Property developer Keppel Land has recorded a 70 percent jump in its Q1 profit to S$141.9 million, from S$83.3 million in the previous year.
Earnings of its property trading segment grew 210.2 percent to S$133.4 million, from S$43 million last year. This was mainly due to higher contributions from Reflections at Keppel Bay and The Springdale development in China.
Property investment also performed well during the quarter, with net profit expanding 38 percent to S$20 million on higher contribution from K-Reit Asia following the acquisition of an 87.5 percent interest in Ocean Financial Centre.
However, Q1 revenue dropped 52 percent to $170.2 million, attributed to an S$89.4 million and S$98.3 million drop in revenue from local and overseas operations respectively.
In Singapore, this was underpinned by lower take-up of its projects, particularly The Lakefront Residences, which was partly cushioned by the new revenue stream coming from The Luxurie condo (pictured) in Sengkang.
For the first quarter, Keppel Land sold 90 residential units, with most of the sales coming from The Luxurie.
Meanwhile, Tower 3 of Marina Bay Financial Centre (MBFC) secured a 67 percent committed lease during the period, with new tenants like Rio Tinto, The Regus Group and Fitness First.
At the same time, Keppel Land sold 270 homes in its overseas projects during the period, with projects in China accounting for the bulk of sales (190 units), mainly from The Springdale in Shanghai and The Botanica township in Chengdu.
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