Keppel Land (KLAN.SI), Singapore’s third-largest property developer, on Monday posted an eight-fold rise in fourth quarter net profit, helped by a $363.8 million one-time gain from the sale of its one-third interest in a large office project.

The property arm of rig-maker Keppel Corp (KPLM.SI) reported fourth quarter net profit of $841 million, up from $106.8 million a year ago.
Keppel Land proposed a special dividend of 9 cents and will pay a total dividend of 18 cents for 2010, up from 8 cents in 2009.

 

Keppel Land last year divested its one-third interest in One Raffles Quay, an office development near Singapore’s new Marina Bay Financial Centre, to K-REIT (KASA.SI) via an asset swap. Keppel Land manages K-REIT, which a listed property trust.

“With our strong financial position of more than US$1.5 billion ($1.93 billion) cash and a net debt-equity ratio of 0.2, Keppel Land will be able to grow further with acquisitions in both Singapore and overseas,” CEO Kevin Wong said in a statement.

 

Keppel Land shares closed 0.9% higher at $4.57 on Monday.