Singapore’s Keppel Reports 25% Profit Jump and More Asia Real Estate Headlines

Singapore conglomerate Keppel reports strong first-quarter earnings on infrastructure and asset management performance, with that story leading today’s headline roundup. Also making the list, Mapletree Industrial Trust agrees to sell a US data centre and Frasers Hospitality Trust undergoes a strategic review.

Infrastructure Earnings Drive 25% Profit Jump for Keppel

Singapore’s Keppel Ltd reported a 25 percent rise in first-quarter net profit on Thursday, excluding its legacy offshore and marine assets, driven by strong performance in both its infrastructure segment and asset management.

Temasek-backed Keppel, which was founded more than half a century ago as a shipbuilding yard, said the rise in net profit was driven by steady earnings at its infrastructure division. Improved performance at its real estate segment and a strong contribution from the firm’s asset management section further added to Keppel’s bottom line. Read more>>

Mapletree Industrial Trust Selling US Data Centre for $12M

Mapletree Industrial Trust is selling a data centre in the state of Georgia for $11.8 million, the REIT’s manager said Wednesday.

The Singapore-listed trust entered into a purchase and sale agreement for the proposed divestment of the single-storey data centre in the Northwoods Business Center with a third-party buyer. The property, located at 2775 Northwoods Parkway in Norcross, near Atlanta, has a net lettable area of 32,740 square feet (3,042 square metres). Read more>>

Frasers Announces Strategic Review for SGX-Listed Hospitality Trust

Singapore-listed Frasers Hospitality Trust is undergoing a strategy review, though there is currently no certainty if its existing business strategy will change.

This follows a failed privatisation bid made by managers of the stapled group in 2022 and a trading activity surge in November and December, when the stapled security soared 40 percent as its trading volume hit highs. The manager said then that it was “not aware” of reasons for the surge. Read more>>

SGX-Listed Digital Core REIT Says Income Up 10%

Digital Core REIT posted distributable income attributable to unitholders of $11.7 million for the three months ended 31 March, up 9.9 percent year-on-year.

The manager of the data centre trust said in a business update Wednesday that revenue for its first quarter jumped 79.9 percent year-on-year to $44.2 million. Net property income rose 41.8 percent to $22.4 million. Read more>>

Director Lashes Out in Board Chaos at Singapore’s CDL

A longtime board member of City Developments Ltd, the property giant controlled by Singapore’s wealthiest family, lashed out at several other directors on Wednesday over a recent feud that rocked the developer and the billionaire Kwek clan.

The Singapore-listed company’s annual general meeting was meant to show a united front between executive chairman Kwek Leng Beng, his son and CEO Sherman Kwek and the rest of the 11-member board. Read more>>

Keppel Sells Stake in Tianjin Project for $69M

Keppel Ltd has entered into an agreement with Tianjin Shunhua Real Estate Construction Management to jointly develop 19 plots of land in the Tianjin Eco-City northern district in China.

The Singapore-based asset manager and operator said Wednesday that as part of the equity transfer and cooperation framework agreement, Tianjin Shunhua agreed to pay a Keppel subsidiary RMB 503.3 million ($69 million) for a 30 percent stake in Tianjin Fulong Property Development. Read more>>

China Vanke Gets Fresh $380M Loan From Shenzhen Metro

China Vanke won more support from authorities as its largest state shareholder agreed to provide up to RMB 2.8 billion ($380 million) to help the struggling developer repay outstanding debt.

Shenzhen Metro, which holds a 27 percent stake in Vanke, signed a three-year secured loan agreement with the firm on Monday, according to a filing with the Hong Kong stock exchange. Under the deal, Vanke will provide asset collateral with a value as much as RMB 4 billion to Shenzhen Metro as security. Vanke will also pledge an 18 percent stake, or about 211.5 million shares, in its property management services unit Onewo as part of the asset collateral, it said. Read more>>

Singapore Business Boosts Q1 Profit for Las Vegas Sands

Casino operator Las Vegas Sands surpassed analysts’ expectations for first-quarter profit on Wednesday, as strong demand from its Singapore business offset stalling market growth in Macau.

The company says market growth in Macau has softened in the current environment, as revenue from its Macau operations fell to $1.71 billion in the quarter from $1.81 billion a year earlier. The company’s Singapore operations increased revenue to $1.16 billion from $1.15 billion previously. Read more>>

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