Singapore’s Keppel Land Q4 net profit down 55pc

SINGAPORE, Jan 23 – Singapore property developer Keppel Land Ltd reported today a 55 per cent fall in fourth-quarter net profit mainly due to the absence of one-off gains.

Keppel Land reported net profit of S$527.3 million (RM1.31 billion) for the three months ended December, down from a restated S$1.2 billion a year ago.

Earlier this month, the Singapore government imposed a higher stamp duty on foreign buyers, a new levy on sellers of industrial property and a limit on loan sizes to cool the city-state’s real estate market. – Reuters