Children of Wing Tai chairman granted options to buy four River Green units for S$7.9 million

[SINGAPORE] Wing Tai Holdings has granted options to purchase four units in the River Green condominium to two children of its managing director and chairman Cheng Wai Keung, for a total of S$7.9 million.

The project, located at River Valley, is developed by Wing Tai.

Options to buy two units were issued to Cheng’s son Kelvin Cheng Zen Tak, priced at S$1.963 million for a fifth-floor unit and S$1.974 million for a sixth-floor one, the company disclosed in a bourse filing on Wednesday (Aug 20).

Another two options were granted to his daughter Carol Cheng Kar Yee, for seventh and eighth-storey units priced at $1.985 million and S$2 million, respectively.

All four units are in the same stack. Both children are trustees on behalf of beneficiaries; neither was given any discounts, Wing Tai said.

The sales have been reviewed by the company’s audit and risk committee and its board, with Cheng Wai Keung and two family members – Edmund Cheng and Cheng Man Tak – abstaining.

The board and audit and risk committee is satisfied that the sales “are not prejudicial to the interests of the company and its minority shareholders”, said Wing Tai. The committee has also determined that the number and terms of the sales are fair and reasonable.

River Green has seen strong demand, with 88 per cent of its 524 units sold at launch on Aug 3. Prices averaged at S$3,130 per square foot, and some 98 per cent of buyers were Singaporeans and permanent residents.

Its performance exceeded that of Upperhouse at Orchard Boulevard, which sold 54 per cent of its 301 units at its launch two weeks earlier. Another River Valley development, The Robertson Opus, moved 41 per cent of its 348 units in the same weekend.

Wing Tai shares ended Wednesday flat at S$1.36, before the bourse filing was made.