Keppel's home sales dropped 4% to 5,480

No thanks to tightening measures in China.

Keppel Corporation Limited's (Keppel) property division's home sales are down 4% after it sold a total of 5,480 units for 2017.

DBS Equity Research said there were 3,725 homes sold in China, 1,110 in Vietnam, 380 in Singapore, and 270 in Indonesia.

This was lower than 2016 sales by 4% due to tightening measures in China and timing of launches in Vietnam.

Of its 63,000 homes in the pipeline, the business is set to launch 16,780 homes until 2020, representing 3.1x of 2017 home sales.

However, its profits jumped by 10% YoY to $685m in 2017.

The broker added that 70% of Keppel Land’s residential land bank was acquired more than seven years ago at relatively lower cost, realising RNAV when development is completed.