICAEW, ISCA) | Chairman, Singapore Pools; Director, SGX and Singapore Airlines; former Executive Chairman, PwC Singapore |
“—” = not publicly disclosed.
Executive Leadership Team
| Name | Title | Joined | Background |
|---|---|---|---|
Ng Kim Huat | Group Chief Financial Officer | 2003 | Certified Chartered Accountant; over 10 years of audit experience; BAcc (Hons) NUS |
Karine Lim | Group Chief Human Resource Officer | 2004 | Over 30 years in HR (retail, property, transport) |
Helen Chow | Director, Wing Tai Property Management | 1975 (Director since 1991) | Leads property marketing and sales; spouse of the Chairman |
Stacey Ow Yeong | Head, Marketing | 2014 | Over 30 years in sales and marketing |
Joseph Quek | Head, Property Operations | 2014 | MSc Real Estate NUS |
Joyce Sng | Head, Design & Product Development | 2023 | Registered architect; over 25 years of experience |
Christopher Chong Lye Sun | CFO, Wing Tai Malaysia | 2015 | CA, CPA (MICPA) |
Ang Kee Ping | Deputy MD, Central Region (Malaysia) | 2017 | 25 years in property development |
Adeline Chong Chyi Wei | Executive Director, Wing Tai Fashion (Malaysia) | 2007 | Manages Malaysian retail subsidiaries |
Gabrielle Tan | Company Secretary | — | Signatory on SGX filings |
“—” = not publicly disclosed.
Directors' Remuneration
| Name | Total compensation (SGD) | Mix |
|---|---|---|
Cheng Wai Keung (Chairman & MD) | About 2.45 million | About 57% salary; remainder bonus and share-based |
Tan Hwee Bin (Executive Director) | About 1.72 million | Not broken out |
Independent directors | About 93,000–112,000 each | Directors' fees |
Cheng Man Tak (NINED) | About 55,000 | Directors' fees |
Board & Management Changes
| Date | Change |
|---|---|
1 Dec 2025 | Yeoh Oon Jin appointed Independent Director; ARC and RC reconstituted |
23 Oct 2025 | Edmund Cheng, Mildred Tan and Kwa Kim Li re-appointed at the AGM |
22 Oct 2024 | Cheng Wai Keung, Zulkurnain bin Awang and Tan Hwee Bin re-appointed at the AGM |
Major Shareholders
| Holder | Direct shares | Deemed shares | Approx. % of 762.9 M shares |
|---|---|---|---|
Cheng Wai Keung | 214,400 | 471,665,459 | 61.8 (total interest) |
Edmund Cheng, Christopher Cheng, Edward Cheng, Edgar Cheng, Butterfield Fiduciary (Cayman), Butterfield Trust (Asia) | Small or nil | 385,766,467 each | 50.6 (deemed, overlapping) |
Wing Sun Development Pte Ltd | 222,235,490 | — | 29.1 |
Empire Gate Holdings Ltd | 90,813,541 | — | 11.9 |
Winlyn Investment Pte Ltd | 72,717,436 | — | 9.5 |
Ascend Capital Limited | 68,207,092 | — | 8.9 |
Wing Tai Asia Holdings Ltd | — | 313,049,031 | 41.0 (deemed) |
Major Shareholders by Rank
| Rank | Holder | Shares | % |
|---|---|---|---|
| 1 | Wing Sun Development Pte Ltd | 222,235,490 | 29.13 |
| 2 | UOB Kay Hian Pte Ltd (nominee) | 99,275,571 | 13.01 |
| 3 | Winlyn Investment Pte Ltd | 72,717,436 | 9.53 |
| 4 | DBS Vickers Securities (nominee) | 69,916,262 | 9.16 |
| 5 | Citibank Nominees Singapore | 36,840,503 | 4.83 |
| 6 | HSBC (Singapore) Nominees | 33,132,706 | 4.34 |
| 7 | DBS Nominees | 23,155,130 | 3.04 |
| 8 | Empire Gate Holdings Ltd | 19,539,572 | 2.56 |
| 9 | United Overseas Bank Nominees | 9,488,189 | 1.24 |
| 10 | OCBC Securities | 8,138,144 | 1.07 |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | Relative positioning |
|---|---|---|
Singapore residential (CCR/RCR) | City Developments (CDL) | Largest listed Singapore developer; diversified globally; FY2025 revenue S$3,587.1 million, PATMI S$629.7 million (CDL FY2025 results) |
| — | UOL Group | Premium developer-hotelier; FY2025 revenue about S$3.2 billion; operating PATMI S$468.7 million (The Smart Investor summary) |
| — | GuocoLand | Large Singapore residential and office player; FY2026 revenue S$1,434.0 million (FY2025: S$1,916.4 million); profit attributable about S$95.2 million |
| — | Frasers Property / CSC Land / Sekisui House consortium | Won Dunearn Road Parcel 1 (S$1,410 psf ppr); runner-up on Wing Tai's parcel |
| — | Sunway MCL / CSC Land | Won River Valley Green Parcel C (S$1,730 psf ppr) |
| — | Hong Leong Holdings / GuocoLand / Mitsui Fudosan | Dunearn Road bidder |
| — | China Overseas Land & Investment | Active GLS bidder (S$1,530 psf ppr on Dunearn) |
| — | Far East Organization, Allgreen (private) | Large private Singapore developers; financials not publicly disclosed |
| — | Bukit Sembawang Estates, Ho Bee Land, Oxley | — |
Malaysian residential | Sunway, SP Setia, Eco World, Mah Sing, SkyWorld (Mont Kiara) | Much larger Malaysian land banks; Wing Tai is a niche Penang and Klang Valley player |
Serviced residences / hospitality | The Ascott (CapitaLand), Frasers Hospitality, Oakwood | Global scale versus Lanson Place's boutique footprint |
Apparel retail (Singapore/Malaysia) | Club 21, FJ Benjamin, Valiram, Al-Futtaim (Malaysia) and brand-direct operators | Wing Tai's edge is the Uniqlo JV rather than franchise breadth |
Peer Comparison FY2026
| Metric | Wing Tai (FY Jun-2026) | CDL (FY Dec-2025) | UOL (FY Dec-2025) | GuocoLand (FY Jun-2026) |
|---|---|---|---|---|
Revenue (SGD Mn) | 617.4 | 3,587.1 | 3200 (approx.) | 1,434.0 |
Revenue growth YoY (%) | 168.2 | 9.7 | 16 | -25.2 |
Net profit attributable (SGD Mn) | 23.8 | 629.7 | — | 95.2 |
Net margin (%) | 3.9 | 17.6 | — | 6.6 |
Net gearing | 0.15x | 71% (after IP fair value) | — | — |
