Results 1 to 3 of 3

Thread: Keppel Land H1 earnings up 56% on strong home sales

  1. #1
    Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default Keppel Land H1 earnings up 56% on strong home sales

    Keppel Land H1 earnings up 56% on strong home sales

    By Daryl Loo, Channel NewsAsia | Posted: 24 July 2007 2126 hrs


    SINGAPORE : Keppel Land is seeing good earnings numbers, thanks to strong residential sales.

    The developer booked a 55.6% jump in first half earnings to S$125.5 million.

    Sales were up by almost 86.7% to S$654.6 million.

    Keppel said it expects to continue reaping the benefits of the property boom, with strong demand keeping prices and rents on an upward trend in homes and offices.

    The roaring demand for private residential properties has turned into strong sales for Keppel Land at its recently-launched projects.

    The developer sold 600 units in the first half of this year, including 97% of the 493 units in Reflections at Keppel Bay that were put up for sale.

    Private home prices jumped about 13% during the period.

    Keppel said it expects the property bull run to continue in the near future.

    Keppel Land's MD, Kevin Wong, said: "We see that the demand is still strong, while the supply is steady. We believe that both prices as well as rentals would continue to trend upwards in the near future.

    "For the office market, again demand is strong and broad-based, while the supply is tight, so both capital values and rental values should continue to move upwards."

    Keppel Land is part of the consortium that is building the upcoming Marina Bay Financial Centre, and is poised to benefit from the ongoing spike in office rentals.

    The markets may have been caught off-guard by the recent hike in development rate charges, but Keppel Land does not expect this to dampen developers' appetite for en bloc sales.

    Wong said: "There could be a bunch of people who think that prices would still increase further, and because of this development charge, land value now might be slightly lower.

    "But I believe there are also another group of people who feel that this could be a wake-up call too, that there could be more things to come and therefore affecting the land value. So it's a mixed feeling, but I don't think it will slow down any en bloc sales."

    Keppel intends to keep pursuing large-scale residential township projects, particularly in markets such as Vietnam and China.

    It also wants to divest more of its buildings to K-REIT Asia property trust, into which it had already injected assets like the Bugis Junction and Prudential Towers. - CNA /ls

  2. #2
    Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default Re: Keppel Land H1 earnings up 56% on strong home sales

    Published July 25, 2007

    KepLand's Q2 net profit increases 42.2% to $63m

    Developer sees contributions from high-profile projects like MBR

    By UMA SHANKARI


    KEPPEL Land, Singapore's third-largest developer by asset size, yesterday said that net profit for the second quarter ended June 30, rose 42.2 per cent to $63.0 million - from $44.3 million a year ago - as it saw contributions from high-profile projects Marina Bay Residences (MBR) and Reflections at Keppel Bay.

    Turnover for the three months rose 55.1 per cent to $359.2 million, from $231.6 million a year ago.

    KepLand said that profit for the first half jumped 55.7 per cent to $125.5 million. Turnover for the first six months of the year climbed 86.8 per cent to $654.6 million.

    No dividend was declared for the period.

    For the first half of 2007, the company drew 37.7 per cent of its net profit from overseas, down from 65.1 per cent in the same six months in 2006.

    KepLand sold about 600 homes in Singapore in the first half of the year, a jump of more than 50 per cent over the number of units sold a year earlier.

    For the rest of 2007 and 2008, another 558 units could be launched, the developer said yesterday. The 250 homes in phase two of MBR could be put on the market as early as the end of this year, said KepLand managing director Kevin Wong.

    Another big project that investors will be watching is Reflections at Keppel Bay, where another 151 units will be launched.

    Mr Wong remains upbeat about the prospects of the residential property market in Singapore. 'We see that there is strong demand (for homes), while the supply is steady,' he said. 'We believe that both prices and rents will continue to move up in the near future.'

    Prices for homes in Singapore have climbed 13.1 per cent since the start of the year, official data show.

    Similarly, KepLand expects its office portfolio to continue performing strongly. Mr Wong said that capital values and office rents here can be expected to continue their steady increase.

    Citigroup analyst Wendy Koh said that KepLand's second-quarter results are in line with market expectations, but below her estimates.

    'We have lowered 2007 full-year earnings estimates by 7 per cent to reflect slower-than-expected sales at the Reflections at Keppel Bay,' Ms Koh said.

    So far, 97 per cent of the 493 apartments launched have been sold at the development, but the project has some 1,129 units in all. Citigroup is maintaining its 'buy' call and target price of $10.25 on the stock.

    Shares of Keppel Land rose 15 cents - or 1.8 per cent - to close at $8.70 today. The stock has advanced 26 per cent since the start of this year.

  3. #3
    Unregistered
    Guest

    Default Re: Keppel Land H1 earnings up 56% on strong home sales

    ??

    what happened to all the previous post

Similar Threads

  1. M1, Keppel Land run pilot of smart home system at condo
    By reporter2 in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 23-12-15, 16:15
  2. Strong home sales, higher rents lift CapitaLand earnings
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 08-05-15, 19:12
  3. Keppel rides high on strong condo sales
    By reporter2 in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 27-07-12, 22:26
  4. Keppel Land Q1 profit up 46% on sales surge
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 21-04-11, 18:52
  5. Keppel Land earnings soar 72% to $62.5m
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 26-04-07, 06:31

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •