Standing tall: Keppel Land beats 2010 profits

2011 performance was even better as net profit expanded nearly 30% to $1.37 billion.

Two massive gains -- $508.1 from the sale of their stake in Ocean Properties and a $549.8 million fair value gain on investment properties/impairment -- led the way, said Keppel Land.

But its core property trading business is showing signs of weakness with a lower $198.5 million net profit, down from $212.9 million in 2010, according to its FY2011 data.

Keppel Land said it has also felt the cooling demand in Singapore, selling just 480 homes in 2011, although some of its suburban condiminium projects like The Luxurie remained attractive.

Its overseas residential sales suffering as well, mainly from China's tightening measures. This led to a its recent expansion into commercial and retail spaces, with an acquisition of a 2.6-hectare Beijing site in the business district.

"The economic environment is likely to stay challenging in 2012," noted Keppel Land, noting that its long-term growth will be hinged on acquiring well-located sites.

It is also focusing more on its fund management vehicles, which have ballooned in total assets under management to $14.8 billion from $11.2 billion.