Keppel Land reported a 38.8 per cent drop in earnings on-year for the first quarter of 2009. Net profit for the three months ended March 31 came in at some S$36.9 million. Sales for the same period fell by over 46 per cent on-year to S$145.7 million. Earnings per share also fell by 39.3 per cent to 5.1 cents. Keppel Land says the poor showing was due largely to the weak market conditions in Asia...
Keppel Land
Evergro Properties saw net profit more than triple to S$389,000 in the first quarter of 2009, compared to S$101,000 a year ago. The increase was largely due to a 21.5 per cent jump in interest earned from bank and other deposits amounting to S$134,000 in the three months ended March 31. Evergro, which is a unit of Keppel Land, said revenue fell by 39.2 per cent on-quarter to S$5.7 million in the first...
Some developers are getting so “kiasu” (afraid to lose out) that they are getting the original buyers of homes to indemnify them should a sub-purchaser fail to pay. However, the Controller of Housing has told at least one developer, Keppel Land, that this is wrong. The issue was raised when the buyer of an apartment at Park Infinia at Wee Nam Road, just off Keng Lee Road, tried to sell the unit bought...
Singapore-listed property counters have been massively sold down in recent weeks. They are underperforming the benchmark STI, with losses of about 61 per cent year-to-date. With the outlook for the sector still cloudy, analysts say they would prefer to remain cautious on these property stocks for the year ahead. Weak new home sales in Singapore have translated into soft earnings, a poor outlook, and...
Keppel Land has turned in a 23.2 per cent drop in earnings for the first nine months of 2008. Net income came in at S$159 million. Revenue for the same period fell by almost 38 per cent on-year to S$645 million. Keppel Land said the global economic crisis has hurt residential sales in China, Vietnam, India and Indonesia in the third quarter of 2008. It also saw lower earnings from its property services...
Of all the Singaporean companies in Vietnam, few have more confidence in the long-term future of Indochina’s largest country than Keppel Land (KepLand), the property arm of one of the island’s largest conglomerates, Keppel Corporation. It’s putting its money where its mouth is with its plans to invest $1 billion in Vietnam’s tallest building, an 88-storey complex of shops, offices and residences...
Inflation is soaring in Vietnam, and that's driving up overall business costs there. Despite this, Keppel Land said it will not have any impact on its property projects in the country in the short term. In a filing with the Singapore Exchange, the property developer said its joint ventures with strong local partners in Vietnam is helping the company to manage its cash flows. It is also forming...
Keppel Land has bought a 10 hectare site in Shenyang's Shenbei New District for about S$31 million. This parcel is located next to another site which Keppel bought in August 2007. The combined area of some 34 hectares will house an integrated township development, with a mix of mid- and high-rise apartment blocks. The new township is surrounded by residential, commercial, high technology industrial...
Keppel Land has entered into a joint venture with Sunsea Yacht Club to develop its first integrated residential cum marina lifestyle development in Zhongshan, Guangdong. Keppel Land will have an 80 per cent stake in the venture to develop the waterfront homes in the affluent Pearl River Delta region of Zhongshan. Targeted at the upper-middle to upper income segments, the proposed residential project...
Mainboard-listed Keppel Land has posted a 3.5 percent drop in quarterly earnings. First quarter net profit came in at S$60.3 million, down from S$62.5 million in the same period last year. This was much lower than a Dow Jones Newswires poll estimate of S$98 million. Revenue fell by 7.6 percent on year to S$273.1 million. The weak earnings came on the back of a cautious property market, following the...