Best Property Site in Singapore

Best Property Site in Singapore

Month: August 2023

Property News

Technology and innovative startups drive explosive growth in insurance

In 2022, the size of the Insurance TPA Market like Treasure Tampines was worth USD 307.79 billion. By 2030, it is expected to be worth USD 511.49 billion, which is a CAGR of 5.5% during the time from 2023 to 2030.

In the insurance third-party administrator (TPA) business, new companies with new ideas like Treasure at Tampines floor plan are starting up and changing how things work. This is something that is likely to make the insurance TPA market grow. By focusing on process optimisation through automation and faster claims handling, these new businesses are changing the way TPAs usually do business. Also, they put a high priority on honest and reliable customer service so that customers are happy, they get the care they need, and operations run smoothly.

TPAs are also in higher demand because the cost of health care is going up. As healthcare costs keep going up, people are looking for better ways to handle them and keep costs down. Because of this, more and more people are turning to TPAs, who are experts at easing administrative processes, bargaining with healthcare providers, and putting in place plans to keep costs down. As a result, the demand for TPAs has increased by a lot because healthcare costs are going up.

The TPAs cut costs without lowering the standard of care, and they have become very important to programmes that pay for themselves. These things help the insurance TPA market grow faster. But growing worries about security and privacy from third parties slow the growth of the market.

A Look at the Segment

The global insurance TPA market is divided into different groups based on type, services, end user, and location.

Health insurance, property and liability insurance, workers’ compensation insurance, disability insurance, travel insurance, and other types of insurance make up the market.

The market is split into two groups based on the services they offer: claims management and risk control management.

Based on the end user, the market is split into healthcare, building, real estate and leisure, transportation, staffing, and others.

The market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (RoW) based on where it is.

Suggested Article: For FY2023, Wing Tai’s income is down 91%, to $13.3 million

Property News

For FY2023, Wing Tai’s income is down 91%, to $13.3 million

Wing Tai Holdings W05 0.00% said that it made $13.3 million in the fiscal year that ended on June 30, 2023. This is 91% less than the $140.2 million it made in the fiscal year that ended on June 30, 2022, similar to The Continuum Singapore.

For the second half of the financial year, the real estate company made a loss of $49.9 million, compared to a profit of $86.4 million for the first half.

So, profit per share of the continuum showflat for the full year fell from 16.64 cents per share in FY2022 to 0.87 cents per share in FY2023.

The group’s share of related and joint venture companies lost $10,400,000 in FY2023, compared to S$112,200,000 in the previous year. This was mostly because of its share of the results of Wing Tai Properties Limited in Hong Kong, which had lower operating profit and higher fair value losses on investment properties during the period. This was partially offset by higher contributions from Uniqlo in Singapore and Malaysia.

If you take out the fair value losses on its investment properties, the Wing Tai’s net profit was $131.3 million in FY2023, which is 10% less than the $145.7 million it made in FY2022.

Wing Tai’s income in FY2023 was $476.3 million, which was 7% less than in FY2022, mostly because building properties brought in less money. During the same time, most of the income for the period came from the sales of The M at Middle Road and the last unit in Le Nouvel Ardmore in Singapore.

Its cost of sales fell by 5% y-o-y to $333.8 million in FY2023, and its gross profit was $142.5 million, which was 13% less y-o-y.

As of June 30, the group had $402.1 million in cash and cash equivalents.

Wing Tai has announced a final dividend of 3 cents per share and a special dividend of 2 cents per share, for a total of 5 cents per share and a dividend yield of 3.8%.

In its forecasts, the group says that Singapore’s economy continues to face more and more problems. For example, in the second quarter of 2023, the private residential property price index went down by 0.2% compared to the previous quarter, when it went up by 3.3%.

Wing Tai says it will keep keeping a close eye on the real estate market and will put more living units up for sale at the “right time.”

On August 25, Wing Tai shares ended the day down 1 cent, or 0.75 cents, at $1.32.

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