wing tai summary fa 23 sep 9/23/06 2:53 PM Page 3 C M Y CM MY CY CMY K Reaching New Heights Wing Tai Holdings Limited Summary Report 06 Composite wing tai summary fa 24 sep 9/25/06 2:30 PM Page 4 C M Y CM MY CY CMY K Outfit & accessories: Topshop Sculpture: Guardian Figure by Gregory Scott Johns Location: Draycott 8 Composite wing tai summary fa 23 sep 9/23/06 3:00 PM Page 6 C M Y CM MY CY CMY K Reaching New Heights Wing Tai Holdings Limited Summary Report 06 Reaching New Heights This financial year, Wing Tai Holdings Limited achieved the highest revenue in the Group’s history with an astounding 216% increase from the previous year. Positive market sentiments and a confident management outlook are poised to fuel the Group’s advancement in all sectors. From property investments, development and management of upscale projects to expansive plans in its fashion & lifestyle retail sector, the Group is set to reach even greater heights of achievement in the years ahead. COVER Photography by Wee Khim Model Catherine Charest by Mannequin Studio Clothes & accessories by Topshop Styling by Johnny Khoo Make-up by Cindy Goh Hair by Dexter Ng Location at Draycott 8 CONTENTS 02 06 REDEFINING CHAIRMAN’S LUXURY & STYLE MESSAGE 10 20 24 Operations Review – PROPERTY Operations Review – Operations Review – APPAREL PRIME TIME HOSPITALITY DRESSED FOR SUCCESS DELIVERING TOP SERVICE 30 34 35 Calendar of Events Corporate Board of OH, WHAT A HIT & HIP YEAR! Data Directors 40 41 Key Corporate Management Staff Governance INSIDE (Facing page, pages 2-5, 12 & 13) Photography by Wee Khim Models Catherine Charest and Ricky Anderson by Mannequin Studio Styling by Johnny Khoo Make-up by Cindy Goh Hair by Dexter Ng Design & Art Direction by Raindance PG 01 Composite wing tai summary fa 23 sep 9/23/06 3:15 PM Page 7 C M Y CM MY CY CMY K PG 02 Composite wing tai summary fa 23 sep 9/23/06 3:15 PM Page 8 C M Y CM MY CY CMY K Redefining Luxury A brand name synonymous with premier developments in Singapore and the region, WingTai Asia’s impressive portfolio includes the iconic Draycott 8 and The Light at Cairnhill in Singapore’s prime districts, The Meritz in Kuala Lumpur, The Waterfront in Hong Kong and The Lakeview in Suzhou, China. More than a purveyor of posh properties, WingTai Asia is upping the ante for what it means to live in the lap of luxury. Luxe Redux On Her: Faux fur trench coat by Karen Millen. On Him: Smart black dress shirt and grey flannel pants from Topman. PG 03 Composite wing tai summary fa 23 sep 9/23/06 3:00 PM Page 9 C M Y CM MY CY CMY K Redefining Style The WingTai Asia brand has always been in vogue since its beginnings as a garment manufacturer over 5 decades ago. As a major fashion retailer in Asia today, its portfolio of fashion labels includes some of the most du jour names in fashion. From the couture glam of Karen Millen and MAXSTUDIO.COM to hot-off-the- catwalk trends of Topshop, Topman and Miss Selfridge to the street culture chic of Fox Fashion and the urban flair of G2000 and U2. Quality finish, value pricing and trend-leading designs puts Wing Tai Retail a cut above the rest. Uber Cool On Her: Sensuous low-back satin cocktail dress by Topshop. On Him: Casual shirt, grey cotton sweater and skinny denims by Topman. PG 04 Composite wing tai summary fa 23 sep 9/23/06 3:00 PM Page 10 C M Y CM MY CY CMY K PG 05 Composite wing tai summary fa 23 sep 9/23/06 3:00 PM Page 11 C M Y CM MY CY CMY K Chairman’s Message The Singapore economy has grown strongly by 9.4% in The Group’s net gearing ratio has been reduced to the first half of 2006 and is forecast to achieve a growth 0.7 times as at 30 June 2006 from 1.0 time as at 30 of 6.5% to 7.5% for the whole year. The URA residential June 2005. This has been brought about by the property price index has risen for nine consecutive quarters proceeds from the sale of Park Mall and the cash with an increase of 3.3% in the first half of 2006. The generated from the sale of residential property units Singapore property market sentiment has been positive in the current year. and the demand, particularly for high-end prime residential projects, has remained strong. The Group’s net asset value per ordinary share increased to S$1.60 as at 30 June 2006 from S$1.42 I am pleased to report that for the financial year ended as at 30 June 2005. This increase is mainly attributable 30 June 2006, the Group’s revenue has hit a historic to the substantially higher net profit achieved by the high of S$889.3 million, representing a 216% increase Group in the current year. The return on shareholders’ over the previous year. The higher contribution from equity has also increased significantly to 11.1% from the development properties as more property units 2.4% in the previous year. were sold is the main reason for this increase. As a result of the improved performance, the Board Revenue was recognised from the units sold in of Directors has recommended a first and final dividend Draycott 8 and The Light at Cairnhill as well as the of three cents per ordinary share less tax plus a percentage completion of Kovan Melody. This special dividend of three cents per ordinary share resulted in the Group’s operating profit increasing less tax for the current year. The total net dividend from S$17.0 million in the previous year to S$102.1 amount to S$34.5 million. million in the current year. The Group’s net profit attributable to shareholders for the current year During the year in review, the Group sold 855 homes increased from S$24.4 million to S$128.0 million. with a total sales value of more than S$1.3 billion. This is an increase of 424%. Apart from the better The Group officially launched two residential projects performance of the Group, the year also saw higher in Singapore, namely VisionCrest Residences and contributions from the associated companies in The Nexus. VisionCrest Residences has 265 units Hong Kong. and is strategically located near to the Dhoby Ghuat PG 06 Composite wing tai summary fa 23 sep 9/23/06 3:00 PM Page 12 C M Y CM MY CY CMY K PG 07 Composite wing tai summary fa 23 sep 9/23/06 3:00 PM Page 13 C M Y CM MY CY CMY K Chairman’s Message “I am pleased to report that for the financial year ended 30 June 2006, the Group’s revenue has hit a historic high of S$889.3m, representing a 216% increase over the previous year.” MRT Interchange Station. It is seen as an attractive will have a total gross floor area of approximately property investment opportunity for locals and 0.8 million square feet. Together with the Group’s foreigners alike. The Nexus, which has a total of 242 interests in The Floridian and the Tanah Merah site, units, is located minutes away from the cosmopolitan the Group has residential development portfolio in hub of Orchard Road and Holland Village. Both Singapore with a combined gross floor area of projects have received very good response. approximately 1.2 million square feet. The Group has also released for sale two new The Group will continue to benefit from the positive luxury residential properties in Singapore – sentiment in Singapore and is looking to market three Draycott 8 and The Grange. Draycott 8 is attractively new residential projects, namely Phoenix Mansion, located on an elevated site along Draycott Drive Kallang Road riverside and Belle Vue sites in the with just a few minutes’ walk from Orchard Road. coming financial year. This 136-unit development registered strong interests among savvy home buyers and investors In line with the strategy to develop and expand its and has currently achieved around 60% sales. core business activities in the region, the Group acquired additional shares in DNP Holdings in the The Grange is an exclusive 95-unit condominium current year and raising its stake in the company to located along Grange Road, which is close to the 51%. Accordingly, DNP Holdings has become a excitement of bustling shopping and entertainment subsidiary company of the Group. belt of Orchard Road and yet a world apart in a quiet enclave of tranquility. This project has also enjoyed In Kuala Lumpur, The Meritz, a 31-storey luxury great success with 92 units already snapped up by condominium development by DNP Holdings home buyers and investors. was well received by home buyers and investors. It is conveniently located directly opposite the Kuala Since July 2005, the Group has acquired four freehold Lumpur City Centre Twin Towers and is within walking residential development sites in Singapore – Phoenix distance to the LRT station. To-date, more than 50% Mansion, Belle Vue, Newton Meadows and Kallang of this development, which consist of 110 units of Road riverside site. These four development sites 2 and 3-bedroom apartments, has been sold. PG 08 Composite wing tai summary fa 23 sep 9/23/06 3:00 PM Page 14 C M Y CM MY CY CMY K DNP Holdings has another freehold residential Going forward, the Group will embark on a Pan-Asian site in Kuala Lumpur – The Bukit Ceylon.