Wing Tai Holdings FY2025: Revenue +36% to S$230M, River Green 88% Sold on Launch Day, Amara Holdings Acquired

Wing Tai Holdings FY2025 Annual Report (year ended 30 June 2025) reflects a developer in active portfolio transition — strong development revenue recognition offset by lower investment property income, a material net loss from Hong Kong associate Wing Tai Properties Limited, and two landmark strategic moves: the River Green launch and the Amara Holdings acquisition.

• ▸Revenue: S$230.2M (FY2024: S$169.2M; +36% — driven by progressive recognition from The LakeGarden Residences in Singapore and Jesselton Hills in Malaysia).
• ▸Operating Profit: S$7.4M (FY2024: S$22.5M — lower due to absence of The M at Middle Road contributions which were fully sold in FY2024).
• ▸Share of Associated/JV Results: -S$22.5M (FY2024: -S$58.6M — improved). Within this, Wing Tai Properties Limited (HK) contributed -S$142.0M largely on fair value losses on HK investment properties and impairment on development properties, partially offset by negative goodwill of S$84.4M on Amara Group acquisition.
• ▸Net Loss: S$61.0M (FY2024: S$78.7M; improved).
• ▸NAV per share: S$3.73 (FY2024: S$3.90).
• ▸Net gearing: 0.29x.
• ▸Investment properties: S$830.5M (FY2024: S$835.5M; -0.6% on currency translation drag).
• ▸Rental income from investment properties: S$43.5M (FY2024: S$42.8M; +1.7%).

River Green: 524-unit, 36-storey tower at River Valley launched 2 August 2025 — 88% of units sold on launch weekend. Groundbreaking 8 July 2025; direct access to Great World MRT. Wing Tai's flagship Singapore pipeline project.

Amara Holdings Acquisition: In April 2025, Wing Tai joined consortium DRC Investments (with two partners) to acquire Amara Holdings. Completed July 2025. Amara's primary business is property and hotel investment/management — adds hotel assets and IP to the Wing Tai platform.

The LakeGarden Residences: 306-unit leasehold development in Jurong Lake District — 75%+ sold as at 30 June 2025; construction on schedule. Primary revenue contributor in FY2025.

Retail: Wing Tai's Uniqlo franchise agreement in Singapore expired during the year. Retail segment revenue contribution declines from FY2026 onwards.

• ▸Singapore: Winsland House I and II (Orchard/Somerset commercial office) — occupancy >90%; Lanson Place Winsland Serviced Suites — occupancy ~80% (stable).
• ▸Australia: 6 properties including St Kilda Road (13,826 sqm office), Flinders Street + Tavistock Place under planning, Wesley Court; 2 data centres (Mitcham + Baulkham Hills) fully let to Vocus Group on single-tenant arrangements.
• ▸Japan: Far East Village Hotel Tokyo, Asakusa — occupancy ~90%, stable.
• ▸China: Singa Plaza, Suzhou Industrial Park (75% interest; leasehold to 2046) — valuation declining on China market weakness.

• ▸Cheng Wai Keung (Chairman & MD): S$2,445,663 (FY2024 band: S$2,750,001–S$3,000,000 — declined on lower bonus).
• ▸Edmund Cheng Wai Wing (Deputy Chairman & Deputy MD): S$2,318,011 (FY2024 band: S$2,500,001–S$2,750,000).
• ▸Tan Hwee Bin (Executive Director): S$1,721,696 incl. share awards (FY2024 band: S$2,000,001–S$2,250,000).
• ▸Total KMP remuneration (7 persons): S$5.769M (FY2024: S$5.635M).

Wing Tai's FY2025 earnings are suppressed by a classic developer timing effect — The M at Middle Road's outsized FY2024 contribution has rolled off, while LakeGarden Residences and Jesselton Hills provide steady but smaller progressive recognition. The real story is the pipeline reset: River Green's 88% launch-weekend sell-through signals strong demand at River Valley, while the Amara Holdings acquisition adds hotel and commercial IP exposure. The investment property portfolio (S$830.5M) is stable at high occupancies in Singapore and Japan. Structural headwinds remain: HK associate Wing Tai Properties continues to drag via fair value losses, and the loss of Uniqlo franchise removes a recurring earnings stream. Watch for River Green completions and Amara integration in FY2026–2027.