Sinyi Realty Inc (信義房屋), the nation’s only listed real-estate broker, expects the nation’s housing prices to hold steady and property transactions to pick up as the market stages a slow and gradual recovery.
The housing market has emerged from a two-year correction as evidenced by a rapid increase in transactions and steady prices this year, Sinyi president Andy Liu (劉元智) told a shareholders’ conference on Friday.
“Looking forward, we expect the uptrend in transactions to continue with prices holding steady as buyers have gained some confidence, but refuse to chase prices,” Liu said.
The number of deals might continue to rise amid flat prices, as homebuyers show greater interest, Liu said.
Although housing transactions slumped to a record low of 245,000 units nationwide last year, the Taipei-based firm squeezed out a 0.9 percent revenue increase to NT$7.59 billion (US$252 million), due to a larger market share, company data showed.
The sluggish market in the previous years drove many peers out of the market.
Sinyi reported a net income of NT$924.59 million, or earnings per share of NT$1.46, better than NT$0.89 per share in 2015, a filing with the Taiwan Stock Exchange showed.
Shareholders approved a cash dividend of NT$1 and NT$0.31 stock dividend based on last year’s earnings.
Despite improving market sentiment, Sinyi has no intention of increasing the number of its outlets, but would move some offices to areas with less competition and higher demand for property consultancy services, company chairman Chou Chun-chi (周俊吉) said.
Changhwa County in central Taiwan appears to have room for growth, Chou said.
He refused to comment on plans to partner with Ambassador Hotel (國賓大飯店) president Hubert Lee (李昌霖) and acquire US fast-food giant McDonald’s Restaurant Operations Inc’s operations in Taiwan.
“There is nothing I can say, because the matter remains at a stage where confidentiality is required from all involved,” Chou said.
The reported partnership has raised eyebrows because Chou has never been in the food and beverage business.
Sinyi has also ventured into property development.
The property development arm is to deliver a presale project in Taipei’s Shihlin District (士林) next month and will launch a presale project next year on a plot it bought in New Taipei City’s Banchiao District (板橋), Liu said.
In China, the first phase of a residential development project in Shanghai has been sold out and the second phase was rolled out in October last year, allowing the company to start booking profit in the second half of this year, Liu said.
For the first quarter, Sinyi posted NT$1.75 billion in revenue and NT$71.36 in net income, or earnings per share of NT$0.11.
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