Keppel Land achieved a record net profit of S$1.05 billion last year, up 273 per cent from the previous year, despite lower turnover.
The stellar performance was mainly due to the S$363.8 million gain from the sale of its one-third interest in Marina Bay Financial Centre Phase 1, as well as fair value gains on investment properties, the company said.
Excluding fair value gain on investment properties or impairment, net profit grew to S$640.8 million, up 145.2 per cent from 2009.
For the full year ended December 31, the developer posted a revenue of S$792.3 million, down by 14.2 per cent on-year.
Keppel Land said demand for homes in Singapore would continue to be supported by an economy growing at a projected pace of 4 to 6 per cent this year. But it added that the latest government measures to discourage speculation would affect market sentiment in the short term.
For the rest of this year, Keppel Land plans to launch about 600 homes here – from a new phase of The Lakefront Residences, as well as its remaining units in Marina Bay Suites and Reflections at Keppel Bay.
In China, Keppel Land will be releasing the remaining units at 8 Park Avenue, located in Shanghai, and township homes at The Seasons in Shenyang. The developer also plans to launch two waterfront developments in Vietnam.
Following the recent completion of the asset swap deal with K-REIT Asia and the issue of S$500 million convertible bonds, the group is in a strong financial position with a cash surplus of more than S$1.5 billion to continue to actively pursue acquisition opportunities in Singapore and the region, Keppel Land said.
The company has proposed a distribution of 18 cents per share, comprising a special dividend of nine cents per share, and an ordinary dividend of nine cents per share.
Source : Channel NewsAsia – 24 Jan 2011