Keppel Land, Singapore’s third-largest property developer by market value, on Wednesday reported a 72 per cent surge in first-quarter profit on stronger luxury home sales and higher office rents.

The firm, partly owned by government-linked conglomerate Keppel Corp, said it earned $62.5 million (US$41.4 million) net profit in the January-March quarter this year, up from $36.3 million in the same period last year.

Keppel Land has a 40 per cent stake in K-Reit Asia, a property trust which has a portfolio of four office buildings in Singapore.

Source: The Business Times, 25 April 2007