Keppel Land, which saw its Q4 earnings increase by 56 percent as the Asian property market recovered, has expressed plans to launch over 5,500 residential homes across the Asian region this year.
“Keppel Land is moving into 2010 with optimism on the back of its stronger financial position, improving residential sales and office space take-up together with expectations of continued recovery of Asia and a return of capital flows from the West,” said Kevin Wong, CEO of Keppel Land.
In Singapore, the company will sell units in two upcoming projects, the Reflections at Keppel Bay and Marina Bay Suites, to take advantage of the opening of the two IRs, which is expected to boost the high-end market.
In Shanghai, Keppel Land will also launch two projects and the first phase of the 1,700 units, 35.4 hectare project in the Sino-Singapore Tianjin Eco City.
The property firm yesterday announced its net profit for the quarter that ended 31 December 2009, jumped to $106.9 million compared with $68.5 million a year ago. Its revenue also increased 52 percent from $197.4 million to $300.5 million.
“Residential sales in Singapore and overseas have recovered, encouraged by signs of economic recovery and improved market sentiments,” it said. The revenue increased as the company saw continuous revenue surge from its newly launched projects, The Promont and Madison Residences.
The overwhelming response for projects in India, China and Vietnam also contributed to its higher revenue. The Riviera Cove project in Ho Chi Minh City also recorded robust sales since it was launched in November last year.
However, the property group recorded a $12 million loss of net fair value at the pre-tax level in Q4 2009, mainly from completed investment properties owned by K-Reit Asia.
For the whole of 2009, the company’s net profit climbed 23 percent from $227.7 million a year ago to $280.4 million. Revenue also increased 10 percent to $923.9 million from $842.2 million in 2008 at the back of higher sales.
Earnings per share for 2009 also surged to 24.2 cents compared with 22.4 cents in 2008.
Keppel Land is also searching for land to purchase. Last year, it carried out right issues which raised $708 million of gross proceeds. “This ensures the group is well-positioned to capitalise on opportunities to acquire attractive assets at competitive prices in Singapore and overseas,” it said.