Wing Tai Holdings is holding back on the launch of its two sites in the Ardmore Park area – Ardmore Park condominium and Anderson 18 – despite softening of the market.

Its chairman, Cheng Wai Keung, said although home prices are softening, he expects them to remain mostly stable until at least 2010. This is due to its projects, which are currently being completed this year and next, were initially sold at relatively low prices in 2005 and 2006. Therefore, there is no urgency for buyers of these projects to unload their units.

He also said developers are financially strong, and if they can hold and allow orderly release of units, prices should not fall drastically. However, he noted that the situation may change after 2010.

Projects to be completed in two years time were launched at higher prices last year, and should the economy fail to improve by then, these expensive units may flood the market and financially strong developers may weaken, he explained.

Although prices have softened, Cheng believes it is due to traders and speculators having left the market, and not because of Singapore’s economic fundamentals, which he maintains is sound.

Cheng also said he is willing to hold out for prices to reach S$4,000 psf again at Ardmore Park, adding that even at the peak, he still thinks that S$4,000 psf was relatively cheap compared to values in the world and in the country.

To date, Wing Tai has locked in construction costs for Ardmore Park and is renting out units in Anderson 18 instead of redeveloping the building. Meanwhile, it may launch some of its other sites in its land bank this year or next, said its chief operating officer, Tan Hwee Bin.

Belle Vue Residences in Oxley Walk would be ready for launch next month while a leasehold site in Alexandra Road close to Redhill MRT Station would obtain necessary approvals by year end.

Tan said the group will position the Alexandra Road condo as a mid-tier project and may borrow some of the features used in its high-end Draycott8 development.