Keppel Land says it achieved a profit after tax and minority interests (PATMI) of $280.4 million in 2009, up 23.1% from $227.7 million in 2008, as property markets around Asia rebounded on improving economic prospects.

Excluding a net fair value gain of $19.1 million on investment properties (after tax and minority interests) and a $11.1 million gain on additional interest in K-REIT Asia, PATMI grew 17.3% to $250.2 million, compared with $213.3 million in the previous year.

PATMI from property trading rose 22.8% year-on-year to $196.4 million, with Marina Bay Residences, Reflections and Caribbean at Keppel Bay contributing 58%. Contribution also came from the progressive profit recognition from The Sixth Avenue Residences in Singapore, and projects in China: the residential township in Chengdu called The Botanica as well as villa projects The Arcadia in Tianjin and Villa Riviera in Shanghai.

Profit contribution from property investment was 7.1% lower at $43.3 million, due largely to the write-back of costs in connection with the restructuring of the group’s interest in One Raffles Quay in 2008. Excluding this cost write-back, PATMI from property investment would have been higher in 2009 as rental income from the group’s office buildings in Singapore and Vietnam, as well as profit contribution from K-REIT Asia, increased.

Fund management activities maintained its steady performance, achieving PATMI of $21.5 million as fee income from K-REIT Asia Management and Alpha Investment Partners continued to grow.

Following the adoption of the amendments to FRS 40 on Investment Property, the group recognised for the first time fair value gain from investment properties under construction, namely Marina Bay Financial Centre Phases 1 and 2. However, this gain was partly offset by fair value loss from completed investment properties, mainly the group’s share of fair value loss from K-REIT Asia’s properties.

Keppel Land sold a total of 384 homes in Singapore in 2009. The Tresor and Park Infinia at Wee Nam were fully sold, while strong sales were achieved at Madison Residences, The Promont, Reflections at Keppel Bay and the 168 units at Caribbean at Keppel Bay which were previously set aside as furnished residences.

In November, Keppel Land launched Marina Bay Suites selling 89 out of 90 units released.

Keppel Land also made several acquisitions in key growth cities. In December 2009, it acquired its second township site in Shenyang, China. The 30.3-ha site will yield about 6,000 waterfront apartments. Phase 1 (1,200 units) will be launched progressively from 2H2011.

The group also acquired two waterfront sites in HCMC, Vietnam in January 2010 — a 30-ha site at South Rach Chiec in prime District 2 which will be developed into a 4,700-unit township, and an 11-ha site fronting the Saigon River which will yield 175 villas.

With these latest acquisitions, Keppel Land has more than 20,000 homes in the pipeline in Vietnam.