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SINGAPORE : Keppel Land has surpassed market expectations, with full-year earnings hitting a record S$779 million in 2007.
This is up sharply from just S$200 million the previous year - boosted by strong sales at its high-end luxury residential projects.
With money in the bank, Keppel Land is eyeing greater overseas expansion in 2008.
Reflections at Keppel Bay and Marina Bay Residence are just two of the projects that have helped Keppel Land achieve record earnings last year.
Not only was net income at a record high, turnover also hit its highest ever at S$1.4 billion.
Kevin Wong, Group Chief Executive Officer, Keppel Land Limited, said, "2007 is a record year, in terms of price increase as well as number of units taken up. Looking ahead, we see that the high-end market direction will probably be dependant on the outcome of the US sub-prime problem, but (as for) the middle and mass market segment, we expect prices to continue to go up steadily."
The numbers include gains from the sale of its one-third stake in One Raffles Quay, as well as appreciation in the value of its office portfolio.
All in, Keppel sold more than 760 residential units in Singapore last year - a new record for the company.
Keppel Land also saw an 82 percent jump in earnings from property trading.
Overseas markets such as China and Vietnam contributed to 40 percent of total earnings.
However, Keppel Land is seeking to drive this up to 50 percent this year.
Mr Wong said, "Firstly, we spend on the shareholders - 12 cents. Secondly, what we will be doing is we would go where the market is, and Vietnam is a good place to expand; China again is a good place to expand, and we have started on some projects in Middle East, but there is no hard and fast route."
Keppel Land is paying out a final dividend of 8 cents a share and a special dividend of 12 cents a share. - CNA/ms
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