Wing Tai: Announced that it has signed a JV agreement with Singbridge Intl to jointly develop a residential project in the Sino-SG Guangzhou Knowledge City, China. Wing Tai will hold a 40% stake in the project. Wing Tai's JV will be on a 10-ha start-up area with a GFA of more than 268,000 sqm, expected to comprise about 2,000 homes. No other details have been disclosed…..
Projects within a 10km radius are fetching ASPs of about Rmb6,500-7,000 psm, while Singbridge had officially secured 17.8 ha of land on 15th April at an average of RMB433 psm. Assuming Wing Tai's JV is carved out from this 17.8 ha of land, total land cost for the 10-ha JV project works out to a mere Rmb116m (or $22m). Kim Eng estimate the project to have a pre-tax margin of about 30%, with a small RNAV accretion of 2c/share.
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