Keppel Land

Keppel Land ups stake in Vietnam housing project

Keppel Land said on Monday it has increased its share of a joint venture housing project in southern Vietnam by buying a 43 per cent effective stake in the project's phase two and three development. The Singapore developer will pay around US$11.5 million to raise its stake in the remaining phases of the Estella -- a high-rise residential development with a retail component -- to 98 per cent from 55 per...

Keppel Land adopts “wait-and-see” approach after property cooling measures

Property group Keppel Land expects new home sales in Singapore to "come down quite a bit" this year, after new private home sales hit a record 22,000 units in 2012. The developer of Reflections at Keppel Bay is not going to rush into launching new projects in the coming months. Instead, Keppel Land is adopting a wait-and-see approach, before making its next move. This after the seventh round of property...

Award of tender for residential site at New Upper Changi Road

The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at New Upper Changi Road to Sherwood Development Pte Ltd, a unit of Keppel Land. The company submitted the highest bid in the tender at about S$434.5 million for the 3.18-hectare site. Experts said the breakeven cost is estimated to range from S$1,150 to $1,250 per square foot and the selling price is likely to be...

Keppel Land achieves strong profit growth

Keppel Land almost doubled its net profit in the second quarter at S$94.7 million. That is 87.5 per cent higher for the three months ended June 30 compared to the previous year. More property sales also lifted its net profit in the first half of this year, up 76.8 per cent to S$236.6 million. Sales of homes in China doubled in the second quarter this year to 490 units. In the first half of this year,...

Keppel Land partners CT Properties on S$70M Sri Lanka project

Singapore-listed Keppel Land is making its first foray into Sri Lanka with the signing of a conditional joint venture agreement with CT Properties, a leading property developer in Sri Lanka. The joint venture will develop a luxury condominium project with about 260 residential units in the affluent Kotahena district in Colombo, the commercial capital of Sri Lanka. In a statement released on Friday,...

Keppel Land expands commercial property business in Indonesia

Keppel Land is expanding its commercial property business in Indonesia with a new office tower in Jakarta. After more than 20 years in Jakarta, Keppel Land has broke ground for a new office tower right next to its 18 storey development - The International Financial Centre. International Financial Centre was completed in 1985. The new International Financial Centre Tower 2 will feature green features....

Keppel Land eyes overseas expansion

Property developer Keppel Land has said it is growing a stronger commercial presence overseas. This is to help achieve a more balanced portfolio amid the cloudy outlook for 2012. Keppel Land Group CEO Kevin Wong said: "We are trying to reduce our (exposure to) volatility of any particular property sector. (As a result of) the cooling measures of the residential market, we are trying to move to the office...

Keppel Land Q3 net profit up 6.6% to S$58m

Property developer Keppel Land has reported a 6.6 per cent on-year increase in its third quarter net profit to S$58 million from a restated S$54 million last year. In a statement, Keppel Corp's real estate unit said the increase was due to higher earnings from property investment, as well as the introduction of a new accounting policy. The group adopted a new policy in January, under which revenue and...

K-REIT Asia acquires Ocean Financial Centre

K-REIT Asia has acquired Ocean Financial Centre (OFC) from Keppel Land for more than S$2 billion. The deal sees K-REIT's aggregate leverage level rise about two percentage points to 41.6 per cent. OFC is currently 80 per cent occupied with some existing leases at lower-than-existing market rental rates due to the global financial crisis. To sweeten the deal, Keppel Land has promised rental support of up...

Keppel Land’s Q2 net profit falls 65%

Slower home sales last quarter and a change in reporting standards have contributed to a 65 per cent plunge in Keppel Land's second quarter net profit. Its half year net profit also suffered, dropping 34 per cent to about S$133.8 million. Keppel Land's net profit for the second quarter ended June 30 was S$50.5 million. This is compared to S$143.8 million in the same year-ago period. Revenue for the...

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