Friday, April 9, 2010

Keppel Land positive about residential sector

It plans to launch more waterfront homes in S’pore

KEPPEL Land is upbeat about the prospects for residential property in Singapore and other key markets it operates in, it says in its latest annual report.

In 2009, the developer sold 384 homes in Singapore and about 3,100 overseas.

Keppel Land now intends to push out more waterfront homes in Singapore. After Caribbean at Keppel Bay and Reflections at Keppel Bay, the group has three more residential sites in the area, which will be rolled out in phases to meet demand. Keppel did not give a time line for the launches.

It said it will remain ‘disciplined and mindful of the potential policy risks’ from further withdrawal of the government’s stimulus measures, as well as the possibility of further measures to contain property speculation.

But Keppel Land will still ‘actively seek attractive residential sites at reasonable prices to ensure a continued stream of residential development profits’.

Overseas, Keppel Land has several launches planned in Shanghai, Shenyang, Tianjin and Chengdu this year.

The group also gave an update on its debt. Loans outstanding at end-2009 totalled $1.7 billion, representing 53 per cent of total available facilities of $3.3 billion. Of this amount, $823 million is due this year.

Keppel Land also revealed that its chief executive Kevin Wong was paid between $2.25 million and $2.5 million in 2009.

Source: Business Times, 9 Apr 2010

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