Macquarie said Keppel Land’s core earnings for 2010 was $273.2 million, which were driven by residential projects in Singapore and China.
The company posted on Monday an eight-fold rise in fourth quarter net profit, helped by a $363.8 million one-time gain from the sale of its one-third interest in a large office project. It had a net profit of about $1.05 billion last year.
Given Keppel’s strategy of divesting income-producing office assets to its unit K-Reit Asia (KASA.SI), Macquarie expects the firm to announce further divestment plans over the next one-two years.