WING Tai Holdings will not be doing an SC Global. It won't take the delisting route, declares chairman Cheng Wai Keung, as a way out from rules requiring the company to dispose of all units in its high-end residential projects here within two years of completion.
He also called on the authorities to lift this condition, which is stipulated under the Qualifying Certificate (QC) that foreign housing developers need to obtain when they buy a residential site from private-sector sources. After all, the government has given such reprieve to developers in the past amid external shocks that rocked Singapore's property market, he argued.
The Cheng family owns slightly more than 50 per cent of mainboard-listed Wing Tai which, like many other developers, is stuck with unsold units in high-end residential projects developed on sites bought at high prices before the 2008 global crisis.
Wing Tai has sold only three of the 43 units at Le Nouvel Ardmore. The freehold project received Temporary Occupation Permit (TOP) in April and hence Wing Tai has up till April 2016 to finish selling the project.