Keppel Land reported a 87.5% rise in second-quarter net profit, lifted by the property developer's high-end residential project in Singapore and K-REIT Asia, a real estate investment trust that it sponsors.
Keppel Land earned $94.7 million for the three months ended in June, up from $50.5 million a year earlier. Revenue rose 25% to $130.3 million.
The company said its Reflections at Keppel Bay project in Singapore had a strong performance, while its Hotel Sedona Yangon in Myanmar and Spring City Resort in Kunming, China, also increased their contributions.
Keppel Land said it will continue to explore opportunities for site acquisitions in Singapore and overseas for residential, commercial and mixed-use developments.
Keppel Land is the property arm of Keppel Corp, which also has businesses including offshore and marine as well as infrastructure.
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