Singapore's Keppel Land Q4 net profit down 55%

SINGAPORE - Singapore property developer Keppel Land Ltd reported on Wednesday a 55 per cent fall in fourth-quarter net profit mainly due to the absence of one-off gains.

Keppel Land reported net profit of $527.3 million for the three months ended December, down from a restated $1.2 billion a year ago.

Earlier this month, the Singapore government imposed a higher stamp duty on foreign buyers, a new levy on sellers of industrial property and a limit on loan sizes to cool the city-state's real estate market.