Keppel Land, the property developer partly owned by the world’s largest builder of oil rigs, said second-quarter net income rose 20%to $70.1 million.
Results expected to be resilient, given associate K-REIT Asia’s (K71U.SG) higher 2Q10 net property income of $18.4 million (+49.3% on year), released yesterday.
With office assets accounting for bulk of Keppel’s NAV, developer widely expected to continue benefiting from pick-up in Singapore office leasing activity, especially given increasing penchant for higher-quality office space, evident in ANZ, BNP Paribas signing up as tenants in Keppel’s Ocean Financial Centre earlier this month.
Pending 2Q10 results, guidance, shares unlikely to head much higher from current levels, with intraday high likely capping upside.
