In 2014, Keppel Land sold 304 units, mainly from Highline Residences. The condominium project in Tiong Bahru sold 148 of total 500 units, or about 30 percent, as at end-2014, its developer said in a statement yesterday.
Keppel Land CEO Ang Wee Gee said the property firm performed creditably last year, despite the challenges in its major markets.
“We achieved revenue of $1.5 billion for the year, similar to the previous year. Our pre-tax profit before fair value gain on investment properties increased 9.5 percent to $733.1 million, from $669.7 million a year earlier,” he said.
This is supported by the recycling of its assets through divestment of assets such as Marina Bay Financial Centre Tower 3 and Equity Plaza in Singapore, as well as Elita Garden Vista in India and Al Mada Towers in Saudi Arabia. The group’s divestments in 2014 provided $1 billion in net proceeds.
Ang said, “Proceeds from these divestments will be redeployed to growing our presence in our key markets, investing strategically to strengthen our capabilities, as well as seizing investment opportunities in other markets. In 2014, we committed $1.1b to investments in new projects and subsequent phases of existing projects.”
Keppel Land will continue to scale up its presence in Singapore and China, and its growth markets in Indonesia and Vietnam. However, 2015 is likely to be another challenging year as the economic conditions in Singapore and China are not expected to improve significantly, Ang added.
“Singapore’s economy has been affected by an uneven global recovery. The property cooling measures are unlikely to be lifted soon. However, we expect demand for well-located and well-planned residential projects, such as our Highline Residences, located in Tiong Bahru, to hold up better.”
Image source: thehighlineresidences.com.sg
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
