Keppel Land's 4Q net income climbs 47% to $1.17b

Keppel Land, the property developer partly owned by the world’s largest builder of oil rigs, said fourth-quarter net income surged 47%, boosted by the sale of its downtown Singapore office tower, reported Bloomberg.

Net income climbed to $1.17 billion in the three months ended Dec 31, from $796.8 million a year earlier, it said in a statement handed to reporters in Singapore.

The developer said it booked a gain of $508.1 million from the sale of the property. It also made a fair value gain of $549.8 million on its investment properties, it said.