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Keppel Land's profit up 12.3% in Q2

Property developer Keppel Land has posted a 12.3-per cent rise in second quarter earnings compared to a year ago, supported by steady overseas sales offsetting a weaker Singapore residential market.

SINGAPORE: Property developer Keppel Land has posted a 12.3-per cent rise in second quarter earnings compared to a year ago.

Net profit for the three months ended June came in at S$107 million - supported by steady overseas sales offsetting a weaker Singapore residential market. Earnings from overseas jumped by some 28 per cent for the first half of this year, contributed mainly by China residential projects.

Meanwhile, revenue for the quarter declined by almost 8 per cent to about S$305 million.

Looking ahead, Keppel Land said it expects office rents in Singapore to grow, given low vacancy levels and limited new supply. However, it expects the residential market to remain challenging for the rest of the year, with home prices forecasted to moderate further.

"In Singapore, we expect the volume of home sales this year to be lower than last year, but demand for residential projects with strong marketing attributes and competitive pricing will continue to hold up. We are planning to launch for sale Highline Residences, which is located near Tiong Bahru MRT station," said Ang Wee Gee, CEO of Keppel Land.

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