“Going forward, redevelopment of Lakeside Apartments en-bloc is targeted to commence in FY2024, while the successful tender for the freehold Holland Tower site in March will add to its landbank,” says Chan, adding that he believes that the demand for this launch will remain resilient, given the limited supply of new residential developments in the Lakeside region with the most recent launch way back in 2016.
Lim & Tan Securities is keeping a positive outlook on property developer and retail operator Wing Tai Holdings (SGX:W05
) , as analyst Chan En Jie has kept his ‘accumulate’ call on the counter with a target price of $1.95.
Wing Tai’s 1HFY2023 ended Dec 31, 2022, revenue and operating profit came in at $260.8 million (-14.9% y-o-y) and $29.1 million (-43.0% y-o-y) respectively from lower progressive sales as less than 95% of its development units in Singapore have been sold.
