Singapore property developer Keppel Land said its first-quarter net profit rose 46% year-on-year to $92.1 million, lifted by higher contributions from property trading and its unit K-REIT Asia, as well as gains from selling its stake in Keppel Digihub.
OCBC said future earnings for Keppel Land are likely to be lumpier as the firm will have to comply with accounting standards and recognize profits on its overseas projects only on full completion.
The brokerage added that it expects slower Chinese sales this year, noting that prices remain at healthy levels of 60,000-80,000 yuan ($11,405-$15,206) per square metre for unsold units but foot traffic has dipped since the purchasing curbs.
However, OCBC said the pre-commitment levels at the firm’s Ocean Financial Center in Singapore’s office district have edged up to 82.3% from 80% in the fourth quarter, and is fairly confident of robust occupancy when it is completed.
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