Property developer Keppel Land posted a strong 62.2 percent profit growth to S$311.1 million for the nine months ended 30 September, mainly from net profit in property trading and higher earnings contribution from its Singapore and China projects.
Contribution from property trading reached S$230.1 million, due mainly to higher earnings from Marina Bay Suites and Reflections at Keppel Bay in Singapore and The Botanica, Central Park City and The Springdale in China.
The enhanced performance of Keppel REIT after its acquisition of Ocean Financial Centre (OFC) in December 2011 pushed property investment up 26.8 percent to S$58.6 million.
Moreover, net profit of the group’s fund management vehicles Alpha Investment Partners (Alpha) and Keppel REIT Management grew 14 percent to S$41.3 million on higher management fees.
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