Keppel Land’s Q3 profit up 70% to S$78.5m

Mainboard-listed developer Keppel Land said its third quarter net profit surged 70 per cent to S$78.5 million as property markets across Asia strengthened amid signs of an economic recovery.

Sales rose 22.6 per cent to about S$228 million for the three months ended September.

Capitalising on the improving market sentiment, Keppel Land launched Madison Residences and Caribbean Residences as well as soft-launched the Promont in the third quarter.

It said all developments enjoyed a strong take-up. More than 80 per cent of the 56 units at Madison Residences and 92 per cent of the 118 units launched at Caribbean Residences were sold.

This brings the total number of homes that Keppel Land sold year-to-date in Singapore to 240.

Outside of Singapore, the developer sold more than 2,600 homes overseas as of September, mostly in China.

Looking ahead, Keppel Land said following its rights issue, it is well-positioned to capitalise on opportunities to expand through acquisitions.

In Singapore, it will continue to focus on developing residential and commercial developments. The developer said it will also focus on developing residential, township and selective gateway city office projects in high growth markets such as China, Vietnam and India.

Source : Channel NewsAsia – 21 Oct 2009

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