Le Nouvel Ardmore unit sold for record price

Wing Tai Holdings Ltd has sold a unit at Le Nouvel Ardmore at 20 percent higher than the original estimate of S$3,500 psf, according to Singapore Business Review.

"The unit at Le Nouvel Ardmore has been sold to a company owned by Mr Cheng Wai Kin, the brother of Wing Tai Chairman Cheng Wai Keung. Without disclosure of the actual unit size, we estimate that the price works out to approximately $4,200 psf on an average unit size of 3,940 sq ft," said Kim Eng.

Wing Tai has raised the average selling price (ASP) more aggressively, at S$4,000 psf for two Ardmore Park projects, effectively increasing the revalued net average value (RNAV) by 10 cents per share.

Kim Eng added that Wing Tai has been selective in acquisitions and has been a notable absentee in recent Government Land Sales (GLS) tenders.

"Given that the results of recent tenders suggest that land prices are moderating, we expect to see more participation from the group for attractive sites in the upcoming tenders."

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