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Report to Shareholders 2015

Harnessing Strengths



Keppel Land Lim

ited

Keppel Land Limited(Incorporated in the Republic of Singapore)230 Victoria Street #15-05 Bugis Junction TowersSingapore 188024

Tel: (65) 6338 8111Fax: (65) 6337 7168www.keppelland.com

Co Reg No: 189000001G

FSCinsert by printer


Overview01 Key Figures for 201502 Group Financial Highlights03 Corporate Profile04 Chairman’s Statement10 Interview with the CEO15 Board of Directors20 Senior Management22 Key Personnel26 Awards and Accolades 28 Corporate Milestones29 Corporate Governance35 Risk Management38 Harnessing Strengths40 Special Feature

Operations and Market Review 42 Overview44 Singapore48 Property Fund Management52 Retail Management54 Hospitality Management56 China64 Vietnam68 Indonesia70 The Philippines, Myanmar71 United States, United Kingdom72 India, Sri Lanka73 Malaysia, Thailand74 International Network77 Property Portfolio

VisionA leading real estate company, shaping the best for future generations.

MissionGuided by our operating principles and core values, we will create value for all stakeholders through innovative real estate solutions.

Operating Principles1 Best value propositions

to customers.2 Tapping and developing

best talents from our global workforce.

3 Cultivating a spirit of innovation and enterprise.

4 Executing our projects well.5 Being financially disciplined to

earn best risk-adjusted returns.6 Clarity of focus and operating

within our core competence.7 Being prepared for the future.

The Keppel Group harnesses and synergises the distinctive strengths of its multi businesses to capture opportunities arising from the global demand for energy, sustainable urbanisation and connectivity. Our strong culture and enduring values drive our people to strive for execution excellence and operational efficiency. With financial discipline and sharp focus on optimising returns, we will seize opportunities as well as innovate solutions and services to build a long-term and competitive position and capture sustainable returns for our stakeholders.

Revenue

$1.6bRevenue rose by 6.8% year-on-year to $1.6 billion.

Total Assets

$14.9bTotal assets grew from $14.6 billion to $14.9 billion year-on-year.

Volunteerism

5,095hrsA total of 5,095 volunteer hours were clocked by staff for corporate social responsibility activities in Singapore and overseas.

Return on Equity

18.9%Return on equity is one of the highest amongst Asia’s leading property developers at 18.9% per annum over 10 years, from 2006 to 2015.

New Commercial Space Under Development

630,000smNew commercial properties under development overseas.

Safety Training

34,00034,000 workers trained to-date at Keppel Land’s Safety Awareness Centres in Vietnam and Malaysia.

Key Figures for 2015

Overview / Operations and Market Review

Key Figures for 2015

01

2015 2014 2013 2012 2011

For the year ($’000)Sales 1,598,260 1,497,177 1,461,048 938,856 948,974 Pre-tax profit

Before fair value gain on investment properties/impairment 473,240 733,111 669,712 613,813 885,703 After fair value gain on investment properties/impairment 728,855 953,325 1,000,773 987,308 1,476,993

Net profit 564,076 752,486 885,892 838,368 1,374,682 Funds from/(used in) operations 495,565 200,443 (1,308,680) (612,268) (892,199)Capital expenditure on investment properties and fixed assets (379,399) (81,003) (87,692) (37,239) (132,933)

At year-end ($’000)Fixed assets and investment properties 2,811,783 1,577,281 1,894,051 1,590,744 837,784 Investments 3,494,114 3,028,776 3,040,799 2,709,394 2,263,559 Non-current assets 311,487 256,851 761,409 775,886 646,487 Net current assets (Note 1) 6,062,058 7,767,480 6,183,482 4,784,231 4,693,077 Deferred taxation (229,623) (216,261) (182,018) (150,544) (32,500)Other non-current liabilities (22,236) – – – –Assets employed 12,427,583 12,414,127 11,697,723 9,709,711 8,408,407

Shareholders' equity 8,143,153 7,655,537 6,989,419 6,169,141 5,575,314 Non-controlling interests 489,443 489,401 496,168 477,314 295,680 Long-term borrowings 3,646,982 3,147,338 3,869,749 2,348,613 2,336,200 Short-term borrowings 83,775 1,055,670 283,275 714,643 201,213 Loan from non-controlling shareholders 64,230 66,181 59,112 – –Total funds invested 12,427,583 12,414,127 11,697,723 9,709,711 8,408,407

Financial ratiosReturn on equity (%)

After taxation but before fair value gain on investment properties/impairment 4.4 7.9 9.3 8.4 18.4

After taxation and fair value gain on investment properties/impairment 7.1 10.7 14.1 14.8 32.1

Interest cover (times) (Note 2) 5.2 8.4 8.9 12.3 16.7 Net debt-equity ratio (times) (Note 3) 0.24 0.20 0.38 0.22 0.10

Employees (Note 4)Number (average) 4,150 4,071 4,207 4,107 3,038 Wages and salaries ($’000) 212,453 195,940 176,189 144,212 148,547 Pre-tax profit per employee ($’000) 63 111 105 58 234

Notes:1. In arriving at net current assets, short-term borrowings have been excluded.2. In the calculation of interest cover, fair value gain on investment properties/impairment has been excluded. Net interest cost, comprising net interest expense taken to the profit

and loss account and interest capitalised under investment properties, properties held for sale and fixed assets, has been used. 3. In the calculation of the net debt-equity ratio, net debt includes borrowings net of cash and equity includes non-controlling interests in subsidiaries.4. Wages and salaries include amounts capitalised under investment properties and properties held for sale. In the calculation of pre-tax profit per employee, the share of results

of associates and joint ventures, and fair value gain on investment properties/impairment have been excluded.

Keppel Land Limited Report to Shareholders 2015

Group Financial Highlights

02

as Marina Bay Financial Centre and Ocean Financial Centre.

The Company is committed to grow its commercial portfolio in key Asian cities. Its portfolio includes Seasons City in the Sino-Singapore Tianjin Eco-City, Life Hub @ Jinqiao, Park Avenue Central in Shanghai, China, Saigon Centre in Ho Chi Minh City, Vietnam, as well as International Financial Centre Jakarta in Indonesia. The Company plans to expand the SM-KL Project in the Philippines and develop Junction City Tower in Yangon, Myanmar.

Beyond Asia, Keppel Land has acquired an office building in London, the United Kingdom. To strengthen the Company’s retail capabilities, Keppel Land has acquired a 75% stake in retail management company Array Real Estate, which has been renamed Keppel Land Retail Management.

Keppel Land is Asia’s premier home developer with world-class

01

Keppel Land is the property arm of the Keppel Group, one of Singapore’s largest multinational groups with key businesses in offshore and marine, property, infrastructure and investments.

One of Asia’s premier property companies, Keppel Land is recognised for its sterling portfolio of award-winning residential developments and investment-grade commercial properties as well as high standards of corporate governance and transparency. Keppel Land was privatised and delisted from the Singapore Stock Exchange with effect from 16 July 2015. A selective capital reduction exercise to cancel all outstanding shares held by minority shareholders of Keppel Land was approved at an extraordinary general meeting on 13 April 2016 and the court on 5 May 2016.

The Company is geographically diversified in Asia, with Singapore and China as its core markets as well as Vietnam and Indonesia as its growth markets. Keppel Land focuses on a two-pronged strategy of property development for sale and property fund management. The Company’s total assets amounted to about $14.9 billion as at 31 December 2015.

Keppel Land was ranked fourth in the prestigious Corporate Knights’ Global 100 Most Sustainable Corporations in the World 2015, placing it first in Asia and among real estate companies worldwide. Keppel Land was a component of the Dow Jones Sustainability World and Asia Pacific Indices, as well as the Morgan Stanley International Global Sustainability and Socially Responsible Indices prior to its delisting.

As a leading prime office developer in Singapore, Keppel Land contributes to enhancing the city’s skyline with landmark developments such

01 Through its unwavering focus on sustaining growth in its businesses, empowering lives of its people, and nurturing communities wherever it operates, Keppel Land continues to shape the future for the benefit of tomorrow’s generation.

iconic waterfront residences at Keppel Bay and Marina Bay in Singapore. The Company has also ventured into the United States with a residential development in Manhattan, New York.

With a pipeline of about 70,000 homes in Singapore and overseas as well as an increasing commercial presence in the region, Keppel Land is well-positioned to meet the growing demands for quality residential, office and mixed-use developments.

An established property fund manager, Keppel Land has two property fund management vehicles, Keppel REIT Management Limited, the manager of Keppel REIT, a pan-Asian commercial real estate investment trust, and Alpha Investment Partners (Alpha). As at 31 December 2015, Keppel REIT and Alpha’s total assets under management have grown to $20.5 billion when fully leveraged and invested.


CorporateProfile

Corporate Profile03

Dear Shareholders,

On behalf of the Board of Directors, I am pleased to present Keppel Land’s annual report for the year ended 31 December 2015.

Steady Financial Performance 2015 was a challenging year with the global economic environment affected by depressed oil prices, slowdown in China’s growth, as well as volatility in the international financial markets. Despite these headwinds, the Group performed creditably.

For the year ended 31 December 2015, Keppel Land achieved a revenue of $1.6 billion, up 6.8% from the previous year. However, net profit fell to $564.1 million, compared with $752.5 million a year ago, mainly due to fewer asset divestments. In 2014, we divested stakes in Marina Bay Financial Centre Phase 2 and Equity Plaza, as well as data centres to Keppel DC REIT. With a relatively low net debt to equity ratio of 0.24 and a strong cash position of $1.7 billion, we have the ability to pursue acquisitions and new investments. We will continue to focus on asset turnover and capital recycling to improve returns, while continuing to exercise prudent financial management.

In 2015, Keppel Corporation, which then held 54.5% of Keppel Land shares, took Keppel Land private through a voluntary unconditional cash offer. Keppel Land was delisted from the Singapore Stock Exchange on 16 July 2015, and became 99.3% owned by Keppel Corporation, with the remaining 0.7% held by various shareholders.

Since the delisting of Keppel Land, the Company had received many queries from shareholders on how they could trade their shares. As there is no public market for the shares of Keppel Land, on 14 March 2016, the Company proposed to undertake a selective capital reduction exercise to cancel all the shares held by the shareholders of Keppel Land (participating shareholders), apart from those held by Keppel Corporation.

At an extraordinary general meeting held on 13 April 2016, participating shareholders approved a special resolution for the selective capital reduction, following which court approval of the selective capital reduction was also obtained.

The selective capital reduction has allowed participating shareholders to realise the value of their investment in Keppel Land, with

participating shareholders receiving $4.24 for each share cancelled.

The privatisation of Keppel Land fully aligned the interests of the Company with the Keppel Group, providing a strong pillar for earnings and long-term value creation. Leveraging the Keppel Group’s financial and organisational strengths, Keppel Land will continue to scale up in the property arena as well as build on and create platforms for collaboration through realising synergies within the Group.

Focus on ReturnsWith a legacy of over a hundred years, Keppel Land has grown steadily to become a premier developer in Asia, with a strong track record and brand name. To be a leader in the property industry does not mean that we must aspire to be the biggest player. Instead, we want to be the developer with the highest return in Asia. Amongst Asia’s leading property developers, Keppel Land’s return on equity is one of the highest at 18.9% per annum over 10 years, from 2006 to 2015.

We continually review our investment portfolios. In line with the Keppel Group’s focus on higher returns, over the past two years, we seized opportunities to recycle capital, strategically monetising almost $2.4 billion worth of assets and re-investing the capital in new acquisitions.

Expanding Presence in Key MarketsOur aim is to develop Keppel Land into a multi-faceted property player, riding on urbanisation trends in Asia.

The Group is focused on its core markets of Singapore and China, as well as its growth markets of Vietnam and Indonesia. Being geographically diversified has served the Company well in 2015 as it helped offset the subdued sales in Singapore, and allowed us to commit our resources to scale up and strengthen our presence in our focus markets while seizing opportunities in other emerging markets and global gateway cities.

Keppel Land sold a total of 4,570 homes in 2015, almost double the 2,450 homes sold last year. China and Vietnam accounted for 72% and 20% of the total home sales respectively.

The property cooling measures implemented since 2013, coupled with rising interest rates, continued to weigh on the Singapore residential market. The Group sold about 190 homes in Singapore, mainly at The Glades at Tanah Merah

To be a leader in the property industry does not mean that we must aspire to be the biggest player. Instead, we want to be the developer with the highest return in Asia. Amongst Asia’s leading property developers, Keppel Land’s return on equity is one of the highest at 18.9% per annum over 10 years, from 2006 to 2015.

Loh Chin HuaChairman

Key Developments in 2015

Sold about 4,570 homes in Asia, mostly in China and Vietnam, almost double the units sold in 2014.

Keppel REIT and Alpha Investment Partners’ assets under management grew by 9.6% to $20.5 billion when fully leveraged and invested as at end-2015.

Strengthened retail capabilities with acquisition of Array Real Estate, which has been renamed Keppel Land Retail Management.

Overview / Operations and Market Review Keppel Land Limited Report to Shareholders 2015

Chairman’s Statement


0504

and Highline Residences in Tiong Bahru. Sales also came from Corals at Keppel Bay as well as Marina Bay Suites, our luxury residential project jointly developed with Cheung Kong Property Holdings and Hongkong Land, which is now fully sold.

With the easing of monetary and property market cooling measures in China, market sentiments and housing demand have improved.

We sold 3,280 units in the country, about 70% more than the 1,920 homes sold in 2014. These were mainly contributed by our projects in Shanghai, Chengdu, Tianjin and Wuxi.

We have embarked on our first joint venture project with China Vanke in China with V City, a large-scale residential development located between the third and fourth ring roads in Chengdu. This collaboration extends the strategic partnership with China Vanke to jointly develop residential projects in Singapore and China, which started in 2013 with The Glades in Singapore. Phase 1 of V City was launched in August 2015, and about 750 units were sold by end-2015. With a healthy pipeline of about 11,000 launch-ready units in China over the next three years, Keppel Land is

well-poised to capture demand for quality homes as the market continues to recover.

Vietnam, being our second largest overseas residential market after China, has recovered after a downturn in the property market for almost five years. Given the country’s strong GDP growth, expanding middle class and recent relaxation of foreign homeownership regulations, the residential market is expected to continue its upward trajectory.

Our projects achieved record sales of about 930 units in 2015, almost six times the 160 units sold in 2014. Estella Heights, our latest development in District 2 of Ho Chi Minh City (HCMC), achieved a strong take-up with 75% of a total of 872 units sold as of end-2015 following its launch in the same year. Phase 1A of our riverfront condominium in District 7, Riviera Point, also saw good response with about 260 units sold in 2015. In addition, together with our long-term Vietnamese partners Tien Phuoc and Tran Thai, as well as Hong Kong-based real estate private equity fund, Gaw Capital Partners, we will be developing a prime 14.6-hectare waterfront site in the Thu Thiem New Urban Area, which is poised to become the future central business district (CBD) of HCMC. We are excited that

01

01 Keppel Land, together with its joint venture partners, will be developing a prime 14.6-hectare waterfront site in the Thu Thiem New Urban Area, which is poised to become the future central business district of Ho Chi Minh City, Vietnam.



06

through the project, we will bring the best in waterfront and urban lifestyles to HCMC as well as augment Keppel Land’s quality portfolio of prime residential and commercial properties in the city.

In Indonesia, we remain positive about the country’s longer term prospects which are supported by sound fundamentals of a large and young population, growing middle-class and continued urbanisation. We commenced sales and sold about 130 homes at West Vista, located in West Jakarta. In line with our strategy to focus on Greater Jakarta, Keppel Land secured a second residential site at Daan Mogot to tap on the demand for well-located and affordable homes in the growth corridor of West Jakarta.

Strengthening Commercial PortfolioThe Group is actively developing its portfolio of commercial properties which has increased to more than one million sm of gross floor area. Some of them will come on stream over the next two years, allowing us to attract quality tenants for steady income streams. In Singapore, Keppel Corporation and Keppel Land divested their combined 39% interest in Harbourfront Towers 1 and 2, and acquired the remaining 30% interest in Keppel Bay Tower through a share swap exercise with Mapletree Investments Pte Ltd. With the consolidation of ownership of the 450,000 sf Keppel Bay Tower, the Keppel Group will have greater flexibility to maximise the potential of the office building.

We are also progressing with Saigon Centre Phase 2 development in HCMC, Vietnam. The retail mall, with a gross floor area of 47,000 sm, is fully committed with leading Japanese retailer, Takashimaya Department Store, as the anchor tenant. The mall is expected to open in the second half of 2016.

In Indonesia, we topped out the 50,200 sm International Financial Centre (IFC) Jakarta Tower 2 in August 2015. The office tower is slated for completion in 2016. The existing IFC Jakarta Tower 1 is planned to be redeveloped into a 54-storey office tower, offering 71,700 sm of quality office space.

The Group is also expanding the SM-KL project in the Philippines with Phase 2 development comprising a 42-storey office building and an extension of the existing five-storey retail component, The Podium. When completed in 2017, the retail mall will have a total

gross floor area of about 73,000 sm, while the new office tower will offer about 110,000 sm of Grade A office space when completed in 2019. In Myanmar, Keppel Land entered into a joint venture with the Shwe Taung Group and acquired a 40% stake in a 23-storey Grade A office building, Junction City Tower, which is expected to be completed by 2017. The office building is part of Junction City, a mixed-use development in Yangon’s CBD, which also comprises the five-star Pan Pacific Hotel, a shopping centre as well as serviced residences.

While it remains focused on Asia, Keppel Land also invests opportunistically in key global cities with good growth potential. In February 2015, Keppel Land purchased a 126,000 sf freehold office building located at 75 King William Street, in London’s historic and central business district. The office tower is fully-tenanted, and is managed by Alpha Investment Partners (Alpha), the Group’s private property fund management arm.

Bolstering Retail Platform To strengthen our retail capabilities, we acquired a 75% stake in Array Real Estate in January 2015, which has since been renamed Keppel Land Retail Management (KLRM). KLRM will manage our existing retail assets and grow our retail and mixed-use commercial portfolio. KLRM has also been appointed the retail manager for 112 Katong, a lifestyle mall in the eastern part of Singapore. Keppel Land acquired a 22.4% stake in the mall in January 2016. The remaining 77.6% stake is held by Alpha Asia Macro Trends Fund (AAMTF), which is managed by Alpha.

With a retail development and management platform, Keppel Land will be able to harness the Company’s collective competencies to capitalise on opportunities in integrated mixed-use and retail developments to expand its commercial portfolio.

Growth in Fund ManagementKeppel REIT Management Limited and Alpha have grown their combined assets under management from $18.7 billion as at end-2014 to $20.5 billion as at end-2015. Both property fund management vehicles have monetised assets and recycled capital into the acquisition of new assets.

In October 2015, Keppel REIT completed the acquisition of three remaining prime street frontage retail units at 8 Exhibition Street in Melbourne, gaining strategic control of both

Our aim is to develop Keppel Land into a multi-faceted

property player, riding on urbanisation

trends in Asia.


Chairman’s Statement07

the office and retail components of the building. In January 2016, Keppel REIT divested its 100% interest in 77 King Street in Sydney, Australia, for approximately A$160 million.

During the year, Alpha’s funds divested 10 assets across Singapore, Japan and South Korea. AAMTF II also acquired Kovan Heartland Mall and a suburban retail portfolio for about $380 million. Through the same fund, Alpha partnered City Developments Limited to invest in three prime office properties in Singapore – Central Mall (Office Tower), 7 & 9 Tampines Grande and Manulife Centre for a total value of $1.1 billion. Leveraging the macro trends of increasing urbanisation and consumerism in Asia, as well as riding on the successes of the first two Asia Macro Trends Funds, Alpha is embarking on its third such fund.

On 25 January 2016, Keppel Land received notification of Keppel Corporation’s intention to consolidate its interests in all four of its subsidiaries in business trust management, REIT management and fund management under Keppel Capital Holdings Pte. Ltd. This includes Keppel Land’s interests in Keppel REIT Management Limited as well as Alpha.

The proposed consolidation will help to strengthen the Keppel Group’s capital recycling platform and create an expanded capital platform for co-investing in new assets. It will also improve the performances of the managers of Keppel REIT and Alpha through centralising certain non-regulated support functions and creating a larger platform that will enhance recruitment and retention of talent, as well as sharing of best practices.

We have continued to set robust targets

for ourselves, benchmarking against

the best in class in Environmental,

Social and Governance aspects.

0101 In 2015, Keppel Land sold 3,280 units in China, about 70% more than the 1,920 homes sold in 2014.



08

In the long run, Keppel Land will also benefit from improved investment returns from Keppel REIT and Alpha.

Driving Sustainability and Upholding Quality As a property developer, we are mindful of the impact that our business operations have on the environment. As such, we have continued to set robust targets for ourselves, benchmarking against the best in class in Environmental, Social and Governance aspects.

Keppel Land’s commitment to sustainability won us the Building and Construction Authority of Singapore’s (BCA) Green Mark Champion Award (Developer) and Built Environment Leadership (Gold Class) Award. Keppel Land also clinched seven Green Mark Platinum awards, and currently has in its portfolio more than 60 BCA Green Mark-certified projects in Singapore and overseas.

Keppel Land set a new milestone when it was ranked fourth in the prestigious Corporate Knights’ Global 100 Most Sustainable Corporations 2015, the first time an Asian company made it to the top 10. Back home, Keppel Land clinched the top award for the large organisations category at the inaugural Singapore Apex Corporate Social Responsibility Awards 2015 for demonstrating a high level of social responsibility and sustainability excellence in its business practices.

Keppel Land’s commitment to quality in its developments has also been widely recognised. In the Euromoney Real Estate Awards 2015, Keppel Land received a total of six awards for Singapore, Vietnam and Indonesia. We were named the Best Office/Business Developer in the three countries, as well as the Best Residential Developer in Singapore and Vietnam. For the first time, we clinched the Best Overall Investment Manager Award for Alpha. For its economic and social contributions to the local Chinese communities, Keppel Land China was conferred the Top 10 ASEAN Companies in China Award in 2016 by the China-ASEAN Business Council. It is the only company that has been awarded the accolade for four consecutive years.

Safety is one of the Group’s core values and remains a top priority. For our strong commitment to the health, safety and well-being of our workforce, Keppel Land garnered the bizSAFE Mentor Award by the Workplace Safety and Health Council for the third consecutive year. On the international front, we were also recognised at the prestigious International Safety Awards 2015 by the British Safety Council.

Recognising that our people are the most valuable asset of the Company, we have continued to attract, develop and retain our talent pool. Over the past few years, our HR emphasis has been on selection and recruitment, job rotation and enlargement, localisation, performance management and manpower planning. For our efforts, we were recognised at the 2015 Singapore HR Awards for Leading HR Practices in Talent Management, Retention and Succession Planning.

AcknowledgementsOn behalf of the Board, I would like to thank our shareholders, customers and business partners for their continued support.

My appreciation goes to our Directors for their guidance in navigating the Company through the challenging times. We would like to thank Mrs Lee Ai Ming and Mr Heng Chiang Meng, who have retired from the Board, for their invaluable contribution and wise counsel in the last 13 and 10 years respectively. I would also like to thank the management team and employees for their hard work and perseverance.

Although 2016 is expected to be another challenging year, I am confident that Keppel Land will be able to ride through the challenges with guidance from the Board, strong commitment of its management team and staff, as well as continued support from all stakeholders.

Yours sincerely,

Loh Chin HuaChairman31 May 2016


Chairman’s Statement09

We will continue to strengthen presence in our core markets of Singapore and China, expand in our growth markets of Vietnam and Indonesia, as well as seize opportunities in other emerging markets and global gateway cities.

Ang Wee GeeCEO

Some of the property markets in Asia are expected to remain subdued in 2016. How confident is Keppel Land in riding out these headwinds?

A

Q2016 will continue to be challenging as the economy and the property sector in a few of our key markets are expected to remain subdued. However, I am confident that we will overcome these challenges, just as we had weathered headwinds over the years, including the Asian Financial Crisis in 1998 and the Global Financial Crisis in 2008. Each time, Keppel Land emerged stronger by being more focused on our business, as well as exercising prudence and discipline.

Being geographically diversified has served the Company well. In 2015, overseas contribution, most of which was from China, made up 57% of our earnings. We will continue to strengthen presence in our core markets of Singapore and China, expand in our growth

markets of Vietnam and Indonesia, as well as seize opportunities in other emerging markets and global gateway cities.

Another pillar of our strategy is the recycling of capital through the divestment of assets at the appropriate time. In 2002, we kick-started the divestment of our prime office portfolio with the sale of our 70% stake in Capital Square. In 2006, we spun off four office buildings valued at $630 million into a commercial real estate investment trust (REIT), K-REIT Asia, which has since been renamed Keppel REIT. Between 2007 and 2014, we divested to Keppel REIT our stakes in One Raffles Quay, Ocean Financial Centre, Marina Bay Financial Centre Phases 1 and 2, enabling it to grow into one of the largest commercial REITs in Singapore.

QIs Keppel Land moving its focus away from Singapore, as the Company has a limited residential landbank and no new commercial development in the pipeline in Singapore? Looking ahead, what is the Company’s strategy in Singapore?

A

We have continued to be disciplined in recycling assets and redeploying capital to seek higher returns. Over the past two years, we have monetised almost $2.4 billion worth of assets.

The success of Keppel Land’s strategy and execution shows in its return on equity which is one of the highest among Asian developers. We have continued to be disciplined in recycling assets and redeploying capital to seek higher returns. Over the past two years, we have monetised almost $2.4 billion worth of assets. This includes our stakes in Marina Bay Financial Centre Tower 3 and Equity Plaza in Singapore, as well as BG Junction retail mall in Surabaya, Indonesia. Part of these proceeds were recycled for the acquisition of two well-located residential sites in West Jakarta, an additional

Singapore remains one of our core markets and we will continue to pursue opportunities in residential, office and mixed-use developments. For example, we bought into Array Real Estate in January 2015, which we subsequently renamed Keppel Land Retail Management (KLRM), to strengthen our capabilities in the development and management of retail and mixed-use developments.

Residential demand in Singapore has softened in the last two years after the government implemented cooling measures to prevent the sharp escalation of prices. The market is however, showing signs of stabilising.

We will continue to selectively seek sites with good value propositions to augment our existing land bank. We currently have 1,210 homes in our pipeline, of which about 44% are located within the Keppel Bay precinct. These homes are valued for their unique designs, prime location and waterfront offerings.

As for the commercial market, there have not been many Grade A office or prime mixed-use developments released through the government land sales programme in the past few years. Apart from the government

stake in the Estella Heights residential project in Ho Chi Minh City, as well as stakes in an office tower in Yangon, a large-scale residential township joint venture project with China Vanke in Chengdu, a residential apartment block in New York and an office development in London. We have also recently announced the divestment of two properties in Vietnam, stakes in a Thai-listed company as well as a property company in Sri Lanka. We are also in the process of divesting several other assets in the region.

land supply, we will explore other avenues, such as acquiring existing developments, which will offer opportunities for us to value-add through asset enhancement or redevelopment.

For instance, we recently acquired the remaining 22.4% stake in 112 Katong mall, located in the eastern part of Singapore. The majority 77.6% stake is held under Alpha Investment Partners’ Alpha Asia Macro Trends Fund. KLRM, which assisted in the sale, has been appointed the retail manager for the property and will be carrying out asset enhancement works to reposition the property and enhance its value. The Keppel Group also recently consolidated ownership of Keppel Bay Tower in a share swap exercise with Mapletree Investments to acquire the remaining 30% stake in the property. These acquisitions have augmented our quality commercial portfolio, providing rental income, while their consolidated ownership will also make it easier for us to realise the value of the properties at the appropriate time.

In addition, we are substantially invested in the office sector in Singapore through our 45% stake in Keppel REIT, which owns about 2.6 million sf of attributable net lettable area of prime office space in Singapore.

Overview / Operations and Market Review Keppel Land Limited Report to Shareholders 2015

Interview with the CEO

Interview withthe CEO

1110

Keppel Land has extensive overseas exposure in Asia and beyond. What will be your key focus and how do you plan to grow these overseas markets over the next few years?

A

Q

Over the past three years, we have established greater geographical focus by concentrating on key cities in our core markets of Singapore and China, and growth markets of Vietnam and Indonesia. In China, the cities are Shanghai, Beijing, Chengdu, Tianjin and Wuxi, while in Vietnam, it is Ho Chi Minh City, and in Indonesia, it is Greater Jakarta.

In 2015, we deepened our presence in key markets by investing in a residential site in West Jakarta, a large-scale residential township in Chengdu through a joint venture with China Vanke, and acquiring a stake in Nam Long Investment Corporation, an affordable housing developer in Vietnam.

With China currently experiencing slower economic growth, the government has an interest to keep the property market healthy given that the real estate sector accounts for 25-30% of the country’s GDP. The lifting of home purchase restrictions in many cities, together with the lower downpayments and low mortgage rates, have made homes more affordable and will help to draw buyers back into the market. With our supply of about 11,000 launch-ready units in China over the next three years, we are well-positioned to capitalise on any uptick in demand.

Vietnam is expected to continue its growth momentum after posting the best growth in Asia in 2015. Demand for residential properties is expected to continue to be strong, driven by demand for quality housing as well as the relaxation of foreign homeownership regulations. We have more than 5,200 launch-ready units in Vietnam for the next three years.

As for Indonesia, although growth has slowed due to a fall in demand for oil and commodities, we are optimistic about the longer term prospects

as the country’s large and young population will continue to support demand for well-located and affordable homes.

Myanmar is a promising and up-and-coming country. We have already established our presence with two hotels in Yangon and Mandalay under the Sedona brand, and have taken a 40% stake in Junction City Tower, the office component of Junction City, a mixed-use development in Yangon’s central business district. As investors flock to explore opportunities in what is considered the next frontier in Asia, there will be demand for good quality office space and hotel accommodation. Sedona Hotel Yangon, where we have just added a new wing of more than 400 rooms, will benefit from the influx of business and tourist visitors.

With rapid urbanisation, a growing middle-class and infrastructure improvements, the urban landscape in Asia is fast evolving, creating opportunities for the development of quality residential, office, retail and mixed-use developments to meet rising demand for urban and sustainable living.

Keppel Land will strengthen its operating platforms and also ride on KLRM’s experience and network to capture opportunities in retail and mixed-use projects, and scale up our commercial presence in the region.

Leveraging our established networks and relationships with the local governments, partners and business associates in these markets, we will further strengthen our footprint in existing and new cities, build new capabilities as well as deliver innovative and thoughtful products and experiences to our homebuyers and tenants.

Our focus on developing people, driving a culture of innovation, collaboration

and sustainability as well as embracing new technologies will help to differentiate

us from the competition.



12

A

What is your vision for Keppel Land?

QKeppel Land’s vision and mission were refreshed in early-2015 to reinforce our aspiration to be the leading real estate company, shaping the best for future generations.

To achieve our vision, we need to put in place the right culture, the right people and the right business strategy. Over the last few years, we have worked hard to build an open, collaborative, innovative and entrepreneurial culture at Keppel Land. The commendable score in our 2015 employee engagement survey is an affirmation of our efforts. However, building a positive culture and sustaining an engaged workforce require continual effort and there will always be areas which we need to improve on.

Our people remain central to our ability to do well and we will continue to attract, motivate,

develop and retain strong talents. Our emphasis on selection and recruitment, job rotation and job enlargement, localisation of our business operations overseas, as well as performance management and manpower planning over the recent years have yielded positive results. Looking ahead, we will further strengthen our bench strength through developing our internal talents and hiring exceptional external talents. We will continue with our push to localise so as to strengthen our operating platforms overseas, as well as seek to maximise productivity and improve operations.

We will continually review our strategies to ensure that they remain relevant in the challenging business environment. To maintain our competitive edge, we need to execute our strategies well and respond to market changes swiftly.

01

01 Indonesia is one of Keppel Land’s key growth markets where it will continue to further strengthen its presence. Pictured is the International Financial Centre Jakarta Tower 2, which topped out in August 2015.


Interview with the CEO13

01 Keppel Land continues to engage and nurture communities wherever it operates. The Company was a major sponsor of the Green Corridor Run held in March 2016.

Keppel Land has garnered international recognition for its environmental, social and governance (ESG) performance. With increasing focus on ESG issues in Asia, what steps will Keppel Land take to tackle challenges such as climate change?

A

QSince we embarked on our sustainability journey about 10 years ago, we have been playing an active role in creating sustainable live-work-play environments and giving back to the communities wherever we operate.

Testament to our efforts, our ranking at Corporate Knights’ Global 100 Most Sustainable Corporations in the World rose from 17th in 2014 to a commendable 4th in 2015, topping Asian and real estate companies worldwide. During the year, we were also conferred the Building and Construction Authority of Singapore’s (BCA) Quality Champion Gold Award (Developer) and Built Environment Leadership (Gold Class) Award.

We will do our part to protect the environment by developing environmentally-friendly properties, preserving biodiversity and inculcating green mindsets among our stakeholders. We strive to reduce our carbon footprint and target to cut, by 2020, our carbon emissions intensity by 16% below 2010’s levels. Looking ahead, we will focus on engaging our stakeholders along the supply chain so that we can influence and encourage our contractors and suppliers to adopt sustainable and best procurement practices. As a responsible corporate citizen, we will continue to step up our community outreach initiatives, with a focus on education and the environment.

01

QCan you share your strategy on developing talent and driving innovation within the Company?

AWe recognise that people are our most valuable assets. We have put in place leadership development and localisation programmes to groom employees with high potential as well as provide multiple platforms to engage staff. We will continue to invest in our people by nurturing our talent pool and improving staff engagement to drive growth.

Upholding the Company’s brand tagline of “Thinking Unboxed”, we will continue to innovate and collaborate more closely with other businesses in the Keppel Group to leverage the Group’s diverse strengths to offer greener and smarter

solutions for our residential and commercial developments. Our recent partnership with Keppel’s associated company, M1, for the Smart Lives programme is one such initiative. We have also formed multi-disciplinary teams comprising staff from different business and functional units to explore a number of exciting new business and operational initiatives, some of which may be implemented as early as this year.

Our focus on developing people, driving a culture of innovation, collaboration and sustainability as well as embracing new technologies will help to differentiate us from the competition.



14

Ang Wee Gee age 54Executive Director and Chief Executive Officer Date of first appointment as a director:1 January 2013Date of last re-election as a director:19 April 2013Length of service as a director (as at 31 December 2015):3 years

Board Committee(s) served on:Board Safety Committee (Member)

Present Directorships:Listed companiesKeppel REIT Management Limited (the Manager of Keppel REIT)

Other principal directorshipsKeppel Land China Limited (Chairman)Keppel Land Retail Management Pte Ltd (Chairman)Alpha Investment Partners Limited

Major Appointments(other than directorships):Member of the Board of the Building and Construction Authority of Singapore

Loh Chin Hua age 54Chairman, Non-Executive and Non-External Director Date of first appointment as a director:1 July 2012Date of last re-election as a director:19 April 2013Length of service as a director (as at 31 December 2015):3 years 6 months


Present Directorships:Listed companiesKeppel Corporation Limited Keppel Telecommunication & Transportation Ltd (Chairman)

Other principal directorshipsKeppel Offshore & Marine Ltd (Chairman)Keppel Infrastructure Holdings Pte Ltd (Chairman)Alpha Investment Partners Limited (Chairman)

Major Appointments(other than directorships):Chief Executive Officer of Keppel Corporation Limited


Board of Directors

Board of Directors

15

Edward Lee Kwong Foo age 69Non-Executive andExternal Director Date of first appointment as a director:1 July 2006Date of last re-election as a director:19 April 2013Length of service as a director (as at 31 December 2015):9 years 6 months

Board Committee(s) served on:Board Risk Committee (Member)Board Safety Committee (Member)

Present Directorships:Listed companiesIndofood Agri Resources LtdQAF Limited

Other principal directorshipsAsia Mobile Holdings Pte LtdGas Supply Pte LtdPT Dermaga Perkasa PratamaPT Kawasan Industri KendalPT Fairfax Insurance Indonesia

Major Appointments(other than directorships):Member of the National University of Singapore President’s Advancement Advisory Council

Tan Yam Pin age 75Non-Executive andExternal Director

Date of first appointment as a director:1 June 2003Date of last re-election as a director:30 April 2015Length of service as a director (as at 31 December 2015):12 years 7 months

Board Committee(s) served on:Board Safety Committee (Chairman)

Present Directorships:Listed companiesGreat Eastern Holdings LimitedSingapore Post Limited

Other principal directorshipsNil

Major Appointments(other than directorships):Member of the Singapore Public Service Commission


Board of Directors

16

Koh-Lim Wen Gin age 71Non-Executive andExternal Director

Date of first appointment as a director:20 January 2010Date of last re-election as a director:19 April 2013Length of service as a director (as at 31 December 2015):5 years 11 months


Present Directorships:Listed companiesNil


Major Appointments(other than directorships):Member of National Parks BoardMember of Sentosa Development Corporation BoardChairman of Sentosa Cove Resort Management Pte Ltd

The Directors bring their diverse experiences and knowledge to the strategic governance of the Group.


Board of Directors17

Huang Jing age 59Non-Executive andExternal Director Date of first appointment as a director:1 January 2014Date of last re-election as a director:17 April 2014Length of service as a director (as at 31 December 2015):2 years

Board Committee(s) served on:Board Risk Committee (Member)

Present Directorships:Listed companiesNil


Major Appointments(other than directorships):Professor and Director of Centre on Asia and Globalisation at the Lee Kuan Yew School of Public Policy, National University of Singapore (“NUS”);The first Lee Foundation Chair Professor of US-China Relations at NUS; Richard Von Weizsäcker Fellow from the Robert Bosch Stiftung; Senior Overseas Economic Analyst for China’s Xinhua News Agency;Board member of the Fujitsu-JAIMS Foundation in Japan; Board member of the Advisory Board of the Center on China and Globalization, European-HouseAmbrosette; Member of the Steering Committee of the NUS Research Institute in Suzhou; Member of the Global Agenda Council at the World Economic Forum

Yap Chee Meng age 60Non-Executive andExternal Director

Date of first appointment as a director:2 December 2013Date of last re-election as a director:17 April 2014Length of service as a director (as at 31 December 2015):2 years and 1 month

Board Committee(s) served on:Audit Committee (Chairman)Board Risk Committee (Member)

Present Directorships:Listed companiesSMRT Corporation LtdSATS Ltd

Other principal directorshipsAXA Insurance Singapore Pte LtdThe Esplanade Co LtdPavilion Gas Pte LtdRHB Securities Singapore Pte Ltd

Major Appointments(other than directorships):Member of the Board of The National Research Foundation, Prime Minister’s Office, Singapore


Board of Directors

18

Chan Hon Chew age 51Non-Executive andNon-External Director

Date of first appointment as a director:1 July 2014Date of last re-election as a director:30 April 2015Length of service as a director (as at 31 December 2015):1 year 6 months

Board Committee(s) served on:Audit Committee (Member)Board Risk Committee (Member)

Present Directorships:Listed companiesKeppel Telecommunications & Transportation LtdKeppel DC REIT Management Pte Ltd (the Manager of Keppel DC REIT) (Chairman)KrisEnergy Ltd

Other principal directorshipsKeppel Offshore & Marine LtdKeppel Infrastructure Holdings Pte LtdSingapore Tianjin Eco-City Investment Holdings Pte Ltd

Major Appointments(other than directorships):Chief Financial Officer of Keppel Corporation Limited;Member of the Board of the Singapore Accountancy Commission; Member of the Council of the Singapore Accounting Standard Council

Oon Kum Loon age 65Non-Executive andExternal Director Date of first appointment as a director:1 September 2010Date of last re-election as a director:17 April 2014Length of service as a director (as at 31 December 2015):5 years 4 months

Board Committee(s) served on:Board Risk Committee (Chairperson)Audit Committee (Member)

Present Directorships:Listed CompaniesNil

Other principal directorshipsSingapore Power LimitedJurong Port Pte Ltd

Major Appointments(other than directorships):Nil


Board of Directors19

1. Sam Moon Thong President Indonesia

2. Ho Cheok Kong Director Special Projects

3. Ng Hsueh LingChief Executive Officer Keppel REIT Management Limited

4. Lim Kei HinChief Financial Officer

5. Ang Wee GeeChief Executive Officer Keppel Land Limited

6. Tan Swee YiowPresident Singapore

7. Christina Tan Hua MuiManaging DirectorAlpha Investment Partners Limited

8. Linson Lim Soon KooiPresident Vietnam

9. Ng Ooi HooiPresident Regional Investments

10. Ben Lee Siew KeongPresident Keppel Land China Limited

12

3 45

6 7

8 910


Senior Management

20

11. Chu Chee SengGeneral Manager Keppel Land Hospitality Management Pte Ltd

12. Leong Chi MengGeneral Manager Corporate Development

13. Chan Kam FaiGeneral Manager Human Resources

14. Albert Foo Cheur Wee General Manager Marketing

15. Michael Leong Choon FaiChief Executive OfficerKeppel Land Retail Management Pte Ltd

16. Lim Tow FokGeneral Manager Property Management

17. Allen Ang Aik LengGeneral Manager Project Management and Sustainable Design

18. Peter Shane Jones General Manager Workplace Safety and Health

11 1213 14 15 16 17

18


Senior Management21

Keppel Land Limited

Loh Chin HuaChairman

Ang Wee GeeChief Executive Officer

Property Investment, Development and Management

Keppel Land International Limited

Lim Kei HinChief Financial Officer

Singapore

Tan Swee YiowPresidentSingapore

International ChinaHo Cheok KongPresidentKeppel Land China Limited(until 29 February 2016)

Ben Lee Siew KeongPresidentKeppel Land China Limited(effective 1 March 2016) Vietnam Linson Lim Soon KooiPresidentVietnam IndonesiaSam Moon ThongPresidentIndonesia India, Malaysia, Myanmar, Sri Lanka, The Philippines and ThailandNg Ooi HooiPresidentRegional Investments


KeyPersonnel

22

Property Fund Management

Ng Hsueh LingChief Executive OfficerKeppel REIT Management Limited

Kelvin Chow Chung YipChief Financial OfficerKeppel REIT Management Limited

Christina Tan Hua Mui Managing DirectorAlpha Investment Partners Limited

Goo Li LingChief Financial OfficerAlpha Investment Partners Limited

Hospitality Management

Tan Swee YiowDirectorKeppel Land Hospitality Management Pte Ltd

Chu Chee SengGeneral ManagerKeppel Land Hospitality Management Pte Ltd(effective 2 November 2015)

Khoo Peck KhoonGeneral Manager (Golf and Marina Operations)Keppel Land Hospitality Management Pte Ltd(effective 2 November 2015)

Retail Management

Michael Leong Choon FaiChief Executive OfficerKeppel Land Retail Management Pte Ltd

Special ProjectsHo Cheok KongDirector(effective 1 March 2016)

Group Finance and AccountsTan Boon PingFinancial Controller(until 31 October 2015)

Wong Man LiFinancial Controller(effective 1 November 2015)

Finance and AdministrationMelissa Tan Siew NgokGeneral Manager

MarketingAlbert Foo Cheur WeeGeneral Manager

Project Management and Sustainable DesignAllen Tan Kuang LiangDeputy General Manager(until 11 January 2016)

Allen Ang Aik LengGeneral Manager(effective 12 January 2016)

Property Management Lim Tow FokGeneral Manager

Workplace Safety and HealthPeter Shane JonesGeneral Manager

Human ResourcesChan Kam FaiGeneral Manager

Corporate Services and Corporate Social ResponsibilitySerena Toh Lai SiongGeneral Manager

Corporate DevelopmentLeong Chi MengGeneral Manager

Information TechnologyKevin Chua Kee WeeDeputy General Manager

Group Internal AuditJessica Cheong Weai MunDeputy General Manager

Risk ManagementYeo Hwee PeyAssistant General Manager

Corporate


Key Personnel23

Vietnam

Linson Lim Soon KooiPresidentVietnam

Doan Anh HungGeneral ManagerVietnam

Joseph Low Kar YewDeputy General ManagerOperations

Keppel Land China Limited

Ho Cheok KongPresident(until 29 February 2016)

Ben Lee Siew KeongPresident(effective 1 March 2016)General ManagerOperations(until 29 February 2016)

Patrick Lim Jean LoongChief Financial Officer(until 30 November 2015)

Tan Boon PingChief Financial Officer(effective 1 December 2015)

William Tan Tin KwangGeneral ManagerNorthern China

Desmond Wong Hong KiongGeneral ManagerRegional Head Daniel Chong Siew HoeGeneral ManagerRegional Head

Benjamin Kang Min ShinGeneral ManagerBusiness Development

Lee Eng BengGeneral ManagerMarketing Tan Joo ChuahGeneral ManagerProject Management(until 3 January 2016)

Gavin Lu Yee LiangGeneral ManagerProject Management(effective 4 January 2016) Wong Wai FooDeputy General ManagerProperty Management Vincent See Wing Chuen General ManagerHuman Resources

Kenny Phua Boon PeowDeputy General ManagerChengdu

Frank Ong Cheng PohDeputy General ManagerTianjin

Eric Cheng LuAssistant General ManagerWuxi


KeyPersonnel

24

Indonesia

Sam Moon ThongPresidentIndonesia

Wong Chee WaiDeputy General ManagerOperations

Regional Investments

Ng Ooi HooiPresidentRegional Investments

MyanmarGoh York LinPresident

ThailandOh Lock SoonManaging DirectorKeppel Thai Properties Public Company Limited

IndiaYeo Chee KianDeputy General ManagerBangalore

MalaysiaSteven Shum Wing OnDeputy General Manager

Sri LankaR. Pannir Chelvam s/o RamayaDeputy General Manager(until 29 February 2016)

The PhilippinesLee Foo TuckPresidentKeppel Philippines Properties, Inc.


Key Personnel25

Awards and Accolades

Awards and Accolades

01

Corporate Recognition

Global 100 Most Sustainable Corporations in the WorldKeppel Land was ranked fourth in Corporate Knights’ Global 100 Most Sustainable Corporations in the World 2015, placing it first in Asia and among real estate companies worldwide.

Top 10 ASEAN Companies in ChinaFor the fourth consecutive year, Keppel Land China was conferred the Top 10 ASEAN Companies in China Award by the China-ASEAN Business Council in 2016. The award honours model ASEAN companies which have achieved business success and contributed positively to the local Chinese communities they operate in. Keppel Land China is the only company that has been awarded the accolade for four years running.

Governance and Transparency IndexKeppel Land was ranked seventh out of 639 listed companies in Singapore at the annual Governance and Transparency Index, jointly organised by CPA Australia, NUS Business School’s Centre for Governance, Institutions and Organisations as well as The Business Times.

ASEAN Corporate Governance AwardsKeppel Land was lauded for its high standards of corporate governance at the 2015 ASEAN Corporate Governance Awards, an initiative of the ASEAN Capital Markets Forum and supported by the Asian Development Bank. The award recognises companies that continuously implement good corporate governance in their operations and services.

Corporate Social Responsibility

The RobecoSAM Sustainability YearbookFor the fifth consecutive year, Keppel Land was featured in the RobecoSAM Sustainability Yearbook 2015 as one of the top 15% of companies worldwide in sustainability leadership.

International Safety AwardsFor its commitment to upholding good safety practices, Keppel Land was recognised at the prestigious International Safety Awards 2015 by the British Safety Council.

BizSAFE MentorFor its exemplary Workplace Safety and Health management and performance, Keppel Land was conferred the bizSAFE Mentor certificate for the third consecutive year.

BCA AwardsKeppel Land garnered five awards at the annual Building and Construction Authority of Singapore (BCA) Awards. This includes the coveted BCA Built Environment

Singapore Corporate AwardsKeppel Land won the Bronze Award for Best Annual Report in the large capitalisation category at the Singapore Corporate Awards 2015.

Euromoney Real Estate AwardsKeppel Land garnered six Euromoney Real Estate Awards, including Best Office/Business Developer in Singapore, Indonesia and Vietnam, Best Residential Developer in Singapore and Vietnam as well as Best Investment Manager (Overall) in real estate services in Singapore.

BCI Asia AwardsKeppel Land was named one of the top 10 developers in Vietnam at the BCI Asia Top 10 Awards.

Singapore HR AwardsKeppel Land was recognised for Leading HR Practices in Talent Management, Retention and Succession Planning, and accorded special mentions in Performance Management.

02

Leadership Award (Gold Class), BCA Quality Excellence Award (Quality Champion, Gold), BCA Universal Design Mark GoldPlus (Design) Award for Highline Residences, BCA Universal Design Mark Gold (Design) Award for The Luxurie and the inaugural BCA Green Mark Pearl Award for Marina Bay Financial Centre Tower 3.

Singapore Apex CSR AwardsKeppel Land took top honours in the Large Organisations category at the inaugural Singapore Apex Corporate Social Responsibility (CSR) Awards. The award recognises companies for their social responsibility and sustainability excellence in their business practices.

Fish Friendly MarinaMarina at Keppel Bay was accredited as Asia’s first Fish Friendly Marina by the Marina Industries Association for its efforts in improving the habitat of marine life within its waters.

Sustainable DevelopmentsOcean Financial Centre and Marina Bay Financial Centre were among six buildings that were awarded the Water Efficient Building (Gold) certification by the PUB. Bugis Junction Towers received the Silver certification.

Separately, for its efficient energy management practices, Ocean Financial Centre was named the winner in the Large Green Building category at the ASEAN Energy Awards 2015. The award aims to promote regional cooperation on projects relating to energy efficiency and sustainability.

Product Excellence

FIABCI Prix d’ExcellenceMarina Bay Suites was conferred the Silver Award in the Residential (High Rise) category at the highly acclaimed FIABCI Prix d’Excellence Awards. Marina Bay Financial Centre Phase 1 was also awarded the FIABCI Singapore SG50 Special Award in the Office category at the Singapore Property Awards.

Design ExcellenceKeppel Land was conferred the Singapore Good Design Mark Gold Award for Reflections at Keppel Bay and for the interactive multimedia wall at Highline Residences’ sales gallery. In addition, the multimedia wall at Highline Residences won Silver in the Multimedia-Interface Design category at the 8th International Design Awards.

Quality DevelopmentsKeppel Land emerged as one of the big winners at the

inaugural Vietnam Property Awards. Saigon Centre Phase 2 was named the winner for Best Commercial and Best Retail Development, while Riviera Point was named the Best Mid-range Condominium Development in Ho Chi Minh City (HCMC). The Company also received the Highly Commended Award for Best Office Development and Best Retail Architectural Design for Saigon Centre Phase 2, Best Residential Architectural Design for Riviera Point, and Best Luxury Condominium Development in HCMC for Estella Heights.

Distinction in HospitalitySedona Suites Hanoi was named the Best Serviced Residence at the 14th Golden Dragon Awards organised by the Vietnam Economic Times and Ministry of Planning and Investment.

Spring City Golf & Lake Resort (Spring City) and Tianjin Eco-City International Country Club were named among the Top 10 Most Outstanding Golf Resorts by China’s Golfers’ Choice Awards. Spring City was also named one of the Top 10 Most Outstanding Golf Courses at the same event. Golf Digest (China edition) also listed Spring City among China’s Top 10 Golf Resorts.

03

01 Keppel Land was conferred the Bronze Award for Best Annual Report in the large capitalisation category at the Singapore Corporate Awards 2015. 02 At the annual Building and Construction Authority Awards 2015, Keppel Land garnered five awards. 03 Keppel Land garnered six Euromoney Real Estate Awards in 2015.

Overview / Operations and Market Review Keppel Land Limited Report to Shareholders 2015 2726

CorporateMilestones

2015

January• Keppel Land acquired a

well-located 4.6-hectare (ha) site in West Jakarta, Indonesia, to develop a high-rise condominium with ancillary shophouses and shop units.

• Keppel Land acquired a 75% stake in retail management company Array Real Estate, which was subsequently renamed Keppel Land Retail Management.

February• Keppel Land acquired a

freehold nine-storey office building at 75 King William Street in the City of London.

• Keppel Land and China Vanke extended their strategic alliance into China to jointly develop a 16.7-ha prime residential site in Chengdu.

March• Keppel Land increased its

stake in Estella Heights in Ho Chi Minh City from 55% to 98%.

• Keppel REIT topped out the David Malcolm Justice Centre office tower in Perth, Australia.

April• Keppel Land topped out the

Inya Wing of Sedona Hotel Yangon in Myanmar.

July• Keppel Land was privatised

with Keppel Corporation owning over 99% of the Company at the completion of the privatisation.

August• The Company topped out

International Financial Centre Jakarta Tower 2, a landmark commercial development in the central business district of Jakarta, Indonesia.

• Keppel REIT received the Certificate of Practical Completion for the David Malcolm Justice Centre.

October• Sedona Hotel Yangon celebrated

the soft opening of its new Inya Wing which adds an additional 431 guest rooms and suites.

December• Alpha Investment Partners,

through Alpha Asia Macro Trends Fund II, partnered City Developments Limited (CDL), in a $1.1 billion joint office investment platform that acquired three of CDL’s prime office assets.

• Keppel Land and M1 launched the pilot Smart Lives programme at The Luxurie to provide smart living solutions for Keppel Land’s residential and commercial properties.

• Keppel Corporation and Keppel Land consolidated the Group’s ownership of Keppel Bay Tower through a share swap exercise with Mapletree Investments. Keppel acquired the remaining 30% interest in Harbourfront One Pte Ltd which holds Keppel Bay Tower, in exchange for its 39% interest in Harbourfront Two Pte Ltd, which holds Harbourfront Towers 1 and 2.

01


Corporate Governance

The Company’s Directors and Management firmly believe that full commitment to high standards of corporate governance is essential to ensure the sustainability of the Company’s businesses and performance as well as to safeguard shareholders’ interests and maximise long-term shareholder value.

Board MattersThe Board’s Conduct of AffairsThe Board oversees the effectiveness of Management as well as the corporate governance of the Company with the objective of maximising long-term shareholder value and protecting the Company’s assets. Its key roles include the review and approval of the Group’s corporate strategies and directions, annual budgets, major investments, divestments and funding proposals and the review of the Group’s financial performance, risk management processes and systems, and sustainability considerations including corporate governance practices. The Board is also responsible for setting the Company’s core values and ethical standards.

Board Committees include the Audit Committee, Board Risk Committee and Board Safety Committee. The Nominating Committee and the Remuneration Committee have been dissolved. These Board Committees have clearly defined written terms of reference. Matters which are delegated to Board Committees for more detailed evaluation and approval are reported to and monitored by the Board.

The Board has included in its oversight, consideration of sustainability issues such as environmental, social and governance factors in the strategic formulation and execution of the Company’s objectives. Every Board meeting includes an update on sustainability issues. The Board meets regularly on a quarterly basis and as warranted.

Board Composition Presently, there are nine Directors. With the exception of Mr Ang Wee Gee, who is the Chief Executive Officer (“CEO”), the rest of the eight Directors are non-executive Directors. With the exception of Mr Loh Chin Hua, Mr Ang Wee Gee and Mr Chan Hon Chew, the rest of the six

Directors are external Directors (“External Directors”). External Directors are directors who do not have an executive position within the Company and its related companies.

The Directors provide an appropriate balance and diversity of skills, experience, gender and knowledge of the Company, as well as relevant core competencies in areas such as accounting or finance, legal, business or management experience, industry knowledge, strategic planning experience, and customer-based experience or knowledge. The Chairman of the Board is Mr Loh Chin Hua. In terms of composition of the Board, External Directors form the majority.

Chairman and Chief Executive OfficerTo ensure an appropriate balance of power, increased accountability and a greater capacity of the Board for independent decision-making, the Company has a clear division of responsibilities at the top level of the Company, with the non-executive Chairman and the CEO having separate roles.

02

Keppel Land is committed to achieving high standards of corporate governance to ensure the sustainability of the Company’s businesses as well as to safeguard shareholders’ interests.

01 Keppel Land topped out International Financial Centre Jakarta Tower Two in Indonesia in August 2015. 02 Keppel Land proactively engages shareholders on the Company’s strategic directions at its Annual General Meetings.


Overview / Operations and Market Review 29


The Chairman leads the Board and is responsible for the management of the Board, encourages Board’s interaction with Management, facilitates effective contribution of the Directors, encourages constructive relations among the Directors, and promotes high standards of corporate governance. The Chairman approves the agenda for Board meetings and ensures sufficient time is spent to cover all items in the agenda, especially on strategic issues. The Chairman and CEO are separate persons and are not related to each other.

The CEO has full executive responsibilities over the business directions set by the Board and operational decisions of the Group. The CEO is accountable to the Board for the conduct and performance of the Group.

Board MembershipProcess and Criteria Used for Selection and Appointment of New DirectorsTo increase the reliability of the process, the Board’s

diversity in terms of mix of expertise, knowledge and experience on the Board is evaluated and, in consultation with Management, the role and the desirable competencies for a particular appointment is determined. Recommendations from, inter alia, Directors and Management are the usual source for potential candidates. However, external search consultants are also considered.

Formal interviews with the short-listed candidates are conducted to assess their suitability and the candidates are verified of their awareness of the expectations and the level of commitment required, after which suitable candidates will be approved.

The following criteria are used to assess all new appointments:

(a) Integrity;(b) Independent mindedness;(c) Possession of core

competencies that meets the needs of the Company and complements the

skills and competencies of the existing Directors on the Board;

(d) Ability to commit time and effort to carry out duties and responsibilities effectively;

(e) Track record of making good decisions;

(f) Experience in high-performing organisations; and

(g) Financial literacy.

The internal guideline adopted by the Company to address the issue of multiple board representations is that Directors should not have more than six listed company board representations and other principal commitments.

The Board recognises that proper succession planning plays an important role in ensuring continuous and effective stewardship of the Company. As such, the Company’s succession plans are reviewed annually to ensure the progressive renewal of the Board, including the Chairman and the CEO. Succession and leadership development plans for Management are also reviewed.

01

01 Keppel Land was lauded for its high standards of corporate governance at the 2015 ASEAN Corporate Governance Awards. Receiving the award on behalf of Keppel Land was Mr Linson Lim (second from left), President (Vietnam).



Remuneration MattersRemuneration Policy for Executive Directors and Other Key Management PersonnelThe Company adopts a remuneration system that is aimed at attracting, retaining and motivating talent on a sustainable basis. In designing the compensation structure, the Company seeks to ensure that the level and mix of remuneration is competitive, relevant and appropriate in finding a balance between current versus long-term compensation and between cash versus equity incentive compensation.

The annual fixed cash component comprises the annual basic salary plus fixed allowances which the Company benchmarks with the relevant industry market data.

The annual performance incentive which is tied to the performance of the Company, business unit and individual employee,

is inclusive of a portion which is tied to economic value added (“EVA”) performance. The EVA performance incentive is currently extended to only key management personnel who have greater line of sight to value creation.

The compensation structure is directly linked to corporate and individual performances, both in terms of financial, non-financial performance and the creation of shareholder wealth.

Accountability and AuditThe Board, supported by the Audit Committee (“AC”) and Board Risk Committee (“BRC”), oversees the Group’s system of internal controls and risk management.

Audit CommitteeThe AC’s primary role is to assist the Board to ensure the integrity of financial reporting and the existence of sound internal control systems. The AC is kept abreast of changes to

accounting and governance standards and issues which have a direct impact on financial statements through quarterly updates and discussion with the external auditor.

The AC is guided by the following terms of reference:

(1) Review financial statements relating to financial performance, and review significant financial reporting issues and judgements contained in them, for better assurance of the integrity of such statements;

(2) Review and report to the Board at least annually the adequacy and effectiveness of the Group’s internal controls, including financial, operational, compliance and information technology controls (such review can be carried out internally or with the assistance of any competent third parties);

The nature of current Directors’ appointment and membership on Board Committees are as follows:

Board Committee Memberships

DirectorsBoard

Membership Audit Nominating 1 Remuneration 1 Board Risk Board Safety

Loh Chin Hua Non-executive Chairman

Non-External Director

– Member Member – Member

Ang Wee Gee CEONon-External

Director

– – – – Member

Lee Ai Ming 2 External Director Member – – Member –Tan Yam Pin External Director – – Chairman – ChairmanHeng Chiang Meng 3 External Director Member – – – MemberEdward Lee Kwong Foo 4 External Director – Chairman Member Member MemberKoh-Lim Wen Gin External Director – – – – MemberYap Chee Meng External Director Chairman Member – Member –Huang Jing External Director – – – Member –Oon Kum Loon External Director Member – – Chairperson –Chan Hon Chew Non-External

DirectorMember – – Member –

1 The Nominating Committee and Remuneration Committee were dissolved on 24 July 2015.2 Lee Ai Ming retired from the Board and did not seek re-election at the Company’s Annual General Meeting (“AGM”) on 30 April 2015. She also ceased to be

a member of the Audit Committee and the Board Risk Committee.3 Heng Chiang Meng retired from the Board and did not seek re-election at the Company’s AGM on 30 April 2015. He also ceased to be a member of the

Audit Committee and the Board Safety Committee.4 Edward Lee Kwong Foo was appointed to the Board Safety Committee on 1 February 2016.



(3) Review audit plans and reports of the external auditor and internal auditor, and consider the effectiveness of actions or policies taken by Management on the recommendations and observations;

(4) Review the independence and objectivity of the external auditor;

(5) Meet with external auditor and internal auditor, without the presence of Management, at least annually;

(6) Review the adequacy and effectiveness of the Company’s internal audit function, at least annually;

(7) Investigate any matters within the AC’s purview, whenever it deems necessary;

(8) Report to the Board on material matters, findings and recommendations;

(9) Review the AC’s terms of reference annually and recommend any proposed changes to the Board;

(10) Perform such other functions as the Board may determine; and

(11) Sub-delegate any of its powers within its terms of reference as listed above from time to time as the AC may deem fit.

During the year, the AC reviewed the internal and external auditors’ plans and findings to ensure that they are sufficient to assess the adequacy and effectiveness of the Company’s significant internal controls, including financial, operational, compliance and information technology controls and management of risks of fraud and other irregularities. The AC also reviewed the effectiveness of the actions taken by Management on the recommendations made by the internal and external auditors in this respect.

The AC also performed independent reviews of the financial statements of the Company. The AC has explicit authority to investigate any matter within its terms of reference, full access to and cooperation by Management and full discretion to invite any Director or executive officer to attend its meetings, and has reasonable resources to enable it to discharge its functions properly.

The AC held five meetings during the year. The Company’s internal and external auditors reported their audit findings and recommendations independently to the AC. The AC also met with the internal and external auditors, without the presence of Management. At the meetings, the external auditor briefed the members of the AC on the latest developments in accounting and governance standards and practices. In addition, the AC reviewed the independence and objectivity of the external auditor through discussions with the external auditor.

Board Risk CommitteeThe Board, assisted by the BRC, has oversight of risk management in the Group. The BRC examines the adequacy and effectiveness of the Company’s risk management system, and ensures that a robust risk management system is maintained.

The BRC reviews and guides Management in the formulation of risk policies and processes to identify, evaluate and manage significant risks, to safeguard shareholders’ interests and the Company’s assets. The BRC also discusses risk management strategies with Management and the Board. In addition, the BRC makes visits to the Company’s project sites and discuss the risk mitigation actions and issues that the Group faces in the various markets.

The BRC’s terms of reference are as follows:

(1) Receive, as and when appropriate, reports and recommendations from Management on risk tolerance and strategy, and recommend to the Board for its determination the nature and extent of significant risks which the Group overall may take in achieving its strategic objectives, and the overall Group’s levels of risk tolerance and risk policies;

(2) Review and report to the Board at least annually the adequacy and effectiveness of the Group’s risk management system;

(3) Review and discuss, as and when appropriate, with Management the Group’s risk governance structure and its risk policies, and risk mitigation and monitoring processes and procedures;

(4) Receive and review at least quarterly reports from Management on major risk exposures and the steps taken to monitor, control and mitigate such risks;

(5) Review the Group’s capability to identify and manage new risk types;

(6) Review and monitor Management’s responsiveness to the findings and recommendations of the risk management department;

(7) Provide timely input to the Board on critical risk issues;

(8) Report to the Board on material matters, findings and recommendations;

(9) Review the BRC’s terms of reference annually and recommend any proposed changes to the Board;

(10) Perform such other functions as the Board may determine; and

(11) Sub-delegate any of its powers within its terms of reference as listed above from time to time as the BRC may deem fit.



Risk Management and Internal ControlsThe Company’s approach to risk management is set out in the “Risk Management” section on pages 35 to 37. The Company is guided by a set of Risk Tolerance Guiding Principles as disclosed on page 35.

The Group also has in place a Risk Management Assessment Framework to facilitate the Board’s assessment on the adequacy and effectiveness of the Group’s risk management system. The framework lays out the governing policies, processes and systems pertaining to each of the key risk areas of the Group, and assessments are made on the adequacy and effectiveness of the Group’s risk management system in managing each of these key risk areas.

The Group also has in place Keppel Land’s System of Management Controls Framework (the “Framework”) outlining the Group’s internal control and risk management processes and procedures. The Framework

comprises three Lines of Defence towards ensuring the adequacy and effectiveness of the Group’s system of internal controls and risk management.

Under the first Line of Defence, management is required to ensure good corporate governance through the implementation and management of policies and procedures relevant to the Group’s business scope and environment. Under the second Line of Defence, significant business units are required to conduct self-assessment exercise on an annual basis. Under the third Line of Defence, to assist the Company to ascertain the adequacy and effectiveness of the Group’s internal controls, business units are required to provide the Company with written assurances as to the adequacy and effectiveness of their system of internal controls and risk management. Such assurances are also sought from the Company’s internal and external auditors based on their independent assessments.

Employee Code of ConductTo build a culture of high integrity as well as reinforce ethical business practices, the Company has in place an employee code of conduct.

This policy addresses, at the employee level, the standards of acceptable and unacceptable behaviour and personal decorum as well as issues of workplace harassment. On the business front, the policy addresses the standards of business behavior pertaining to the offering and receiving of business courtesies as well as issues on conflict of interests. The policy also requires all staff to avoid any conflict between their own interests and the interests of the Company in dealing with its suppliers, customers and other third parties.

The rules require business to be conducted with integrity, fairly, impartially, in an ethical and proper manner, and in compliance with all applicable laws and regulations. Relevant anti-corruption rules are also spelled out to protect the

Keppel Land’s System of Management Controls

Policies

People

CORE VALUES, CORPORATE & EMPLOYEE CONDUCT

BUSINESS UNIT REPRESENTATION

INTERNAL AUDIT

ExTERNAL AUDIT

SELF-ASSESSMENT PROCESS

ENTERPRISE RISK MANAGEMENT

FRAUD RISK MANAGEMENT

IT GOVERNANCE FRAMEWORK

BOARD OF DIRECTORS

Business Governance/ Rules of Governance

1

Management & Assurance Frameworks

2

Board Oversight4

Assurance3

ProcessesSystems

POLICY MANAGEMENT

COMPLIANCE GOVERNANCE

OPERATIONAL GOVERNANCE

FINANCIAL GOVERNANCE



business, resources and reputation of the Company. The general rule is that employees must not offer or authorise the giving, directly or through third parties, of any bribe, kickback, illicit payment, or any benefit-in-kind or any other advantage to any person or entity, as an inducement or reward for an improper performance or non-performance of a function or activity. Similarly, employees must not solicit or accept illicit payment, directly or indirectly, from any person or entity that is intended to induce or reward an improper performance or non-performance of a function or activity.

Whistle-blower Protection PolicyThe Company has a whistle-blower protection policy to encourage the reporting in good faith of suspected reportable conduct by establishing clearly defined processes through which such reports may be made with the confidence that employees and other persons making such reports to the employees’ supervisors, AC Chairman or Head of Group Internal Audit will be treated fairly and, to the extent possible, protected from reprisal.

The AC Chairman is kept informed of all cases reported. Anonymous reports are also accepted if there are strong merits to look further into the cases. Upon receipt of allegations of fraud or other misconduct reported under the whistle-blower protection policy, the AC will ensure that the necessary investigations are carried out in a timely manner. The AC will also ensure that any disciplinary, civil and/or criminal action that is initiated following completion of investigation, is appropriate, balanced, and fair.The AC will also monitor the actions taken to correct the weaknesses in the existing system of internal processes

and policies which resulted in or may cause the perpetration of the fraud and/or misconduct, to prevent any recurrence.

Briefings for all staff on the Employee Code of Conduct and Whistle-blower Protection Policy were held when the policies were introduced. New employees are briefed on the policies when they join the Company’s orientation programme. Subsequently, to maintain awareness, all employees are required to acknowledge the policies annually. Any revisions are highlighted to them when they perform the annual acknowledgements.

Board Safety CommitteeThe Company’s Board Safety Committee (“BSC”) guides Management to enhance the Group’s commitment to work safely in all workplaces and foster a safety culture in the Company. The BSC is supported by the Management Safety Committee (“MSC”). The BSC meets quarterly to discuss safety issues and provide guidance and direction to chart safety milestones. The BSC makes regular field visits to project sites in Singapore and overseas to enforce the Board’s commitment to safety.

The MSC members comprise nominated senior personnel from each of the Company’s business units. The MSC is formed to lead, champion and manage workplace safety and health, and build a strong safety culture in the Company. The MSC meets quarterly to discuss safety issues and spearhead the safety programmes and directives endorsed by the BSC. Regular visits are made to project sites in Singapore and overseas to ensure that contractors are complying with the local regulations and industry’s best practices.

The BSC and the MSC are supported by the Workplace Safety and Health (“WSH”) Department. The WSH

Department, headed by the General Manager, Workplace Safety and Health, and a team of safety professionals from various engineering disciplines, conducts regular site safety inspections and audits on all the active projects in Singapore and overseas.

The BSC is guided by the following terms of reference:

(1) Establish the health and safety (“H&S”) policies;

(2) Monitor the Company’s compliance with the approved H&S policies by:(a) Assessing the adequacy

of H&S standards prepared by the MSC;

(b) Assessing the operations of the Company and recommendations of the MSC on training, safety audits, elimination, control and minimisation of H&S risks; and

(c) Assessing the compliance of the Company with applicable legislation;

(3) Recommend the adoption of acceptable H&S practices in the industries in which the Company operates;

(4) Receive reports concerning H&S incidents within the Company; and

(5) Consider H&S issues that may have strategic, business and reputational implications for the Company.

The BSC held four meetings during the year.


Risk Management

RiskManagement

Robust Risk Management FrameworkKeppel Land’s Board of Directors (the Board) is responsible for governing risks and ensuring that the management maintains a sound system of risk management and internal controls to safeguard shareholders’ interests and the Company’s assets. Assisted by the Board Risk Committee (BRC), the Board provides valuable advice to the management in formulating risk policies and guidelines.

Comprising five Directors, the BRC held a total of four meetings in 2015. In addition, the BRC visited various ongoing projects in Yangon and Mandalay, Myanmar, as well as Bangkok, Thailand, during the year to understand and review the risks that may affect the Company.

Since 2013, Keppel Land has adopted three risk tolerance guiding principles which serve to determine the nature and extent of the significant risks that the Board is willing to take in achieving its strategic objectives. These three risk tolerance guiding principles are:

(1) Risk taken should be carefully evaluated, commensurate with rewards and in line with the Group’s core strengths and strategic objectives.

(2) No risk arising from a single area of operation, investment or undertaking should be so huge as to endanger the entire Group.

(3) The Group does not condone safety breaches or lapses, non-compliance with laws and regulations, as well as acts such as fraud, bribery and corruption.

Ongoing improvements are made to strengthen the existing risk governance. Our risk management framework is set out on page 33 of this Annual Report. In 2015, the Board has assessed that the risk management system is adequate and effective in addressing the key risks of the Company.

The enterprise risk management (ERM) framework, a component of Keppel Land’s System of Management Controls, provides the Group with a holistic and systematic approach in risk management. It outlines the reporting structure, monitoring

mechanisms, specific risk management processes and tools in addressing key risks, as well as Group policies and limits.

The Group’s five-step risk management process consists of risk identification, risk assessment, formulation of risk mitigation measures, communication and implementation as well as monitoring and review. The assessment process takes into account both the impact and likelihood of the risks occurring and also covers the financial, operational, reputational and strategic aspects.

A set of key risk indicators, which are closely monitored by the business units and risk owners, serve as early warning signals. Risk plans and key risk indicators are regularly reviewed to ensure risks identified remain relevant and mitigating actions continue to be adequate, timely and effective.

An ERM Committee, comprising business unit and functional department heads, drives and

01

Keppel Land maintains a robust risk management system which enables it to meet challenges and seize business opportunities in a dynamic business environment.

01 Keppel Land advocates a strong safety culture and strives for a zero-harm workplace.


RiskManagement

coordinates Group-wide risk management initiatives. The risk registers of the individual business units and functional departments are reviewed regularly to ensure the risks identified and accompanying mitigating measures remain relevant in view of the dynamic business environment.

As part of the control assurance process, Keppel Land has also implemented the Control Self-Assessment and Group-wide information technology (IT) risk assessment.

Risk management is an integral part of strategic, operational and financial decision-making processes at all levels of the Group. The Group’s holistic approach to identifying and managing risks not only instils

a strong risk ownership across the Company but also reduces uncertainties associated with executing our strategies, allowing us to harness opportunities with agility.

Despite best efforts, the Group recognises that risks can never be entirely eliminated, especially in an evolving landscape of uncertainties and vulnerabilities.

Bolstering Operational ReadinessKeppel Land is committed to enhance its operational resilience through the establishment of a robust business continuity management (BCM) plan that will allow it to respond effectively to potential crises and external threats while minimising any impact on its people, operations and assets.

01

01 Keppel Land conducts regular drills simulating disruptions to ensure business continuity and effective responses during crises.

The Keppel Group’s Five-Step Risk Management Process

IdentifyUnderstand business strategy and identify risks.

Step 1 Step 2 Step 3 Step 4 Step 5

AssessAssess risk level based on impact and likelihood of occurrence.

MitigateDevelop action plans to mitigate risks.

ImplementCommunicate and implement action plan.

MonitorMonitor and review.

Led by the BCM Committee, business units in various locations conduct drills simulating disruptions relevant to their respective locations. These plans are continuously tested and refined to ensure responses are practical, executable and effective while critical business functions continue to operate smoothly.

Enhancing a Risk-Centric CultureEffective risk management hinges equally on mindsets and attitudes as well as systems and processes. The management is committed to foster a strong risk-centric culture in the Group, which encourages prudent risk-taking in decision-making and business processes.

Risk management workshops are conducted to enhance risk management competency and awareness of staff. The Group also seeks to enhance senior staff accountability for risk management through the performance evaluation process.

Proactive Risk ManagementKeppel Land will continue to review and refine its risk management methodology, systems and processes to ensure its adequacy and effectiveness. The Group will continue to leverage its educational initiatives to raise employees’ risk management awareness and capabilities as well as enhance the process in sharing of lessons learned.


Risk Management

The key risks identified and appropriate mitigating actions undertaken by Keppel Land in 2015 are as follows:

1. Business Strategy Risks• TheGroup’sstrategic

direction and business strategies are reviewed by the Board and senior management. Factors including the laws and regulations, market conditions and competitive landscape within each market are considered carefully. Keppel Land continues to look into matters relating to technology, innovation and solutions as part of its strategy to develop alternative business products and innovative solutions.

2. Concentration Exposure Risks

• Aconcentrationriskmanagement policy that governs the exposure limits of each market and project is established to manage concentration exposure risk.

• Exposuretoallcountries and projects are monitored regularly to ensure that the Group is not overly exposed to any single project or market.

3. Investment/ Divestment Risks

• Guidedbyinvestmentparameters, all major investments are subject to due diligence processes and evaluated by the Board.

• Allinvestmentand divestment proposals submitted for approval would have to be accompanied by a completed set of risk assessment template.

4. Exposure to Financial Market Risks

• KeppelLandhedgesagainstforeign exchange and interest rate risks through the utilisation of various financial instruments where appropriate.

Managing Key Risks• TheGroupensuresthat

adequate funding resources are available for investments and cash flows are actively managed.

5. Misstatement of Financial Statements

• TheGroupensuresthat the consolidated financial statements have been prepared in accordance with the Singapore Financial Reporting Standards.

• Internalandexternalaudits are conducted to provide reasonable assurance on the accuracy of financial statements.

6. Project Management Risks• Projectmanagement

processes are reviewed regularly by the Project Management & Sustainable Design department. Through these processes, the Group adopts good industry practices to achieve project delivery on time, within budgeted cost and and desired quality of works.

• Trainingsareconductedforproject managers to increase their familiarisation and ensure their compliance with the processes.

7. Human Resources Risks • KeppelLandleverages

scholarships as well as management associate and leadership development programmes to identify and develop its talent pipeline.

• Successionplanningforkeyexecutive positions is regularly reviewed to ensure relevance.

8. Information Technology Risks

• TheITdepartmenthasestablished the IT Security Framework to address IT security risks. Various measures such as intrusion prevention and detection systems and firewalls are put in place to protect confidential information.

• Reviewsarecarriedout annually to ensure alignment to IT policies and procedures.

• TheITDisasterRecoveryPlan is reviewed and tested regularly to ensure the robustness of the IT system. IT audits are also carried out. Policies governing end-user computing as well as the safeguarding and backing up of information have been put in place.

9. Business Continuity Risks• Businessunitscontinuallyreview

and test their business continuity plans to ensure effective response to disruptive events.

• Criticalbusinessfunctionsaredetermined and alternative processes, resource requirements and interdependencies are identified to support operation at times of disruption.

10. Fraud/Corruption Risks• KeppelLandhasputinplace

the enhanced code of conduct, insider trading and whistle-blower protection policies, financial authority limits and control self-assessment tools to mitigate the risk of fraud, corruption and misconduct by staff.

• Internalandexternalauditsareconducted regularly to prevent, detect and mitigate fraud risk.

11. Quality of Deliverables• TheGrouphasputinplacethe

Quality Assurance/Quality Control procedures and Keppel Quality Standards to ensure excellence in project deliveries.

• Thedefectsmanagementandhandover procedures standard operating procedures are adopted to ensure customer satisfaction of products delivered.

12. Health and Safety Risks• KeppelLandhasputinplacea

Health and Safety (H&S) Policy to raise staff awareness on the importance of workplace H&S.

• Variousinitiativesandpoliciesareimplemented via the Workplace Safety and Health (WSH) department. WSH also ensures a safety mindset is inculcated in all employees.


Sustainability

QualityStrengths

Harnessing

Discipline

FocusInnovation Value Talent Enterprise

Enterprise

Innovation Safety Value Talent

Integrity Execution

Integrity

IntegrityInnovation

Innovation

Talent

Accountability

Readiness

Accountability Value Talent Safety Innovation

Accountability Agility Innovation

AccountabilityCollective Strength

CollectiveStrength

Readiness

TalentTalent

Talent

Can Do

Enterprise

Can Do

Can Do

Can Do

Customer Focus

Customer Focus

Enterprise

Integrity

Integrity

Integrity

Execution

Execution

Customer Focus

Safety Agility Innovation Readiness

Accountability

People-Centredness

People-Centredness AccountabilitySafety

Value Enterprise Safety

Enterprise Integrity

Collective Strength Value

Agility

Agility

Can Do

Can Do

Value

Value

Readiness

Readiness Execution Value Accountability Integrity

Talent Safety Execution Integrity Customer Focus

Enterprise Customer Focus

Talent Enterprise Integrity

Integrity Customer Focus Accountability

Customer Focus

Collective Strength

Innovation People-CentrednessReadiness

We will leverage platforms for collaborations within the Company and across the Group to harness strengths and optimise value through innovative real estate solutions, shaping the best for future generations.

Quality

As a leading property company in Asia, we will uphold our quality hallmark, and deliver homes that offer innovative lifestyle solutions.

We constantly challenge ourselves to think and see things from a different perspective. Our sterling portfolio of properties is characterised by the signature Keppel quality, featuring thoughtful innovations for thoughtful experiences.

Focus

We will seize new opportunities, leveraging our core competencies.

To drive further growth and performance, we will strengthen our presence in the core markets of Singapore and China, expand in our growth markets of Indonesia and Vietnam, as well as seize opportunities in emerging markets and key global cities.

Discipline

We exercise discipline in our drive for operational efficiency, strong performance, prudent financial management and sound investments, with a focus on returns.

Our disciplined approach, commitment to good governance and prudent resource allocation will guide us to achieve the best risk-adjusted returns for the Company.

Sustainability

By operating in an economically, socially and environmentally responsible manner, we aim to achieve positive and sustainable outcomes for our businesses, the environment and community at large.

We believe in doing good as we do well. Through a multi-faceted approach towards corporate social responsibility, we commit to giving back to communities wherever we operate.

Total Retail Portfolio

1,047,000smKeppel Land’s total retail portfolio is about 1,047,000 sm of gross floor area.

Special Feature

Keppel Land has come full circle in the retail business with the acquisition of a majority stake in Array Real Estate (Array) in 2015. About two decades ago, in 1995, as part of a consortium, the Company developed the Bugis Junction mixed-use project, which includes an office tower, a five-star hotel and a retail component. The development features Singapore’s first air-conditioned glass-covered shopping streets and very quickly became the place to be.

In 2005, the Company swapped its stake in the retail component of Bugis Junction for the office component, Bugis Junction Towers, in preparation for its spinning off into a newly created commercial real estate investment trust, K-REIT, which was later renamed Keppel REIT. At present, through Keppel REIT, Keppel Land holds a stake in Marina Bay Link Mall, the retail component of the Marina Bay Financial Centre integrated development.

Overseas, Keppel Land has embarked on the development of Saigon Centre Phase 2 in Ho Chi Minh City, Vietnam, which will comprise offices, retail and luxury serviced apartments. Phase 1 was completed in 1996.

Together with Alpha Investment Partners, the Company also acquired mixed-use development, Life Hub @ Jinqiao, in Shanghai, China, and has embarked on the retail mall extension of the SM-KL Project in Manila, the Philippines.

Keppel Land will capitalise on the expertise and network of its retail management arm to grow its commercial portfolio, comprising retail and mixed-use developments, in Asia.

To further capture opportunities in retail and mixed-use projects in Asia, Keppel Land acquired a 75% stake in Array, a retail management company. The partnership has allowed Keppel Land to leverage Array’s experience and tap on their network to further augment and strengthen its commercial expertise. Array has since been renamed Keppel Land Retail Management (KLRM).

KLRM is positioning itself as the specialised retail management arm of the Keppel Land Group, offering a full range of solutions encompassing retail consultancy and development, marketing and leasing as well as asset and property management services. With a focus in Asia, the retail assets under its growing management portfolio include operating malls and developments located in Singapore, China, Vietnam and Taiwan.

Keppel Land will capitalise on the expertise and network of the retail team to actively seek opportunities to redevelop, refurbish or acquire retail and mixed-use projects, form strategic alliances to grow its commercial portfolio, in Asia. The Company will also leverage the strengths of KLRM to manage some of its existing retail properties.

The retail team’s strong track record in developing and managing over three million sf of retail space over the years will put

Keppel Land in good stead to ensure that its retail properties are in tune with the evolving retail landscape to enhance consumers’ experience.

From Bricks to ClicksAccording to the eMarketer, the global shopping centre industry in 2015 has lost about 7% of its market share to online purchases. In the United States and China alone, online shopping has now grown to about 7% and 12% of the total market share respectively.

Despite the challenges posed by e-commerce to conventional retail, which has been described as the battle between clicks and bricks, physical retail space is still required as many shoppers still like to touch and feel merchandise before making a purchase. Peek into the Apple stores and one will see potential customers trying out the latest gadgets.

Even among online shoppers, there are some who prefer to pick up their goods at the malls. Consumers are now empowered with information gleaned from online sources and their visits to the stores help validate the choices they have already made. These consumer behavioural patterns blend the ease and convenience of e-commerce with the reassuring comfort of shopping in brick and mortar stores.

Meanwhile, to counter the click-and-collect mentality, landlords are proactively and successfully tweaking their tenant mix by placing more emphasis on food and beverage, edutainment and even recreational activities.

Today, malls are increasingly repositioned as lifestyle or community hubs with a library, gym and yoga studio, or vast, glitzy entertainment complexes targeted at specific population segments. Mall operators are also challenged to come up with new concepts or ways of drawing customers through interesting tenant mixes, good mall design and amenities.

01 Keppel Land and Alpha Investment Partners acquired mixed-use development, Life Hub @ Jinqiao, in Shanghai, China, in 2013.

Harnessing Strengths of New Retail PlatformE-commerce is, however, just one of several factors contributing to declining conventional retail sales. Intense competition for the consumer dollar, changing consumer trends, demographic changes brought on by falling birth rates and ageing populations as well as the weak global economy have contributed to the subdued retail performance in various countries.

Singapore’s retail sector will continue to face other challenges such as lower tourist arrivals, Singaporeans’ penchant for shopping abroad as well as difficulties in attracting good workers to join the sector.

Notwithstanding these headwinds, there is still a whole host of possibilities in the retail industry. The statistics speak for themselves – Asia’s middle class tripled from 565 million people in 1990 to 1.9 billion in 2008. According to the OECD, Asia will have 66% of the world’s middle class consumers by 2030, who will spend $32 trillion, accounting for 59% of global middle class consumption.

China, with its huge population and rapid urbanisation, will be in a better position to mitigate some

of the challenges as it shifts its export-based economy to a consumption-driven one. Vietnam’s young and growing urban population will also drive the demand for shopping centres. According to Vietnam News, total retail sales for the first 11 months of 2015 amounted to US$102 billion, an increase of 10.7% over the last year. Indonesia too, will see a greater and faster evolution from traditional high street shopping to malls.

Keppel Land’s re-entry into the retail sector is opportune. For greenfield sites, Keppel Land would be in a good position to right-size the malls, manage the tenant mix well and brand them appropriately, as well as create thoughtful experiences which match shoppers’ aspirations. The Company would also be well-placed to secure distressed or underperforming malls and turn them into quality assets.

Harnessing the strengths of its new retail operating platform, Keppel Land is poised to build a distinctive brand promising experiential shopping, good tenant mixes and eco-friendly attributes in its retail properties which will resonate well with customers in the markets that it operates in.

01

Capturing Retail Opportunities to Grow the Commercial Portfolio

Country Keppel Land’s Retail Portfolio GFA (sm)

Singapore 112 Katong 26,140China Life Hub @ Jinqiao, Shanghai* 98,630

Park Avenue Central, Shanghai*+ 114,000

Park Avenue Heights, Wuxi*+ 177,635

Seasons City, Sino-Singapore Tianjin Eco-City*+ 162,000

Vietnam Saigon Centre, Ho Chi Minh City (Phase 1)* 34,143Saigon Centre, Ho Chi Minh City (Phase 2)*+ 47,000

Estella Heights (Phase 2)*+ 160,785

Thu Thiem Development* 100,700Philippines SM-KL Project – The Podium (Phase 1) 26,767

SM-KL Project – The Podium (Phase 2)*+ 46,323

Johor Bahru, Malaysia

Sutera Mall 52,862

Total 1,046,985

* Mixed-use development.+ Under development.

Assets under management (AUM) by Keppel REIT Management Limited and Alpha Investment Partners, have grown steadily over the years. Total AUM grew by 9.6% year-on-year to $20.5 billion as at end-2015, when fully leveraged and invested.

Strengthening PresenceIn 2015, Keppel Land continued to strengthen its presence in its core markets of Singapore and China, expand in its growth markets of Vietnam and Indonesia, as well as seize opportunities in other emerging markets and key global cities.

Keppel Land acquired its partner’s stake in Estella Heights in HCMC and successfully launched the project in 2015. The Group also invested some $615 million to strengthen its portfolio. This included the acquisition of a residential site in West Jakarta, an office building in London and a joint venture for a prime residential development in Chengdu with China Vanke. In addition, Keppel Land partnered Myanmar’s Shwe Taung Group to develop an international grade office tower in the heart of Yangon.

In line with its strategy to invest in operating platforms to strengthen its

capabilities, Keppel Land acquired a majority stake in Array Real Estate, which has been renamed Keppel Land Retail Management, to manage its retail assets and to grow its retail and mixed-use portfolio. The Group also invested in Nam Long Investment Corporation, a leading affordable housing developer in HCMC, to tap its market knowledge and project expertise in the fast growing affordable housing segment in Vietnam.

Keppel Land’s total assets grew to $14.9 billion as at end-2015, compared with $14.6 billion a year ago. About 48% of the total assets were in China, followed by Singapore at 38%. Vietnam and Indonesia accounted for 6% and 4% respectively.

Keppel Land will continue to focus on achieving sustainable earnings and maximising value from its assets.

Unlocking growth2015 was a challenging year globally. Asia saw a lacklustre market performance due to anxieties over whether the United States (US) Federal Reserve would raise interest rates, slower growth in China and falling oil prices. The US economy continued its moderate growth and job creation, while Eurozone’s recovery remained sluggish throughout 2015.

Notwithstanding the headwinds, Asia is set for robust growth in the medium term and is expected to remain the fastest growing region in 2016.

Demand for property will be stimulated by easing of policy measures in China, improved economic conditions and infrastructure in Vietnam and government stimulus packages in Indonesia. Given its healthy pipeline of projects and growing commercial presence, Keppel Land is well poised to capture opportunities in these markets.

Earnings ReviewKeppel Land sold about 4,570 homes in Singapore and overseas in 2015, almost double the 2,450 units sold in 2014.

Higher interest rates, coupled with cooling measures, have dampened residential demand in Singapore. The Group sold 192 units in 2015, lower than the 304 units sold in 2014. More than half of the 192 units sold were contributed by The Glades.

China’s continued monetary easing measures have improved market sentiments and housing demand. This signalled the government’s commitment to maintain stable and sustainable growth in the property market over the long term. Property prices in China’s first-tier cities continue to rise strongly with high take-up rate and falling inventories. High-growth cities including Tianjin, Wuxi and

Chengdu are also experiencing a stable demand-supply situation.

In China, Keppel Land sold about 3,300 units in 2015, compared to about 1,900 units sold in 2014. This is primarily due to strong demand at V City in Chengdu, Keppel Land’s joint venture project with China Vanke, Seasons Residence in Shanghai, as well as Central Park City township in Wuxi.

The residential market in Vietnam recovered in 2015, supported by improved economic conditions and infrastructure, as well as lower interest rates. The Group sold about 930 units in 2015, almost six times the 164 units sold in 2014. Estella Heights, Keppel Land’s latest development in District 2 of Ho Chi Minh City (HCMC), sold 670 units in less than a year following its launch in 2015.

Despite the challenging market conditions, Keppel Land performed creditably in 2015. Keppel Land achieved a net profit of $564.1 million compared with the $752.5 million in 2014, mainly due to lower divestment gains of $13.8 million compared with the $94.5 million divestment gains in 2014. Excluding fair value, divestment and other gains, property trading remained the largest profit contributor.

For operations in Singapore, the Group achieved a net profit of $139.3 million in 2015, down from the $257.6 million in 2014 due to lower contribution from residential projects in Singapore.

Meanwhile, net profit from its overseas operations increased to $182.5 million in 2015, up 37% from $133.0 million in 2014. Share of profit from Singapore declined to 43% in 2015 compared with 66% from the previous year, while contribution from overseas increased to 57% in 2015 compared with 34% in the previous year.

Keppel Land will continue to deepen presence in its core and growth markets, scale up its commercial footprint overseas as well as invest strategically in new platforms and markets.

Total Asset Distribution By Countryas at 31 December 2015

%

Singapore 37.9 China 47.5 Indonesia 3.5 Vietnam 5.9 Others 5.2

Total 100.0Return on Equity

18.9%10-year return on equity per annum.

Number of Homes Sold

4,570Sold about 4,570 homes in Singapore and overseas in 2015, mostly in China and Vietnam, almost double the units taken up in 2014.

01 Keppel Land remains focused on building scalable growth platforms and capturing opportunities in key global cities with good growth potential.

Overview

01

Total Asset Distribution By Segmentas at 31 December 2015

%

Property Trading 54.5

Property Investment 35.2 Fund Management 0.4 Hotels & Resorts 2.1 Others 7.8

Total 100.0

Overview / Operations and Market ReviewKeppel Land Limited Report to Shareholders 2015

Operations and Market Review

Overview4342

Corals at Keppel Bay Location: Keppel Bay DriveTotal no. of units: 366GFA: 509,998 sf Expected completion: 2018

Located along the historic King’s Dock and designed by world-renowned master architect Daniel Libeskind, Corals at Keppel Bay offers homeowners an idyllic lifestyle within Singapore’s vibrant southern shores. The development is easily accessible via HarbourFront MRT station, West Coast Highway and Ayer Rajah Expressway.

Key amenities and recreational facilities are within reach at VivoCity, one of the largest retail malls in Singapore, and Sentosa Island, home to Resorts World Sentosa and the Universal Studios Singapore theme park.

The iconic development comprises 11 low- to medium-rise blocks of luxurious waterfront homes. The blocks cascade toward the waterfront, offering residents panoramic views of the sea and the lush central garden.

About 56% of the 366 units of the development have been sold as at end-March 2016.

However, the continued slowdown in China’s economy, the services-driven nature of growth in the United States (US), as well as trends of in-sourcing in China and the US, may mean that external demand for Singapore may not see a significant uplift. Despite these headwinds, the Ministry of Trade and Industry expects the Singapore economy to grow between 1% and 3% in 2016.

Keppel Land will continue to time its residential launches and adopt the most appropriate sales strategy for its projects, as well as selectively acquire well-located sites for residential, commercial and mixed-use developments.

CondominiumsHighline ResidencesLocation: Tiong BahruTotal no. of units: 500GFA: 473,218 sfExpected completion: 2018

Located at the fringe of the central business district (CBD), Highline Residences is nestled within a nostalgic and trendy neighbourhood, part of which has been earmarked as a Heritage Conservation Area by the Urban Redevelopment Authority (URA). The development is conveniently located within a short stroll to Tiong Bahru MRT station and the future Havelock MRT station on the Thomson line, as well as Tiong Bahru Plaza, providing residents easy access to a host of retail and lifestyle amenities. It is also close to the Orchard Road shopping belt, the Singapore General Hospital and the Duke-NUS Graduate Medical School campus.

Highline Residences features an elevated green ridge which spans an impressive 180 metres with a wide range of recreational and communal facilities. About 86% of the 210 launched units of the development have been sold as at end-March 2016.

Moderate Growth Amidst Global UncertaintiesThe Singapore economy grew by 2.0% in 2015, lower than the 3.3% growth in 2014. Average unemployment rate remained low at 1.9% and the labour market is expected to remain tight. Investment commitments in 2015 amounted to $11.5 billion, slightly lower than the $11.8 billion in 2014. A more moderate flow of investments is projected in 2016 and about 20,000 and 22,000 skilled jobs are expected to be created.

The Monetary Authority of Singapore continued its monetary policy of a modest and gradual

appreciation of the Singapore dollar. The rate of appreciation was reduced slightly in October 2015, after taking into account the weaker-than-envisaged growth outlook for the Singapore economy. This measured adjustment will support economic growth in 2016, while ensuring price stability over the medium term. Inflation decreased from 1.0% in 2014 to -0.5% in 2015 and is expected to be about 0.6% in 2016.

Global economic outlook is expected to improve modestly in 2016, supported by a strengthening of growth in the advanced economies.

Keppel Land will selectively seek out well-located sites for residential, commercial and mixed-use developments.

Singapore

Major Developments in 2015

Residential Completed construction of

The Luxurie in June 2015.

Sold about 190 homes, mostly from Highline Residences, The Glades, Corals at Keppel Bay and Marina Bay Suites.

Launched M1-Keppel Land Smart Lives pilot programme at The Luxurie to provide smart living solutions for Keppel Land’s residential and commercial properties.

Commercial Acquired a 30% stake in

an industrial property at 20 Tampines Street 92 for redevelopment into a new data centre.

Consolidated ownership of Keppel Bay Tower with acquisition of the remaining 30% interest in holding company, Harbourfront One Pte Ltd.

Acquired 22.4% stake in 112 Katong retail mall.

Focus for 2016

Monitor the market to optimise value for projects.

Selectively acquire sites for residential, commercial and mixed-use developments.

Invest in strategic platforms.

Explore opportunities to monetise and recycle assets for new investments.

01 Located in the heritage-rich estate of Tiong Bahru, Highline Residences is well-connected by public transportation and supported by a wide range of facilities and amenities. 02 Designed by master architect Daniel Libeskind, Corals at Keppel Bay offers homeowners spectacular views of the sea and the lush central garden.

01

Singapore

2014 2015 2016F 2017F

Real GDP growth (%) 3.3 2.0 1.0-3.0 3.3Prime rate (average, %) 5.4 5.4 5.4 5.4Inward FDI (US$ bn) 67.5 69.6 66.5 69.5Exchange rate (S$/US$, average) 1.27 1.38 1.42 1.40Personal disposable income (US$ bn) 163.4 159.1 158.6 169.3CPI change (average, %) 1.0 -0.5 0.6 1.7

Source: Ministry of Trade and Industry Singapore, Economist Intelligence Unit

The Glades Location: Tanah MerahTotal no. of units: 726GFA: 549,082 sf Expected completion: 2017

Located just next to the Tanah Merah MRT interchange station and near the future Sungei Bedok MRT station, The Glades is situated within an established private housing estate and is seamlessly connected to the city and various parts of Singapore via major expressways. It is also close to a host of amenities and facilities including Changi Business Park and the newly completed Singapore University of Technology and Design. Residents will benefit from the development of Project Jewel at Changi Airport, a new 3.5-hectare integrated development with retail and world-class attractions.

About 88% of the 480 launched units of the development have been sold as at end-March 2016.

02


Singapore


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Market Review

ResidentialCautious Market Sentiments Singapore’s residential market continued to remain subdued due to the prevailing cooling measures, coupled with global economic uncertainties. Residential prices continued to soften while transaction volume remained low. Prices in the private housing market have been moderating since the fourth quarter of 2013, with URA’s private residential price index declining by 3.7% in 2015, compared with the 4.0% decline in 2014. A total of 7,440 new homes were sold in 2015, a slight increase from the 7,316 units sold in 2014.

Rising interest rates will put further pressure on the property market. Nonetheless, there are still genuine buyers on the sidelines due to increased liquidity. Hence, projects with good attributes such as attractive pricing and location are expected to continue to enjoy better take-up. Overall, residential transaction volume is expected to remain subdued in 2016 and prices may face downward pressures as the government is unlikely to lift property cooling measures soon. Private home sales are forecast to moderate to around 6,000-7,000 units in 2016. Participation in government land sales for attractive sites remains fairly strong and land prices have been relatively resilient, reflecting developers’ long-term confidence in the real estate market.

CommercialChallenging Office Leasing Market Singapore’s slowing economy has weighed down on office demand, particularly in the second half of 2015. According to statistics from the URA, the office market saw islandwide take-up of 0.7 million sf in 2015 compared with 0.8 million sf in 2014. Core CBD occupancy declined to 95.1% in end-2015 from 95.7% a year ago, according to CB Richard Ellis. Grade A rents also declined 7.1% to average $10.40 psf per month in the fourth quarter of 2015 compared with $11.20 psf per month a year ago.

Notwithstanding the weaker performance, leasing activities benefited from growth in a number of sectors including technology, media and telecommunications as well as insurance, and the growth in Asian financial institutions and pharmaceutical companies. Demand from these sectors is expected to continue and this would support CBD office take-up in the coming quarters.

In the near term, with the impending new office supply in 2H 2016, office occupancy and rents are expected to face downward pressure in 2016.

It is conveniently located within a five-minute drive from the CBD and is seamlessly connected to the rest of the island via the HarbourFront MRT station, major roads and expressways.

In December 2015, a share swap exercise with Mapletree was completed which saw Keppel Group consolidating its ownership of Keppel Bay Tower.

112 KatongLocation: East Coast Road/ Joo Chiat RoadGFA: 281,369 sf Completion: 2011

Strategically located at the junction of East Coast Road and Joo Chiat Road, 112 Katong, completed in November 2011, is a six-storey shopping mall with a net lettable area of about 207,000 sf. Major tenants include a premium supermarket, Katong Market Place, Golden Village, Food Republic and a number of well-known restaurants.

Future DevelopmentsNew Phases at Keppel BayLocation: Keppel BayEstimated no. of units: 320GFA: 570,490 sf

Keppel Bay is a 32-hectare exclusive waterfront precinct in Singapore’s vibrant southern shores. It is a five-minute drive to the CBD and is close to Resorts World Sentosa, VivoCity and the HarbourFront Office Park. Residents can enjoy waterfront living as well as a wide selection of dining and lifestyle options at the award-winning Marina at Keppel Bay, which is home to international luxury yachts.

Keppel Land has two remaining land plots at the precinct, one of which is located on the private Keppel Island. The timing of their development is subject to market conditions.

Marina Bay SuitesLocation: Marina Bay

Total no. of units: 221

GFA: 469,386 sf

Completion: 2013

Completed in June 2013, the 66-storey Marina Bay Suites is designed by the world-renowned architecture firm Kohn Pedersen Fox Associates. The development is located in the heart of Singapore’s new financial and business district and is easily accessible via major expressways and the Downtown MRT station.

The 221-unit development is fully sold.

Reflections at Keppel Bay Location: Keppel Bay ViewTotal no. of units: 1,129GFA: 2,081,738 sf Completion: 2011

The multi award-winning development is one of Singapore’s most coveted addresses for exclusive waterfront living. Reflections at Keppel Bay features six glass towers and 11 villa apartment blocks comprising 1,129 luxury homes with commanding views of the waterfront, golf course, parks and lush greenery.

Some 97% of the 950 launched units have been sold as at end-March 2016 while about 150 units have been set aside as corporate residences.

CommercialKeppel Bay TowerLocation: HarbourFront AvenueGFA: 450,377 sfCompletion: 2002

Keppel Bay Tower was jointly developed by Keppel Group and Mapletree Investments (Mapletree). Close to VivoCity and Resorts World Sentosa, tenants enjoy a wide array of dining and lifestyle amenities.

01 The Keppel Group consolidated its ownership of Keppel Bay Tower in December 2015.

Average Office Rents

$ psf/month

12

9

6

3

0

2011 2012 2013 2014 2015 Grade A 11.00 9.58 9.75 11.20 10.40 Grade B (Core CBD) 7.86 7.50 7.70 8.55 8.20

Sources: URA, CB Richard Ellis

Office Supply and Demand

Million sf %

4 96

3 94

2 92

1 90

0 88

-1 86

2011 2012 2013 2014 2015

Annual net supply (million sf) 2.96 0.92 1.44 0.91 0.993

Annual net demand (million sf) 2.11 1.33 2.14 1.51 (0.33)

Islandwide occupancy (%) 93.3 94.2 95.6 95.3 94.8 Core CBD occupancy (%) 91.2 92.2 95.2 95.7 95.1

Sources: URA, CB Richard Ellis

Private Residential Supply, Demand and Price Index

Units Index

25,000 250

20,000 200

15,000 150

10,000 100

5,000 50

0 0

2011 2012 2013 2014 2015 Units launched 17,710 21,478 15,885 7,693 7,056 Units sold 15,904 22,197 14,948 7,316 7,440

URA price index 147.4 151.5 153.2 147.0 141.6

Source: Urban Redevelopment Authority (URA)

Redevelopment of Keppel Towers and Keppel Towers 2 Location: Tanjong Pagar Road/

Hoe Chiang Road

The freehold site, which is located close to the Tanjong Pagar MRT station, currently houses two office buildings, Keppel Towers and Keppel Towers 2.

Subject to market conditions, Keppel Land plans to redevelop the site into a mixed-use development to capitalise on the growing demand for city living, and the transformation of the area into a premium waterfront precinct with residential developments, hotels, lifestyle amenities and attractions.

01


Singapore


Singapore4746

On 25 January 2016, Keppel Corporation Limited announced its intention to consolidate its interests in all four of its subsidiaries in business trust management, REIT management and fund management under Keppel Capital Holdings Pte. Ltd. This includes Keppel Land’s interest in Keppel REIT Management Limited and Alpha Investment Partners (Alpha).

The proposed consolidation will help to strengthen Keppel Land’s capital recycling platform and create an expanded capital platform for co-investing in new assets. It will also improve the performances of the managers of Keppel REIT and Alpha through centralising certain non-regulated support

functions and sharing of best practices, as well as create a larger platform that will enhance recruitment and retention of talent.

Keppel REIT Delivering Sustained Returns2016 marks Keppel REIT’s 10th anniversary. Since inception in 2006, Keppel REIT has grown to become one of Singapore’s largest real estate investment trusts with an AUM of over $8 billion. Today, Keppel REIT has the youngest and largest portfolio of premium Grade A commercial assets in Singapore’s prime business and financial district.

For FY 2015, the Manager delivered higher distributable income of $217.3 million

Property FundManagement

Total assets under management (AUM) by Keppel REIT and Alpha Investment Partners was about $20.5 billion as at end-2015, when fully leveraged and invested.

value for Unitholders through strategic acquisitions and divestments.

On 12 October 2015, the Manager acquired the three remaining prime street-fronting retail units at 8 Exhibition Street in Melbourne. The retail units are fully leased to two popular and established F&B outlets for 10 years with options for another 30 years. The acquisition gives Keppel REIT strategic control over the 35-storey freehold office building and all five retail units within the development.

On 29 January 2016, the Manager divested its 100% interest in 77 King Street in Sydney for A$160 million. The sale price is approximately 40% above the property’s original purchase price and an approximate 27% premium over the property’s last valuation. The strategic divestment will provide Keppel REIT with greater financial flexibility.

The Manager continued its proactive marketing and rigorous leasing approach to retain as well as attract good and creditworthy tenants. Despite the challenging operating environment, the Manager concluded a total of 114 leases in 2015. Tenant retention rate remained at a high of 90% and a positive rent reversion of 13% achieved for its Singapore portfolio.

In managing the impending increase in office supply in 2016 and 2017, the Manager has been focusing its efforts on engaging tenants with leases expiring over these two years.

to Unitholders, 5.4% above the corresponding period in 2014. This was due to higher property income from all of Keppel REIT’s assets in Singapore and Australia, as well as higher contributions from share of results of associates and joint ventures. The higher distributable income was despite the absence of income from Prudential Tower, which was divested in September 2014, as well as the absence of rental support from Keppel REIT’s 87.5% stake in Ocean Financial Centre and Marina Bay Financial Centre (MBFC) Phase One from January 2015 and February 2014 respectively.

The Manager’s prudent capital management strategy saw Keppel REIT’s aggregate leverage ratio improve significantly to 39.3% as at end-2015 from 43.3% a year ago. Average cost of debt remained stable at 2.5%, with interest coverage ratio at a healthy 4.4 times. Insulating the REIT against interest rate volatility and providing certainty of interest expenses as well as financial and operational flexibility, fixed-rate loans were maintained at a level of 70% as at end-2015.

Keppel REIT continued to maintain a well-staggered debt maturity profile, with its weighted average term to expiry at 3.7 years. As at end-2015, almost all of the Manager’s refinancing requirements in 2016 have been completed.

The Manager also continued its commitment to maximise and capture

Major Developments in 2015/2016

Keppel REIT Concluded 114 leases and

maintained a high tenant retention of 90% with positive rent reversion of 13% for Singapore portfolio as at end-2015.

Acquired three remaining prime retail units at 8 Exhibition Street in Melbourne and divested 77 King Street in Sydney.

Alpha Investment Partners Acquisition totalled US$767 million

in gross asset value.

Divested 10 assets across Singapore, Japan and Korea.

Focus for 2016

Keppel REIT Focus on tenant retention to

maintain a long and healthy lease expiry profile.

Adopt a prudent and proactive capital management strategy.

Alpha Invesment Partners Set up a fund for data centre

developments.

Launch Alpha Asia Macro Trends Fund (AAMTF) III.

Invest capital for a separate account into core assets in key target markets in Asia, and expand into new markets.

01 Keppel REIT’s portfolio of premium Grade A commercial assets includes Marina Bay Financial Centre. 02 Proactive marketing and rigorous leasing approach to retain as well as attract good and creditworthy tenants saw Keppel REIT achieve a high tenant retention rate of 90% as at end-2015.

02

01



Property Fund Management4948

Property Fund Management


As at end-2015, approximately 75% of total leases are not due for renewal till 2018 and beyond, when limited new office supply is expected in Singapore.

In Australia, the Government of Western Australia has commenced its 25-year lease at the David Malcolm Justice Centre office tower in Perth. The lease includes fixed annual rental escalations throughout its entire lease term, with options for another 25 years.

As at end-2015, the Manager continued to maintain a healthy weighted average lease expiry (WALE) of approximately eight years and six years for Keppel REIT’s top 10 and overall portfolio respectively. The long WALE will provide Unitholders with income stability and sustain returns over a longer term.

In ensuring that its properties remain relevant to tenants’ business needs, the Manager embarked on several asset enhancements in 2015.

The overall ambience at Ocean Financial Centre was

enhanced with the addition of two new cafes at the office lobby. At MBFC, a sheltered pedestrian walkway was added between Towers 1 and 3 to provide tenants and visitors a more comfortable and seamless connectivity between the office towers. Meanwhile, to meet the growing demand from tenants at 8 Exhibition Street in Melbourne, a new end-of-trip facility was added and features more bicycle racks, locker rooms as well as enhanced change and shower facilities.

On the sustainability front, Keppel REIT has once again topped the coveted Global Real Estate Sustainability Benchmark 2015 with numerous accolades in various sectors. It is the first REIT in Asia to maintain its pole position as the Regional Leader for Office Sector in Asia for two consecutive years.

Looking AheadMarket conditions are expected to remain demanding in 2016. Keppel REIT will continue to harness strengths to capture value and deliver sustainable

01

02

01 Alpha Investment Partners, through its Alpha Asia Macro Trends Fund II, invested in a portfolio of three office buildings including Manulife Centre (pictured).

02 Hotel ibis Novena was certified Green Mark Platinum by the Building and Construction Authority of Singapore.

returns and close to two times of equity multiple.

Alpha has capitalised on opportunities to make favourable acquisitions at attractive prices for AAMTF II, despite the challenging environment of compressing yields. Acquisitions concluded in 2015 totalled US$767 million in gross asset value and included a Japanese office asset, as well as a portfolio of nine suburban retail assets and a portfolio of three office buildings in Singapore.

Expanding beyond Asia, Alpha is managing a freehold office building in the City of London which was acquired by Keppel Land in February 2015 for $186 million. This is in line with Keppel Land’s strategy to invest opportunistically in key global cities with good growth potential.

As at end-2015, Alpha’s asset under management has grown steadily to $12.1 billion when fully leveraged and invested. Its assets are well-diversified across various segments including offices, retail malls, hotels, residential and logistics properties. Alpha continues to manage its portfolio intensively to maximise value for its investors, and at the same time, achieve high standards of safety and sustainability.

Alpha-managed assets won a number of safety and sustainability awards in 2015. Hotel ibis Novena in Singapore was certified Green Mark Platinum by the Building and Construction Authority of Singapore (BCA). The air-conditioning system was retrofitted to a centralised water-cooled refrigeration system which reduces the energy consumption by an estimated 33%.

Looking Ahead Alpha’s core investment themes remain intact and growth in key

markets in Asia is expected to remain relatively strong despite the heightened volatility and slowdown in China’s growth. Periods of market disruption present opportunities for Alpha to acquire assets across cycles and countries, given its pan-Asian presence and in-depth knowledge of the local markets.

Alpha is working on a fund for data centre developments in Asia and Europe. This is on the back of the growth in data creation and trends in cloud computing, e-commerce, government regulation and continued trend in outsourcing.

Alpha will continue to build on its market leading position to develop new products that match its investors’ needs, such as creating bespoke special accounts for investors to build a portfolio of core assets across key gateway cities in Asia. Capitalising on macro trends in Asia, Alpha will be launching a new fund under its flagship AAMTF series.

Alpha will also continue to monitor and invest opportunistically in key gateway cities in developed markets.

returns to its Unitholders through its ongoing tenant retention and engagement programme. Keppel REIT will also continue to focus its efforts on maintaining a healthy and long lease expiry profile, as well as monitor interest rates and foreign exchange exposures to manage finance risks.

Alpha Investment PartnersSustained PerformanceDespite ongoing uncertainty and volatility in the external environment, Alpha’s managed funds continued to outperform with investment themes focused on long-term secular growth trends such as rising urbanisation and consumerism, as well as a growing middle class in Asia.

In 2015, Alpha divested 10 assets across Japan, Singapore and Korea, realising a gross asset value of US$809 million. In particular, the divestment of Haimanten, a commercial building in Japan, generated a gross internal rate of return of 27% and an equity multiple of 3.6 times following asset management initiatives to drive rental and ancillary income growth. In Shanghai, the average retail rent of Life Hub @ Jinqiao has increased by 48% and net property income by 38% since Alpha and Keppel Land China acquired it in 2013.

In Singapore, Alpha successfully divested the remaining units of a residential portfolio as well as an office building, and also disposed of a logistic asset in Korea. The sale of these assets enabled Alpha not only to generate returns, but also return a sizeable portion of invested capital to its investors across its funds totalling US$451 million. Asia No. 1 Fund has successfully divested all assets, generating positive returns and equity multiple with above median returns to investors for its vintage year. Alpha Core Plus Fund will likely be fully divested by end-2016, generating strong

Market Review

Seizing Opportunities in Real Estate Fund ManagementFundraising for private real estate funds has remained strong in 2015. A total of US$107 billion was raised in 2015 which was roughly equivalent to the amount raised in 2014. Driving investor appetite for the asset class is strong performance and as a result, institutional appetite for real estate is considerable and many investors are planning sizeable commitments to real estate in 2016, according to Preqin.

However, capital remains concentrated among a small number of managers. About 45% of capital was raised by 10 largest funds that reached a final close, indicative of investor focus and capital concentration amongst large top performing managers. North America and developed markets have attracted the majority of investor capital and the market remains very competitive with 492 funds in market seeking US$174 billion from investors as of January 2016. Alpha intends to capitalise on the strong investment appetite with new fund products, leveraging its successful platform and track record.


Property Fund Management5150


Acquired 75% majority stake in retail management specialist, Array Real Estate.

Incorporated wholly owned Keppel Land Retail Management China and Vietnam offices.

Provided master planning and consultancy on retail projects in Singapore, China, Vietnam and Malaysia.

Appointed as the development/project manager and marketing manager for The Wisteria and Wisteria Mall.

Assisted in Alpha Investment Partner’s acquisition of a portfolio of retail properties including Heartland Mall, six retail centres and two strata units in Havelock totalling $380 million, through Alpha Asia Macro Trends Fund II.

Appointed retail manager of 112 Katong after Keppel Land’s acquisition of 22.4% stake in the mall.

Focus for 2016

Seek retail opportunities in core and growth markets through strategic investments and partnerships.

Consolidate and optimise resources and marketing intelligence in managing retail properties secured in the different geographical locations.

Retail Management

Keppel Land will leverage acquired experiences and networks to capture opportunities in retail and mixed-use projects, both locally and abroad.

VietnamHailed as the fastest growing Asian country, Vietnam’s economy expanded to 6.7% in 2015, up from 6.0% in 2014. Vietnam presents a promising platform for retail growth with increasing population and urbanisation, rising incomes and positive changes in fiscal and foreign ownership policies. A wholly owned subsidiary, Keppel Land Mall Management Vietnam, has been established to expand Keppel Land’s retail presence in the country.

MalaysiaMalaysia’s economy grew 4.7% in 2015, supported mainly by domestic demand. With the weakening of the Ringgit and a depressed commodity exports market, as well as the implementation of the goods and services tax, retail sales have remained stagnant. Despite the economy slowdown, Keppel Land is reviewing opportunities to optimise assets return on Sutera Mall.

in the face of sluggish retail sales, tighter foreign labour supply and rising operating costs. Demand for prime retail space, however, continues to be favourable as a result of continuous influx of local shoppers and tourists spending in well managed shopping malls.

KLRM continues to receive a steady fee based income as the mall manager for 112 Katong and Heartland Mall in Singapore.

ChinaAlthough its GDP growth has slowed, China remains the most important country for sustainable retail growth. A wholly owned foreign enterprise named Keppel Land Mall Management Shanghai has been incorporated to manage and scale up Keppel Land’s retail projects in Shanghai, Wuxi and Tianjin.

Retail Management

0102

To strengthen its commercial expertise in retail management, Keppel Land acquired a 75% stake in retail management company, Array Real Estate, in January 2015. Renamed Keppel Land Retail Management (KLRM), it offers a full range of professional real estate solutions in Asia encompassing retail consultancy and development, marketing and leasing as well as asset and property management services.

Retail Growth in AsiaThe global retail landscape is constantly evolving with Asia leading as the fastest growing region globally for consumer spending. E-commerce continues to remain a challenge to brick-and-mortar retailers. However, the growth in the

retail market in Asia will be supported by strong demographic and income growth, rising urbanisation and changing consumers’ lifestyles. Growing investment in flagship stores are evident in growth cities as well as in well-located and well-managed malls.

SingaporeGDP grew by 2.0% against a backdrop of economic uncertainty and financial volatility. According to the Singapore Tourism Board, visitor arrivals into Singapore reached 15.2 million in 2015, with limited upside on tourist spending as a result of the strong Singapore currency. A number of department store operators have consolidated and reduced their store counts

01 and 02 Keppel Land Retail Management is the development/project manager and marketing manager for The Wisteria and Wisteria Mall (01) as well as the retail manager for 112 Katong (02) in Singapore.



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Keppel Land will build on its experience to grow its hospitality portfolio.

* Keppel Land has equity stakes in these properties which are not managed by Keppel Land Hospitality Management.

Keppel Land Hospitality Management, the hospitality arm of Keppel Land, operates a portfolio of hotels, serviced apartments, golf courses and marinas across Asia.

Positive Tourism OutlookAccording to the latest World Tourism Organisation Barometer, international tourist arrivals are expected to grow by 4% worldwide in 2016. Growth in Asia Pacific is expected to be stronger, between 4% and 5%, to reach around 277 million.

Intra-regional travel continues to dominate with more than 80% within Northeast Asia, spearheaded by China, while Southeast Asia continues to be an important generator of international arrivals into Asia Pacific.

SingaporeVisitor arrivals into Singapore increased by 0.9% year-on-year (y-o-y) to reach 15.2 million

in 2015, according to the Singapore Tourism Board.

Residences at Reflections achieved positive occupancy of 75% in 2015 despite tougher market conditions, a slowing property market and a decline in expatriate arrivals to the country. To stay resilient and remain competitive, Residences at Reflections has introduced several value-added services including Laureate, a concierge and lifestyle membership programme for residents, which was launched in November 2015.

Marina at Keppel Bay enjoyed a strong berthing occupancy of 98% in 2015. The marina saw a 15% increase in the yacht charter business with the introduction of a new charter brokerage programme. For 2016, Marina at Keppel Bay will continue to offer attractive packages to cater to the various groups of customers.

To maintain its competitiveness, Ria Bintan Golf Club started upgrading works to its golf course in June 2015. This includes upgrading works on tee surfaces, fairways and aprons in order to improve play.

VietnamTotal international arrivals in Vietnam grew by 0.9% in 2015 to a total of 7.9 million. Both Sedona Suites Ho Chi Minh City and Sedona Suites Hanoi continue to maintain steady occupancies of 82%.

MyanmarWith the growing international interest in Myanmar, the Ministry of Hotels and Tourism recorded 4.7 million tourist arrivals in 2015, up from three million in 2014. This upward trend is set to continue. The World Travel and Tourism Council forecasts Myanmar to be in the top 15 of the fastest growing tourist destinations globally by 2020 with an estimate of 7.5 million arrivals and to rank first by 2025.

Sedona Hotels in Yangon and Mandalay are poised to maintain their positions as the accommodation of choice for business and leisure travellers. Sedona Hotel Yangon’s new 431-room Inya Wing was completed and soft opened in October 2015, and is now fully operational.

ChinaChina National Tourism Administration registered 134 million tourist arrivals into the country, a 4.1% increase from 2014. This is mainly contributed by intra-regional travel from Hong Kong, Macau and Taiwan, contributing to a total of 108 million tourist arrivals, a 5.9% growth y-o-y.

The government’s policy of curbing luxury spending by officials and state-owned enterprises indirectly impacted business activities and the number of functions held at the Eco-City International Country Club in Tianjin and Jiangyin Yangtze International Country Club.

Meanwhile, Spring City Golf & Lake Resort in Kunming saw 43,000 golf rounds, a 7.5% increase from 40,000 in 2014. This is a result of positive local golfer programmes and strategic partnerships with travel agents to capture both inbound and domestic markets.

IndonesiaWhile the Tourism Office of the Riau islands has set a target for 2.5 million international visitors in 2015, Bintan continues to trail behind the main gateway of Batam. With the new wave of infrastructural developments, from the construction of Lagoi Bay to a second airport near Bintan Resorts, Bintan is poised to receive more inbound travellers in the near future.

01 Spring City Golf & Lake Resort, a premier integrated golf resort in Kunming, China, is a popular destination for golf aficionados worldwide.

01


Completed and soft opened Sedona Hotel Yangon’s new 431-room Inya Wing.

Commenced upgrading of a golf course at Ria Bintan Golf Club.

Focus for 2016

Opening of Sedona Hotel Yangon’s new Inya Wing.

Embark on portfolio refurbishments to maintain competitiveness.

Keppel Land’s Hotels and Resorts Portfolio

Country Property Name Location Description

Singapore Residences at Reflections Singapore 153 apartmentsMarina at Keppel Bay Singapore 168 berths

China Jiangyin Yangtze International Country Club

Jiangyin 18-hole golf course

Spring City Golf & Lake Resort Kunming Two 18-hole golf courses, 73 guest rooms and 530 resort homes

Eco-City International Country Club Sino-Singapore Tianjin Eco-City 18-hole golf courseMarina at Keppel Cove Zhongshan Integrated resort and marina under construction

Indonesia Ria Bintan Golf Club Bintan 31 rooms, 9- and 18-hole golf coursesClub Med Ria Bintan* Bintan 302 roomsNongsa Point Marina and Resort* Batam 192 rooms, 65 berths

Vietnam Sedona Suites Hanoi Hanoi 175 apartmentsSedona Suites Ho Chi Minh City Ho Chi Minh City 89 apartments and 195 apartments

under developmentMyanmar Sedona Hotel Mandalay Mandalay 251 rooms

Sedona Hotel Yangon Yangon 797 rooms

Overview / Operations and Market ReviewKeppel Land Limited Report to Shareholders 2015 5554

Shanghai Beijing

China

Keppel Land will continue to deepen its presence in key focus cities where it has established strong track records, networks and local teams.

Growing Presence China is one of Keppel Land’s core markets and the Group is committed to scale up in high-growth cities, with a focus on Shanghai, Beijing, Chengdu, Tianjin and Wuxi.

Keppel Land has been building its reputation and track record as a choice home developer in China for over two decades, completing a total of about 30,000 units in more than 10 cities. In 2010, the Group reorganised its operations and fortified its position in China with the establishment of Keppel Land China to sharpen its focus in the vast and growing market.

Keppel Land’s exposure in China has increased over the years. As at end-2015, Keppel Land China contributed about 48% of the Group’s total

assets, more than double the 20% in 2010. To date, Keppel Land China has presence in 10 cities with over 20 projects and a total pipeline of about 37,000 homes.

In 2015, Keppel Land sold 3,280 homes in China, which accounted for 72% of total sales. Home sales were about 70% higher than the 1,920 homes sold in 2014, supported by the easing of home purchase restrictions across Shanghai, Chengdu, Tianjin and Wuxi.

Keppel Land has a healthy pipeline of about 11,000 launch-ready units in China for the next three years and is poised to capture the pent-up and new demand for quality homes as the market recovers.

In the first quarter of 2015, the Group strengthened

its strategic alliance with China Vanke to develop a 16.7-ha prime residential site in Chengdu. The new development is expected to comprise 6,480 high-rise apartments, 649 retail shops and a kindergarten. This is Keppel Land’s sixth project in Chengdu and will further enhance the Company’s market presence in the city. Phase 1, named V City, comprising some 5,760 homes, was launched in August 2015 and has sold about 750 units in a span of five months by end-2015.

Stable Economic Growth to Support Property Market China’s economy grew by 6.9% in 2015, its slowest expansion in 25 years. Despite a challenging economic environment, the growth rate stood close to the government’s target of 7%. The property market improved towards

the end of the year, with average new home prices in 70 major cities up 7.7 % year-on-year (y-o-y) in December 2015.

Property prices in China’s first-tier cities continue to rise strongly with high absorption rate and falling stock. High-growth cities including Tianjin, Wuxi and Chengdu are also seeing balanced demand-supply with stable price.

China’s continued monetary easing measures have improved market sentiments and housing demand, signalling the government’s strong support for the sector. With the real estate sector’s importance as a pillar industry of the country, the Chinese government is expected to be committed to maintaining stable and sustainable growth in the property market in the long term.


Chengdu Tianjin Wuxi

Focus Cities

US$13bFDI 2015

6.9%GDP 2015

US$7.5bFDI 2015

8.0%GDP 2015

US$21.1bFDI 2015

9.3%GDP 2015

US$3.2bFDI 2015

7.1%GDP 2015

US$58.9bFDI 2015

6.9%GDP 2015

China


Sold about 3,280 homes.

Entered into joint venture with strategic partner, China Vanke, to develop a prime 16.7-hectare residential site in Chengdu.

Focus for 2016

Focus on five cities – Shanghai, Beijing, Chengdu, Tianjin and Wuxi.

Grow commercial presence in Tier 1 cities.

Monitor market for residential launches.

China

2014 2015 2016F 2017F

Real GDP growth (%) 7.3 6.9 6.5 6.0Lending interest rate (average, %) 5.6 4.4 4.4 4.6Inward FDI (US$ bn) 289.1 280.9 277.2 279.4Exchange rate (RMB/US$, average) 6.14 6.23 6.67 6.75Personal disposable income (US$ bn) 4,502 4,876 5,036 5,385CPI change (average, %) 2.1 1.5 2.1 2.5

Source: Economist Intelligence Unit


Jing’an Metro Line 7. It is also near the Nanjing West Road commercial belt, The Bund and major hotels.

The 1,117-unit One Park Avenue is fully sold. 8 Park Avenue comprises 10 residential towers with 918 high-rise apartments. The first six towers, comprising 552 units, are fully sold. Almost all of the 812 units in blocks 7 and 8 have been sold as at end-March 2016. Blocks 9 and 10, comprising 106 units, were launched in 2015 and 49% of the units have been sold as of end-March 2016. An office-cum-retail development is planned for Park Avenue Central.

Sheshan RivieraLocation: Sheshan Town, Songjiang DistrictDevelopment type: Landed homesTotal no. of units: 217GFA: 83,174 smExpected launch: 2016 (Phase 1)

Located within Shanghai’s luxury villa enclave, the residential site overlooks Sheshan National Forest Park and is well-served by leisure amenities. It is close to the Metro Line 9 Sheshan station, about 20 km from the Shanghai Hongqiao International Airport and a 45-minute drive from the city centre.

The development will yield around 217 landed homes with an auxiliary retail component. The first phase of the development is expected to be launched in 2016.

Life Hub @ JinqiaoLocation: Jinqiao, Pudong DistrictDevelopment type: Mixed-use developmentGFA: 98,630 sm (Retail) 16,102 sm (Office)Completion: 2009

Life Hub @ Jinqiao comprises 10 low-rise retail buildings and a 10-storey office tower atop a three-storey retail podium. It offers about 98,600 sm and 16,100 sm of retail and office space respectively. Located next to the Metro Line 6 Jinqiao station, the development is well-connected to the Lujiazui Financial District and the People’s Square.

The retail mall is 95% leased and the office space is fully occupied as at end-March 2016.

with the government committed to support the market.

Grade A offices enjoyed steady rental growth in 2015, supported by high occupancy rate from domestic and foreign companies as well as limited new Grade A office supply into the market.

Shanghai’s retail market remains healthy with stable rental returns as vacancy rates for well-managed malls in prime locations remain low. Retail sales are expected to grow with rising affluence, underpinned by the government’s efforts to boost domestic consumption.

ShanghaiShanghai’s GDP grew 6.9% y-o-y to reach RMB 2.5 trillion in 2015. Growth was led mainly by the tertiary industry, which includes the financial and information technology sectors. Shanghai continued to unveil pilot programmes in the free trade zone to attract foreign investments as well as enhance its financial reforms to sustain its economic growth.

Home prices increased 25% y-o-y and primary home sales volume rose 56% to reach 14.6 million sm in 2015, driven mainly by first-time buyers and upgraders. Sales are expected to remain robust in 2016

The SpringdaleLocation: Xinchang Town, Pudong DistrictDevelopment type: High- and low-rise apartments and terrace homesTotal no. of units: 2,596GFA: 328,792 smCompletion: 2015

Located in Xinchang Town, Pudong District, The Springdale comprises 2,596 units of high- and low-rise apartments and terrace houses. It is a five-minute drive from the Xinchang Town metro station and a 15-minute drive from the upcoming Disney theme park which is slated to open in June 2016.

All 1,380 units under Phases 1, 3 and 4 as well as almost all of the 946 units under Phase 2 have been sold as at end-March 2016.

Seasons ResidenceLocation: Nanxiang, Jiading DistrictDevelopment type: High-rise apartmentsTotal no. of units: 1,102GFA: 128,918 smExpected completion: 2016 (Phase 4)

Situated in a mature satellite town in Nanxiang, Jiading District, Seasons Residence comprises 1,102 high-rise apartments. It is a 30-minute drive from the People’s Square and is well-connected to Shanghai’s city centre via Metro Line 11 and the expressway.

Almost all of the 310 units under Phase 1 and 306 units under Phase 2 have been sold as at end-March 2016. Phase 3 was launched in July 2015 and 94% of the 161 launched units have been sold as at end-March 2016. Phase 4, comprising 198 units, is expected to be launched in the first half of 2016.

8 Park AvenueLocation: Jing’an, Puxi DistrictDevelopment type: High-rise apartmentsTotal no. of units: 918GFA: 133,393 smCompletion: 2015

The Park Avenue precinct comprises three projects – One Park Avenue, 8 Park Avenue and Park Avenue Central. Located in downtown Shanghai, in the prime Jing’an District, Park Avenue is highly accessible via expressways and

01 8 Park Avenue is part of the Park Avenue precinct located in the prime Jing’an District in downtown Shanghai.

01


China


China5958

Commercial DevelopmentLocation: CBD, Chaoyang District

Development type: Mixed-use development

GFA: 104,797 sm

Expected completion: 2018

Centrally located in Beijing’s CBD in Chaoyang District, the Grade A office development is Keppel Land China’s first commercial development in the capital.

With a GFA of about 100,000 sm, Keppel Land China plans to redevelop the site into a mixed-use development comprising three office blocks and retail premises. The unique canopy structure of the three retail blocks, which are connected to the office towers, is designed to create an indoor urban oasis.

Given its prime location and quality specifications, the development is expected to attract state-owned enterprises and multinational corporations when completed in 2018.

BeijingBeijing continued to achieve steady economic growth with GDP reaching RMB 2.3 trillion in 2015, a 6.9% increase y-o-y. About 80% of the GDP is led by the finance, real estate, health, social security and welfare, leasing and commercial services, information technology and communications, as well as software industries.

Grade A office market remains strong, with demand driven primarily by financial, hi-tech, professional services and manufacturing industries.

TianjinTianjin continues to be one of China’s fastest growing cities. Tianjin’s GDP grew 9.3% to reach RMB 1.65 trillion in 2015, above the national average of 6.9%. Recent initiatives and policies continue to support Tianjin’s growth, fortifying its position as a major industrial and trade hub in North China. The macroeconomic trends point to stable growth, growing affluence and increasing consumption.

The Tianjin Free Trade Zone (FTZ) was formally established in April 2015. As the first FTZ in North China, Tianjin FTZ is expected to attract more companies and further stimulate Tianjin’s economic development.

Since September 2014, the Central Government has rolled out several expansionary and supportive policies, including cutting interest rates six times by a total of 1.65%, relaxing requirements for business tax exemption and reducing mortgage down payment requirements. These measures have boosted market sentiments and housing demand. In 2015, the total transacted residential volume in Tianjin increased 15% y-o-y to 12 million sm, while the average transacted residential price increased 13% y-o-y to RMB 11,471 psm.

Sino-Singapore Tianjin Eco-CityLocation: Tianjin Binhai New Area

Development type: Eco-township

Total no. of units (36.6 ha within SUA): 4,354

GFA (36.6 ha within SUA): 633,798 sm (Residential) 162,000 sm (Seasons City)

Expected completion:2019 (Seasons City Phase 1) 2018 (Residential Phase 2 Plot 9) 2019 (Residential Phase 2 Plot 8)

Keppel Corporation and Keppel Land China hold 45% and 55% interests respectively in a 36.6-ha site located in the Start-Up Area (SUA) of Sino-Singapore Tianjin Eco-City (Sino-Singapore Eco-City). Development will be carried out in phases and is expected to yield 4,354 homes, offices and retail outlets.

Seasons Park is the first project in the Keppel Group’s four-phase residential development in the SUA. Comprising 1,672 homes, it was launched in 2010 and completed in 2012. By end-March 2016, 99% of the units have been sold.

Phase 2 of the development, Seasons Garden, comprises 1,190 mid- and low-rise apartments. Launched in November 2013, 89% of the 326 launched units have been sold as of end-March 2016.

Seasons City, also known as the commercial sub-centre, will comprise three office towers and retail premises with a combined GFA of about 162,000 sm. Phase 1 will feature an office tower and a retail complex with total above-ground GFA of more than 81,300 sm. Construction has commenced and Phase 1 is targeted for completion in 2019.

Serenity VillaLocation: Sino-Singapore Eco-City

Development type: Landed homes


GFA: 80,000 sm

Completion: 2014

Located on Ying Cheng South Island, Hangu District within Sino-Singapore Eco-City, Serenity Villa is the third phase of Serenity Cove.

Serenity Villa comprises 340 eco-apartments, villas and semi-detached houses. Since its launch in September 2013, 46% of the 212 launched units have been sold as at end-March 2016.

Waterfront ResidenceLocation: Sino-Singapore Eco-City

Development Type: Landed homes


GFA: 61,417 sm

Expected completion: 2016 (Phases 1 and 2)2017 (Phase 3)

Situated within the SUA and close to the future city centre of the Sino-Singapore Eco-City, Waterfront Residence comprises 341 terrace and semi-detached houses. Targeted at the upper-middle income segment, Phases 1 and 2 developments are expected to be completed in May and July 2016 respectively, while Phase 3 is expected to be completed in 2017. Since its launch in April 2015, 96% of the 188 launched units have been sold as at end-March 2016.

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02

01 Keppel Land China’s first commercial development in Beijing will meet the demand for quality office space in the city’s central business district. 02 Serenity Villa, located in the Sino-Singapore Tianjin Eco-City, comprises 340 eco-apartments, villas and semi-detached houses.


China


China6160

the city centre, along the Second Ring Road, and close to the city’s financial district, Dongdajie. It is about a 10-minute walk to the metro station and a 15-minute drive to the city centre.

The development comprises 1,535 high-rise apartments with shop spaces. Leveraging the growing demand for city living, Phase 1, comprising 575 units, was launched in December 2012 with some 97% sold by end-March 2016. Launched in September 2013, 98% of the 220 units in Phase 2B have been sold by end-March 2016. Phase 2A, totalling 240 units, was launched in September 2015 and 72% of the 210 launched units have been sold as at end-March 2016.

Phases 1 and 2 were completed in 2014 and 2015 respectively. Construction of Phase 3 is ongoing.

Hill Crest Villa Location: Mumashan, Xinjin CountyDevelopment type: Landed homesTotal no. of units: 274GFA: 163,147 smExpected completion: 2017 (Phase 2)

Situated in an established low-density residential enclave in Mumashan, southwest of Chengdu, Hill Crest Villa will feature 274 landed homes.

ChengduChengdu’s GDP grew 8.0% in 2015 to RMB 1.08 trillion, outpacing the national average of 6.9%. The city continues to witness phenomenal growth as economic activity shifts to Western China. Multinational corporations expanding into China have also shown a strong preference for Chengdu. By end-2015, 268 of the Fortune Global 500 companies had established their presence in Chengdu.

Since September 2014, in line with the Central Government’s policies, the Chengdu government has rolled out several supportive policies, including cutting interest rates, relaxing requirements for business tax exemption, reducing mortgage down payment requirements, widening the definition of first-time homebuyers and loosening the Housing Provident Fund loan policy. These continued measures have helped to boost market sentiments and housing demand.

Park Avenue Heights Location: Jinjiang DistrictDevelopment type: High-rise apartmentsTotal no. of units: 1,535GFA: 200,200 smExpected completion: 2017 (Phase 3)

Park Avenue Heights is a prime residential project located in

WuxiWuxi’s GDP expanded 7.1% in 2015 to RMB 850 billion, mainly due to strong growth in the industrial and tertiary sectors. Urban per capita disposable income of urban residents reached RMB 34,322, an increase of 8.3% y-o-y. The outlook for Wuxi’s economy remains positive with GDP growth forecast to remain stable in 2016. Increased foreign investment, rising affluence and enhanced transportation integration with other cities will help sustain its strong economic growth.

Wuxi’s residential market maintained steady growth in 2015. With the relaxation of home purchase policies and the lowering of borrowing rates, residential sales volume increased by 16% to 6.3 million sm while average home prices rose slightly by 1% to RMB 7,930 psm.

Central Park City Location: Taihu New City, Binhu District

Development type: High-rise apartments

Total no. of units: 5,339

GFA: 671,477 sm

Expected completion: 2016 (Phase 3)

Located within the Taihu New City in Wuxi’s Binhu District and about a 20-minute drive from the city centre, Central Park City is expected to yield 5,339 homes with commercial space and supporting amenities.

Easily accessible via Nanhu Avenue, Gaolang Road and Metro Line 1, the township project is designed as a self-sufficient enclave.

Targeted at the middle- to upper-middle income segments, all 3,075 units under Phases 1 and 2 have been fully sold. Phase 3, comprising 1,484 units, was launched in January 2014. As at end-March 2016, 94% of the 1,140 launched units have been sold.

Waterfront Residence Location: Shanshui, Binhu DistrictDevelopment type: Low-rise homes, mid-rise apartments and commercial componentsTotal no. of units: 2,360 GFA: 294,174 smExpected completion: 2016 (Phase 1)

Located in Shanshui, Binhu District, Waterfront Residence will comprise about 2,360 villas, terrace houses, mid-rise apartments and commercial components.

Surrounded by a 260-ha national wetland park and fronting the scenic Li Lake, the development is near the Metro Line 1 station and is a 15-minute drive from the city centre.

Targeted at the upper-income segment, Phase 1, comprising 62 units of terrace houses and villas, was launched in December 2015, in which 28 out of 62 launched units were sold as at end-March 2016.

Park Avenue Heights Location: Beitang DistrictDevelopment type: Mixed-use developmentTotal no. of units: 1,048GFA: 177,635 smExpected launch: 2016 (Phase 1)

Situated in Beitang District, near the city centre and the CBD, this mixed-use development will comprise 1,048 units of high-rise apartments and commercial components.

Park Avenue Heights is located next to the Metro Line 1 station. Well-connected via major roads, the development will enjoy convenient access to numerous amenities and facilities such as educational institutions, supermarkets and shopping malls. Targeted at the upper-middle income segment, Phase 1 is expected to be launched in 2016.

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02

01 V City is the second collaboration between Keppel Land and China Vanke, and will feature approximately 5,760 apartment units to be developed in phases. 02 Waterfront Residence in Wuxi, comprises about 2,360 villas, terrace houses, mid-rise apartments and commercial components.

The project is about 20 km from the city centre and 10 km from Chengdu’s Shuang Liu International Airport. It is close to Tianfu New City, earmarked to be Chengdu’s software town and future CBD, with supporting lifestyle amenities. The development is targeted at the upper-middle income segment and 53 units in Phase 1 are launch-ready.

Serenity Villa Location: Mumashan, Xinjin CountyDevelopment type: Landed homesTotal no. of units: 573GFA: 233,862 smExpected launch: 2016 (Phase 1)

Adjacent to Hill Crest Villa, Serenity Villa will comprise 573 landed homes. The two landed developments will cater to different segments of buyers within the middle- to upper-income group. Phase 1 of Serenity Villa, comprising 84 units, is under construction and is expected to be launched in 2016.

V CityLocation: Pi CountyDevelopment type: High-rise apartmentsTotal no. of units: 1,434 (Phase 1)GFA: 560,963 smExpected completion: 2017 (Phase 1)

V City, to be developed on a residential site in Chengdu, is the second collaboration between Keppel Land and China Vanke, following their joint venture on a residential project in Singapore.

V City is located adjacent to Bai Cao Road station of the Metro Line 2. The 16.7-ha land plot will yield approximately 5,760 apartment units to be developed in phases. Phase 1, comprising 1,434 units, was launched in August 2015. As at end-March 2016, 90% of the 1,261 launched units have been sold. Construction of Phase 1 is ongoing.


China


China6362

Vietnam


Vietnam

As one of the largest and pioneer real estate investors in Vietnam, Keppel Land will build on the strong partnerships forged and deepen its presence in the country.


Sold about 930 homes, mostly from Estella Heights and Riviera Point.

Achieved 100% pre-commitment for Saigon Centre Phase 2 retail mall.

Increased stake in Estella Heights from 55% to 98%.

Acquired 40% equity interest in Empire City Limited Liability Company to jointly develop a prime 14.6-hectare waterfront site in the Thu Thiem New Urban Area.

Focus for 2016

Launch Phase 1B of Riviera Point and the first phase of South Rach Chiec.

Open Saigon Centre Phase 2 retail mall in 2H 2016.

Upward Momentum for Property MarketVietnam’s macroeconomic conditions continue to improve in 2015, supported by high gross domestic product (GDP) growth rate, moderate inflation, strong Foreign Direct Investment (FDI) disbursement and overseas remittance.

Vietnam’s economy expanded by 6.7% in 2015, up from 6.0% in 2014. Average inflation in 2015 dropped to a record low of 0.6% compared to 4.1% in 2014 and 6.6% in 2013. Vietnam’s GDP growth and inflation are forecast to be 6.8% and 1.7% respectively in 2016.

In 2015, Vietnam attracted more than US$22.7 billion in FDI,

a rise of 12.5% from 2014 while disbursed FDI grew by 17.4% year-on-year to reach US$14.5 billion. Vietnam continues to liberalise its economy, plugging itself into the global grid with the formalisation of the EU-Vietnam Free Trade Agreement and participation in the Trans-Pacific Partnership.

Vietnam’s housing market posted a record year in 2015, underpinned by improved economic conditions, liberalisation of housing laws, development of key infrastructure and lower interest rates. Affordable mortgage rates lifted mortgage loans by 22% compared to 2014.

In HCMC, over 42,000 apartments were launched in 2015, with 36,000 units sold, an increase of 120% and 100% respectively from 2014. Units sold were mainly located in the Eastern and Southern growth corridors of HCMC where Keppel Land’s projects are located. Vietnam’s property market is expected to continue its upward momentum in 2016, supported by the growing middle class, high urbanisation rate and relaxation of foreign homeownership laws.

Vietnam’s retail market posted sales of US$108.8 billion in 2015 and HCMC continues to be a choice destination for international retailers.

Due to limited supply, demand for prime retail space within the central business district (CBD) remains high with stable occupancy rate above 90%. The relaxation of foreign ownership in Vietnamese public companies and a growing middle class are expected to have a positive impact on the retail market.

The market saw new supply of around 40,000 sm of Grade A office space in HCMC’s CBD in 2015. Occupancy rate remains high at above 90% while rents remain stable.

With the exception of Saigon Centre Phase 2, there will be no new Grade A office supply in HCMC’s CBD until 2017. Demand for office space will likely increase in 2016, with the expansion of multinational companies and a new wave of foreign companies entering Vietnam.

In Hanoi, rents of Grade A office buildings decreased slightly due to excess supply. 2016 will see Hanoi’s Grade A office rental rates facing further downward pressure from moderate demand and excess supply.

01

01 Keppel Land received positive response for Estella Heights, located in An Phu Ward in District 2, Ho Chi Minh City.

Vietnam

2014 2015 2016F 2017F

Real GDP growth (%) 6.0 6.7 6.8 6.9Lending interest rate (average, %) 8.7 7.1 6.8 7.2Inward FDI (US$ bn) 9.2 10.0 10.2 10.4Exchange rate (VND/US$, average) 21,189 21,909 22,470 22,929Personal disposable income (US$ bn) 140.6 125.0 127.6 142.9CPI change (average, %) 4.1 0.6 1.7 4.0


CondominiumsHo Chi Minh City

The Estella and Estella Heights Location: District 2

Total no. of units: 1,591

GFA: 278,097 sm

Completion: 2012 (The Estella) 2017 (Estella Heights

Phase 1) 2018 (Estella Heights

Phase 2)

The developments are located along Hanoi Highway in the popular An Phu Ward in District 2, a residential enclave for the affluent. It is a 15-minute drive to the CBD via the East-West Highway and Thu Thiem Tunnel. Residents will enjoy greater connectivity to the city when the An Phu metro station located close to the development opens in 2020. The developments also enjoy close proximity to reputable international schools such as the British International School, International School HCMC and Australian International School.

The Estella, comprising 719 units, was Keppel Land’s first condominium development in Vietnam. It was launched in 2008 and is fully sold.

Estella Heights is a mixed-use development targeted at the upper-middle income segment. Phase 1, comprising 496 units, was launched in January 2015 and has achieved a strong take-up rate of about 90% as of end-March 2016. Phase 2’s the Signature Collection, comprising 376 units, was launched in October 2015 and 63% of the units have been sold as of end-March 2016. The Signature Collection offers homeowners a wide range of facilities including a private gym and lounge at the sky garden as well as personalised concierge services. Phase 2 development also features a five-storey retail podium of 37,000 sm GFA, which will offer a wide range of retail

and leisure amenities, specialty stores as well as educational and enrichment centres.

Riviera PointLocation: District 7Total no. of units: 2,400GFA: 438,814 smCompletion: 2014 (Phase 1A)

Riviera Point is the tallest condominium in District 7 with about 500 m frontage to the Ca Cam River. Residents can enjoy direct connectivity to the CBD which is a 35-minute drive away, international schools as well as a host of retail and leisure amenities in the established township, Phu My Hung, via Phu Thuan Bridge.

Phase 1A of the development was launched in 2011 and completed in 2014. As at end-March 2016, about 87% of the 549 units have been sold. Phase 1B, comprising 517 units, is planned for launch in mid-2016.

VillasHo Chi Minh CityRiviera CoveLocation: District 9Total no. of units: 96GFA: 34,711 smCompletion: 2012

Located in District 9 of HCMC, Riviera Cove is easily accessible from the CBD, which is about a 30-minute drive away. Travelling time to the city centre has been significantly shortened with the completion of the first stage of the Inner Ring Road and the opening of the HCMC-Long Thanh Expressway. Residents of the 96 resort-style villas can enjoy riverfront view provided by the development’s 280m frontage to Rach Chiec River.

The waterfront gated villa development was completed and handed over to homebuyers in 2012. About 83% of the villas have been sold as at end-March 2016.


The office space is more than 96% leased to the diplomatic corps and multinational companies as well as banking and financial institutions, while the serviced apartment, Sedona Suites HCMC, is about 82% leased.

As at end-2015, the retail mall under Phase 1 has been temporarily closed for upgrading works.

Construction of Phase 2 is progressing on schedule. When completed, Phase 2 will comprise 47,000 sm of prime retail area spread over seven floors, a 37-storey tower offering 44,000 sm of Grade A office space and about 200 luxury serviced apartments.

The retail mall is expected to open in the second half of 2016. The mall is 100% pre-committed, with leading Japanese retailer, Takashimaya as the anchor tenant. The office tower is expected to be completed in the second half of 2017.

Vietnam


Casuarina CoveLocation: District 9Total no. of units: 120GFA: 39,807 smExpected launch: 2017

Located 500 metres from Riviera Cove and fronting the Rach Chiec River in the north and the Nhanh Tributary in the east, the development offers 120 waterfront villas. It is well-connected to other parts of HCMC via the Hanoi Highway, HCMC-Long Thanh-Dau Giay Expressway and the Inner Ring Road and is within a 3-km radius from the Saigon High-tech Park and Rach Chiec Sports Complex.

Targeting affluent locals and expatriates, Casuarina Cove is expected to be launched in 2017.

TownshipsHo Chi Minh City

Saigon Sports CityLocation: District 2Total no. of units: About 4,300GFA: 950,000 smExpected launch: 1H 2017 (Phase 1)

The 64-ha site is located in the upper-middle class residential enclave of An Phu Ward in District 2, which is also popular with expatriates. The site is

accessible via HCMC-Long Thanh-Dau Giay Expressway or Hanoi Highway. Travelling time to the CBD is significantly reduced to about 20 minutes with the completion of major infrastructural works.

Residents of the development will be among the first to embrace a unique live-work-play healthy lifestyle in Vietnam. Designed as a sports hub, the integrated township includes a dedicated 25 ha sports, commercial, retail and institutional complex. Residents will be able to access the facilities via a linear park. Phase 1 of the project is expected to be launch-ready in 1H 2017.

South Rach ChiecLocation: District 2Total no. of units: About 4,700GFA: 882,376 smExpected launch: 2H 2016 (Phase 1)

The waterfront development is situated in the tranquil An Phu Ward which offers excellent views of the Giong Ong To River and the Muong Kinh River. The development is about 20-minute drive from the CBD and is easily accessible via the East-West Highway and HCMC-Long Thanh-Dau Giay Expressway.

When completed, the integrated waterfront development will offer

about 4,700 apartments with retail, commercial, educational and medical facilities. The first phase of the development is expected to be launched in 2H 2016.

Dong Nai

Dong Nai Waterfront CityLocation: Long Thanh District

Total no. of units: About 11,500

GFA: 5,000,000 sm (Total) Up to 3,600,000 sm (Residential)

Expected launch: 2017 (Phase 1)

The township development is located in Dong Nai province, a 45-minute drive from HCMC’s CBD. Travelling time to the city centre will be reduced to about 20 minutes with the completion of infrastructural works. Residents will enjoy the site’s close proximity to the Big-C hypermart, HCMC’s Hi-Tech Park and the future international airport in Long Thanh. Flanked by the Dong Nai River and its tributaries, the township development will offer residents a tranquil living environment along a 1.5-km shoreline.

When completed, the township will feature about 11,500 homes comprising terraces, villas and mid-rise apartments with a variety of commercial facilities. Targeting the middle-income group, the first phase of the township is expected to be launched in 2017.

Mixed-Use DevelopmentHo Chi Minh CitySaigon Centre Location: Le Loi Boulevard, District 1 GFA (Phase 2): 47,000 sm (Retail Podium) 44,000 sm (Office Tower) 195 units (Serviced Apartments)Expected completion (Phase 2): 2H 2016 (Retail Podium)2H 2017 (Office Tower)

Saigon Centre is strategically located on Le Loi Boulevard, one of the city’s main thoroughfares and within proximity to the HCMC People’s Committee, Ben Thanh Market, Opera House, the Dong Khoi shopping belt and prominent hotels.

Developed in several phases, Phase 1 was completed in 1996 and comprises a three-storey retail podium, 11 floors of Grade A office space and 89 luxury serviced apartments. Phase 1 of Saigon Centre has established itself as the preferred business and residential address in HCMC.

01

02

01 The first phase of the South Rach Chiec integrated waterfront development is expected to be launched in 2H 2016. 02 Saigon Centre Phase 2 retail mall is 100% pre-committed, with leading Japanese retailer Takashimaya as the anchor tenant.

Thu Thiem DevelopmentLocation: District 2, Thu Thiem New Urban Area Total no. of units: About 3,000 GFA: About 730,000 sm Expected launch: 2016

The development is located on prime 14.6-hectare waterfront site in the Thu Thiem New Urban Area (Thu Thiem), the future CBD of HCMC. The site is fully cleared and ready for development. Overlooking the Saigon River and the current CBD of HCMC, Thu Thiem is planned to be developed into the largest economic, commercial and financial centre of the city, offering cultural, entertainment and recreational activities. Key transport infrastructure within Thu Thiem are under development and are expected to be completed in 2017.

Upon completion, the development will comprise about 3,000 premium residential apartments, office and retail properties as well as an 86-storey integrated mixed-use tower complex. The first phase of the project is expected to be launched in 2016.

Vietnam


to meet the growing demand for investment-grade offices from local and multinational corporations.

The existing IFC Jakarta Tower 1 will be redeveloped into a 54-storey office tower offering about 71,700 sm of quality office space.

IFC Jakarta Tower 2 will offer about 50,200 sm of prime office space. Tenants secured include Servcorp, Tokio Marine, Grant Thornton, Rintis and Ithaca Resources. The office tower was topped off in August 2015 and is on track for completion in 2016.

Improving Market ConditionsIndonesia’s economy grew moderately at 4.8% in 2015 compared to 5% in 2014. Since taking office in late 2014, President Joko Widodo has introduced seven economic stimulus packages in 2015 to improve the economy.

Although the residential market in Jakarta softened in 2015, the country’s improving infrastructure, rising domestic wealth and growing population of young professionals and families

will continue to support the demand for homes. In 2015, the government also announced its plans to relax the loan-to-value ratio and luxury tax regulations which will benefit the property market.

The office market continues to face headwinds as economic recovery remains tepid, coupled with a large impending office supply in 2016. However, premium grade office space remains limited, especially in locations within the heart of Jakarta’s financial district.

Indonesia


Indonesia

Keppel Land is committed to deepen its presence in Indonesia, with a focus on Greater Jakarta.


Acquired second residential site in West Jakarta to develop a high-rise condominium with ancillary shophouses and shop units.

Launched West Vista, a residential development in West Jakarta.

Topped off International Financial Centre (IFC) Jakarta Tower 2.

Focus for 2016

Unlock value and recycle assets.

Invest strategically in Greater Jakarta.

Redevelop existing IFC Tower 1 into a Grade A office development.

CondominiumsJakarta

West VistaLocation: West JakartaTotal no. of units: 2,855GFA: 153,464 smExpected completion: 2018

Located along Jakarta Outer Ring Road and close to West Jakarta’s central business district, West Vista is a high-rise condominium development with ancillary shophouses targeted at the middle-income segment.

Future residents can enjoy excellent connectivity to the airport, key business districts and various lifestyle and entertainment facilities. As at end-March 2016, 134 units out of the 300 launched units were sold.

Residential Development at Daan MogotLocation: West Jakarta

Total no. of units: About 4,500

GFA: 226,800 sm

Expected launch: 4Q 2017

Located adjacent to West Vista, the development will comprise about 4,500 residential units with ancillary shophouses and shop units.

The development will enjoy good connectivity to the western and eastern parts of Jakarta when the future Jakarta Inner Toll Road is completed in 2019.

CommercialJakarta

International Financial Centre Jakarta Location: Jalan Jenderal Sudirman

GFA: 146,400 sm

Expected completion : 2016 (Tower 2) 2020 (Tower 1)

Located in the heart of Jakarta’s financial district and within the golden triangle zone at Sudirman District, IFC Jakarta enjoys excellent accessibility via key transport routes such as the Transjakarta busway. Connectivity will be further enhanced with the future Jakarta mass rapid transit. The Grade A office tower is well-poised

01

02

01 With the launch of West Vista and the acquisition of a second residential site, Keppel Land is well poised to capture demand for quality residential developments in West Jakarta, which is experiencing rapid growth. 02 When fully completed, International Financial Centre Jakarta will meet the demand for prime office space in the central business district.

Indonesia

2014 2015 2016F 2017F

Real GDP Growth (%) 5.0 4.8 5.3 5.7Lending Interest Rate (average, %) 12.6 12.9 13.0 12.6Inward FDI (US$ bn) 26.3 28.0 29.9 31.3Exchange Rate (Rp/US$, average) 11,865 13,312 14,231 14,342Personal Disposable Income (US$ bn) 582.3 582.0 614.1 688.6CPI Change (average, %) 6.4 6.5 6.0 5.4



The Philippines

Myanmar


Despite slower growth, the Philippine economy expanded by 5.7% in 2015 as the increase in employment and workers’ remittances continue to sustain domestic demand. The government has set an economic growth target of 6.8-7.8% in 2016 while the country’s central bank maintains an inflation target of 2-4%.

In Makati, the rents of prime residential units increased by 5% year-on-year (y-o-y) while occupancy remained at 95.6% in 2015. Occupancy and rents are likely to remain stable in 2016. The retail market is expected to remain healthy in 2016 with consumption driven by remittances from overseas Filipinos. Office rents in Makati

According to the Economist Intelligence Unit, Myanmar’s GDP growth is estimated to increase from 6.6% in 2015 to an average of 7.9% per annum from 2016 to 2021.

Economic growth will be spurred by large projects funded by foreign investors in various industries. Demand for office space is expected to remain strong for the next few years as more foreign banks establish their operations in Yangon.

The election in November 2015 further boosted investors’ confidence with increased investment to drive the economy.

central business district (CBD) continue to rise given limited supply. Prime office rents are expected to improve by 11% y-o-y.

Condominium Manila

Palmdale HeightsLocation: Pasig City Total no. of units: 828 GFA: 47,063 sm Completion: 2004

With easy access to Makati and Ortigas CBDs, Palmdale Heights offers homeowners a convenient lifestyle with modern amenities.

Some 97% of the 828 units in the first two phases have been sold as at end-March 2016. The remaining five hectares will be jointly developed with Phinma Property Holdings Corporation.

Mixed-Use DevelopmentManila

SM-KL ProjectLocation: Mandaluyong City

GFA: About 73,000 sm (Retail) About 110,100 sm (Office)

Expected completion: 2017 (Retail)(Phase 2) 2019 (Office)

Located in the heart of Ortigas’ CBD, the first phase of the development, The Podium, offers a good mix of specialty stores with well-known international and local brands.

Phase 2 will comprise a 42-storey office tower above the extension of The Podium which will add over 46,300 sm of retail space. The office tower will cater to the growing demand from multinational corporations and business process outsourcing companies seeking quality office space.

CommercialYangon

Junction City TowerLocation: Junction of Shwedagon Pagoda Road and Bogyoke Aung San Road

GFA: 53,100 sm

Expected completion: 2017

Strategically located in Yangon’s central business district, the 23-storey office tower is part of Junction City, a mixed-use development which also comprises the five-star Pan Pacific Hotel, a shopping centre and serviced residences. It will house Yangon’s largest car parking facility, offering more than 1,500 car park spaces.

When completed, the office tower will offer a net leasable area of about 33,400 sm of premium Grade A office space, meeting the demand from multinational corporations for quality office space in Yangon. Construction for the office tower is expected to be completed by 2017.

01 With its strategic location, the new office tower in Junction City will meet the demand from multinational companies for quality office space in Yangon.

01


Others

United States

The United States economy continued to expand at a moderate pace in 2015, supported by higher domestic consumption and government spending. Full year GDP growth is forecast at 2.1% compared to 2.4% in 2014. Growth is expected to remain steady at 2.4% in 2016 with gradual Fed rate hikes.

The residential market in Manhattan, New York City, remained healthy, with continued improvements in the economy and the financial sector. Apartment prices rose by 12% in 2015. Healthy residential demand is expected to support a moderate price growth in 2016.

CondominiumNew York

Residential DevelopmentLocation: Upper East Side,

ManhattanEstimated no. of units: 70GFA: 148,000 sf

Expected launch: 2H 2016

Nestled within an established residential neighbourhood, this prime residential development with a retail component is conveniently located within walking distance to the subway station at Lexington Avenue and 59th Street.

The development is well-served by amenities and entertainment options around Midtown Manhattan. It is opposite the flagship outlet of

high-end department store, Bloomingdale’s, and is just four blocks away from Central Park, a national historic landmark in New York.

The development is currently under construction and is expected to be launched in 2H 2016.

United Kingdom

Economic growth in the United Kingdom (UK) in 2015 is expected to be at 2.4%, compared to 2.9% in 2014. Growth is forecast at 2.2% in 2016, supported by employment growth and continued strength in domestic consumption.

Central London’s office market saw strong absorption of 14.5 million sf in 2015, which is slightly lower than the 15 million sf in 2014, but still above the past 10-year average. Office demand was supported by the creative industries, banking and finance as well as business services sectors.

Despite uncertainty over global economic growth and the UK’s membership in the European Union, the benign economic outlook and strong employment growth will underpin Central London’s office market in 2016.

CommercialLondon

Office DevelopmentLocation: 75 King William StreetGFA: 126,271 sfCompletion: 1989

Situated in London’s CBD, the office development is close to the city’s historic and financial centre, where the Bank of England and other prominent financial institutions are located. The office building is less than a five-minute walk to the Bank tube station, as well as the Monument and Cannon Street stations. It is also a 12-15 minutes’ walk to the Liverpool station, part of the network on the upcoming Crossrail, which will provide a high speed train service across the east-west axis of London when completed in 2018.

The office building is fully leased to tenants in the financial services, shipping and serviced office industries. Asset enhancement initiatives, including refurbishing the lobby and atrium, are currently underway.

02 The office development located at 75 King William Street is fully leased to tenants in the financial services, shipping and serviced office industries.

02


Sri Lanka

India


India’s economy is projected to expand by a healthy 7.4% in 2015 and 2016, making it one of the fastest growing economies in the world. The reduction in lending rates by the Reserve Bank of India is expected to boost economic growth as well as the real estate sector.

Changes to the Foreign Direct Investment regulations in November 2015 for the construction-development sector are expected to give additional boost to investments in the real estate sector.

Bangalore’s residential market remained resilient, supported by the expansion of information technology (IT) and IT-enabled services firms and multinational corporations.

The Sri Lankan economy is estimated to grow by 6.1% in 2015 compared with 4.5% a year ago.

For 2016, the Central Bank has forecast the economy to grow at 6% and inflation to remain below 5%.

The formation of a new coalition government in September 2015, advocating good governance and transparency as well as introducing landmark initiatives to promote the country as a regional powerhouse, will help support positive economic growth in the next decade.

CondominiumBangaloreElita HorizonLocation: Kanakapura RoadTotal no. of units: 1,419 GFA: 174,815 smExpected launch: 2H 2016

Elita Horizon is a high-rise condominium development located off Kanakapura Road and close to the Peripheral Ring Road. It will have direct access to the major IT hubs and corridors of Electronic City and Bannerghatta Road.

The development is conceptualised to be a self-sustained community with residential, retail, leisure and support services.

The design for Elita Horizon is underway and the development is targeted to be launched in 2H 2016.

CondominiumColombo

The BelvedereLocation: Kotahena DistrictTotal no. of units: 297GFA: 51,511sm

The Belvedere is located in the Kotahena District, close to the central business district of Colombo. Targeted at the upper income segment, the high-rise development is designed to allow majority of the units to enjoy panoramic views of the Indian Ocean.

In its continual focus to strengthen its presences in its core markets and growth cities, as well as recycling assets for higher returns, Keppel Land completed the divestment of its 60% interest in the development in March 2016.


over its 569,000-sf leasable area as at end-2015. The mall also houses a 35,000 sf public library for the community.

In line with its vision to create a zero-waste living environment, the township continued its efforts to cultivate a green mindset among its residents through various educational programmes held under the Good Earth project. This includes collaborations with schools and non-governmental organisations to promote the adoption of Effective Microorganism Technology and the 5Rs (Rethink, Reduce, Reuse, Recycle, be Responsible) philosophy.

Villa Arcadia WatcharapolLocation: Watcharapol Road


GFA: 68,314 sm

Completion: 2014 (45 units)

Villa Arcadia Watcharapol comprises 270 detached houses. Well-connected by the Ram Intra-Art Narong Expressway and Eastern Outer Ring Road, the development is a 30-minute drive to the central business district. The newly completed Phahonyothin-Rattanakosin Sompotch Road has further improved accessibility of the development.

Villa Arcadia Watcharapol will be divested with Keppel Land’s divestment of its 45.5% stake in Keppel Thai Properties.

Malaysia’s economy grew 4.7% in 2015, supported mainly by domestic demand. The economy is expected to remain on a steady growth path despite a weaker global economy. The country’s GDP is forecast to grow by 4.0-5.0% in 2016.

The residential property market continued to moderate in 2015 on the back of stringent financing rules and oversupply in the property market. The Goods and Services Tax introduced in April 2015 and the slump in oil prices are expected to weaken private consumption levels in 2016.

Thailand’s economy grew by about 2.8% in 2015, compared to 0.9% a year ago. Growth is expected to accelerate to around 3.3% in 2016 with the government’s plans to extend the value-added tax reduction period, ongoing infrastructural improvements as well as the expansion of the mass transit network.

The property market improved in 2015 with the condominium segment making up 57% of the total demand of residential developments.

Keppel Land completed the divestment of its 45.5% stake in Keppel Thai Properties in May 2016. The divestment is in line with Keppel Land’s strategy to recycle capital for higher returns as it pursues other opportunities in Thailand through partnerships and joint ventures with strong local partners.

TownshipJohor Bahru

Taman Sutera and Taman Sutera UtamaLocation: Skudai, Johor BahruTotal no. of units: Over 12,000GFA (completed units): 63,905 smCompletion: In phases from 2003

Taman Sutera and Taman Sutera Utama form part of an integrated township featuring over 12,000 residential and commercial units, a vibrant shopping mall Sutera Mall as well as an educational hub. The majority of the 4,000 launched units of residential and commercial properties have been sold as at end-2015.

Sutera Mall continued to maintain a high occupancy rate of 87.9%

VillasBangkok

Villa Arcadia SrinakarinLocation: Srinakarin Road


GFA: 76,622 sm

Expected completion: 2017 (Phase 2)

Comprising 365 detached houses within a gated community, Villa Arcadia Srinakarin is situated close to the Suvarnabhumi International Airport and expressway which provides access to the city centre and outer ring road. The development is in close proximity to prominent international schools, hospitals and shopping centres.

Villa Arcadia Srinakarin will be divested with Keppel Land’s divestment of its 45.5% stake in Keppel Thai Properties.

Thailand

Malaysia

Others


Residences/Offices/ Mixed-Use Developments/ Data CentresAustralia+

• 275GeorgeStreet,Brisbane• 77KingStreet,Sydney++

• 8ChifleySquare,Sydney• DavidMalcolmJusticeCentre,

Perth• 8ExhibitionStreet,Melbourne

China• 8ParkAvenue,Shanghai• ParkAvenueCentral,Shanghai• TheSpringdale,Shanghai• SeasonsResidence,Shanghai• SheshanRiviera,Sheshan,

Shanghai• Officeunits,Shanghai• LifeHub@Jinqiao,Shanghai• Commercialdevelopment,Beijing• ParkAvenueHeights,Chengdu• HillCrestVilla,Chengdu• SerenityVilla,Chengdu• VCity,Chengdu• Sino-SingaporeTianjinEco-City – Seasons City – Seasons Park – Seasons Garden• SerenityCove,Tianjin• SerenityVilla,Tianjin• WaterfrontResidence,Tianjin• Vacantland,Tianjin• CentralParkCity,Wuxi• WaterfrontResidence,Wuxi• ParkAvenueHeights,Wuxi• TheSeasons,Shenyang• Waterfrontresidentialtownship,

Hunnan, Shenyang• WaterfrontResidence,Nantong• KeppelCove,Zhongshan• StamfordCity,Jiangyin• HillCrestResidence,Kunming• LaQuinta,Kunming

Other Regions

Indonesia• WestVista,Jakarta• Residentialdevelopment,Jakarta• PasadeniaGarden,Jakarta• InternationalFinancialCentreJakarta• VacantlandatTunjungan,Surabaya

Vietnam• SaigonCentre,HCMC• EstellaHeights,HCMC• ThuThiemDevelopment,HCMC• CasuarinaCove,HCMC• SaigonSportsCity,HCMC• SouthRachChiec,HCMC• RivieraPoint,HCMC• RivieraCove,HCMC• InternationalCentre,Hanoi^• DongNaiWaterfrontCity,DongNai• PetroVietnamTowers,VungTau

Myanmar• JunctionCityTower,Yangon

India• ElitaHorizon,Bangalore

Sri Lanka• TheBelvedere,Colombo#

Malaysia• TamanSuteraand

Taman Sutera Utama, Johor Bahru

Thailand*

• VillaArcadiaSrinakarin,Bangkok• VillaArcadiaWatcharapol,Bangkok• JewelleryCentre,Bangkok

The Philippines**

• PalmdaleHeights,Manila• SM-KLproject,Manila

United States• Residentialdevelopment,NewYork• TCBBuilding,Houston

United Kingdom• Officedevelopment,London

The Netherlands• AlmereDataCentre2,Almere

Hotels/Serviced Apartments/ResortsVietnam• SedonaSuites,Hanoi^^• SedonaSuites,HCMC• TamarindPark,HCMC

Indonesia• ClubMedRiaBintan• RiaBintanGolfClub• NongsaPointMarina&Resort,Batam• VacantlandatTanahLot,Bali

Myanmar• SedonaHotelYangon• SedonaHotelMandalay

China• SpringCityGolf&LakeResort,Kunming• Eco-CityInternationalCountryClub,

Sino-Singapore Tianjin Eco-City• JiangyinYangtzeInternational

Country Club, Jiangyin

Assets Held Under Alpha Investment Partners' Funds

Indonesia Jakarta Surabaya Bintan Batam Bali

Japan & South KoreaJapan

Tokyo South Korea

Seoul

Rest of AsiaThe Philippines

ManilaMyanmar

Yangon Mandalay

Malaysia Johor Bahru

Thailand Bangkok

Taiwan Taipei

Australia Brisbane Sydney Perth Melbourne

China & Hong KongChina

Shanghai Beijing Chengdu Tianjin Wuxi Shenyang Nantong Zhongshan Jiangyin Kunming Hong Kong

Singapore Singapore

Vietnam Ho Chi Minh City Hanoi Dong Nai Vung Tau

India & Sri Lanka

Bangalore Gurgaon Colombo

Netherlands Almere

United Kingdom London

United States New York Houston

+ Assets owned by Keppel REIT in which the Group has a 45.7% stake.

++ Keppel REIT divested its 100% interest in 77 King Street on 29 January 2016.

^ KeppelLandannouncedthedivestmentof its stake in the property on 26 January 2016.

^^ KeppelLandannouncedthedivestmentof its stake in the property on 4 April 2016.

# Keppel Land completed the divestment of its 60% interest in the joint venture in March 2016.

* Assets owned by Keppel Thai Properties. Keppel Land completed the divestment of its 45.5% stake in Keppel Thai Properties on 18 May 2016.

** Assets owned by Keppel Philippines Properties in which the Group has a 51% stake.


International Network

International Network – Other Regions7574

International Network

Singapore

Office Residential Mixed-use Data Centre

1. Bugis Junction Towers+

2. Keppel Bay Tower3. Keppel Towers and

Keppel Towers 2^

4. Ocean Financial Centre+

5. One Raffles Quay+

6. Highline Residences7. Keppel Bay precinct* 8. Nassim Woods9. The Glades10. The Luxurie

11. Joo Chiat shophouses 12. Marina Bay Financial Centre

– Tower 1, 2 and 3+

– Marina Bay Residences– Marina Bay Suites– Marina Bay Link Mall+

13. Keppel Datahub 2

7

East West Line North South Line North East Line Downtown Line Downtown Line stage 3 (Under Construction) Circle Line Thomson East Coast Line (Under Construction) Sengkang LRT/Punggol LRT Expressway

+ Assets owned by Keppel REIT in which the Group has a 45.7% stake.

^ To be redeveloped into a mixed-use development.* A waterfront precinct which includes Caribbean

at Keppel Bay, Reflections at Keppel Bay, Corals at Keppel Bay, Marina at Keppel Bay and Keppel Bay Plots 4 and 6.

4 12 13

Brani Island

MacRitchie Reservoir

Upper Pierce Reservoir

Lower Pierce Reservoir

East Coast Parkway (ECP)

Kalla

ng-P

aya

Leba

r Exp

ress

way

(KPE

)

Pan Island Expressway (PIE)

Pan Island Expressway (PIE)

Marina Coastal E

xpressway (MCE)

Central Expressway (CTE)

Ayer Rajah Expressway (AYE)

Bedok Reservoir

Sentosa

Bayfront

Harbourfront

Telok Blangah

Marina Bay

Tanjong Pagar

Tiong Bahru

Napier

Raffles Place

Bugis

Downtown

Tanah Merah

Sengkang

13

10

8

9

6

7

4

2

35

41

12

11

Tampines Quarry



Property Portfolio

Group Properties (Singapore)

Description Held by % Owned Site Area (sm)

EstimatedGross FloorArea (sm)

EstimatedNet LettableArea (sm)

Year of Completion

Tenure

Completed Properties

Keppel Bay Tower an 18-storey office building HarbourFront 41.7% 17,267 41,841 36,015 2002 99-year at HarbourFront Avenue One leasehold

Marina Bay Financial Centre(Phase 2)(a) Keppel REIT 15.2% 9,710 151,776 124,581 2012 99-year a 46-storey office tower with leasehold retail podium at Marina Bay

Marina Bay Financial Centre (Phase 1)(a)

two office towers of 33 storeys Keppel REIT 15.2% 32,978 189,000 161,805 2010 99-yearand 50 storeys with leaseholdancillary retail space atMarina Bay

Ocean Financial Centre(a)

a 43-storey office building Keppel REIT 45.7% 6,109 95,992 82,131 2011 999-year at Raffles Place leasehold

Bugis Junction Towers(a)

a 15-storey office tower Keppel REIT 45.7% - 28,525 22,760 1995 99-year at Bugis Junction leasehold

One Raffles Quay(a)

two office towers of 50 storeys Keppel REIT 15.2% 11,367 148,467 123,678 2006 99-yearand 29 storeys at Marina Bay leasehold

Keppel Towers and Keppel Towers 2two office towers Mansfield 100% 9,127 52,946 39,958 1991/1993 Freeholdat Hoe Chiang Road Developments

Reflections at Keppel Baya 1,129-unit waterfront Keppel Bay 30% 83,538 193,400 38,688 2011 99-yearcondominium development (retained leaseholdat Keppel Bay interest)

Property Portfolio77


Group Properties (Singapore) (continued)




Year of Completion

Tenure

Completed Properties (continued)

Nassim Woods a 35-unit luxurious Parksville 100% 5,785 9,256 8,283 1998 99-year condominium development Development leasehold in the exclusive Nassim Road enclave

112 Katonga six-storey shopping mall DC REIT 22.4% 7,261 26,140 19,245 2011 99-year at the junction of Holdings leaseholdEast Coast Roadand Joo Chiat Road

Joo Chiat Shophouses conservation shophouses Keppel Land 100% 686 - 1,139 1996 Freehold in Joo Chiat Realty

Keppel Datahub 2a data centre building Keppel Data 30% 5,000 12,450 - 2014 30-year at Tampines Street 92 Centres leasehold

Holding with optionfor another30 years

Marina at Keppel Bay a marina development Keppel Bay 30% 38,849 3,000 1,590 2007 99-year at Keppel Bay (includes leasehold

foreshore (foreshorearea) area:

30-yearleasehold)

Property Portfolio

78


Property Portfolio

Group Properties (Singapore) (continued)




Expected Year of Completion

Tenure

Properties under Development

The Gladesa 726-unit condominium Sherwood 70% 31,882 51,011 - 2017 99-yeardevelopment at Bedok Rise Development leasehold

Corals at Keppel Baya 366-unit waterfront Keppel Bay 30% 38,830 47,380 - 2018 99-year condominium development leasehold at Keppel Bay

Highline Residencesa 500-unit condominium Harvestland 100% 10,991 43,963 - 2018 99-year development at Development leasehold Kim Tian Road

Keppel Datahub 3a data centre building Keppel Data 30% 6,805 17,012 - 2016 30-year at Tampines Street 92 Centres leasehold

Holding with option for another 30 years

Landbank

Keppel Bay Plot 6 a 86-unit waterfront Keppel Bay 30% 43,701 21,000 - - 99-year condominium development leasehold at Keppel Bay

HarbourFront Avenue (Plot 4) a 234-unit waterfront HarbourFront 11.7% 28,579 32,000 - - 99-year condominium development Three leasehold at HarbourFront Avenue

79


Group Properties (Overseas)

Description Location Held by % Owned Site Area (sm)

Estimated Gross FloorArea (sm)

Estimated Net LettableArea (sm) (Commercial)/ No. of Units (Residential)

Year of Completion

Tenure

Completed Properties

Australia

275 George Street(a)

a Grade A office Brisbane Keppel REIT 22.9% 7,074 - 41,748 2009 Freeholdbuilding located in CBD

77 King StreetOffice Tower(a)++

a Grade A office Sydney Keppel REIT 45.7% 1,284 - 13,626 1975 Freeholdbuilding located in CBD

8 Chifley Square(a)

a premium office Sydney Keppel REIT 22.9% 1,581 - 19,350 2013 99 yearsbuilding located leasein CBD

8 Exhibition Street(a)

a Grade A office Melbourne Keppel REIT 22.9% 4,329 - 45,900 2005 Freeholdbuilding locatedin CBD

David MalcolmJustice Centre(a)

a 33-storey Grade A Perth Keppel REIT 22.9% 2,945 - 31,176 2015 99 yearsoffice tower leaselocated in CBD

China

Life Hub @ Jinqiao a retail and office Shanghai Equity 36.9% 59,956 114,732 79,214 2009 50 yearsdevelopment in Rainbow II leasePudong District

Office Units office units in Shanghai Evergro 100% - 635 635 2004 50 yearsChang Ning District Properties lease

Property Portfolio

80


Property Portfolio

Group Properties (Overseas) (continued)




Year of Completion

Tenure


Jiangyin Yangtze InternationalCountry Cluba golf course Jiangyin Jiangyin 95% 957,281 - 18-hole 2006 40 years/ development Yangtze golf course 50 years

International leaseCountry Club

Eco-City International Country Cluba golf course Tianjin Tianjin 100% 787,405 - 18-hole 2006 40 yearsdevelopment Pearl Beach golf course leasein South Island International

Country Club

Spring City Golf & Lake Resort an integrated Kunming Spring 68.8% 2,884,749 - Two 18-hole 1998 70 yearsresort comprising City Golf and golf courses, leasegolf courses, Lake Resort 73 guest (residential)resort homes and rooms and 50 yearsresort facilities 530 resort lease

homes (golf course)

Serenity Villaa 340-unit Tianjin Tianjin 100% 128,685 80,000 28 2014 70 years residential Fushi bungalows, lease development within Property 96Tianjin Eco-City Development semi-detached

houses and216apartments

8 Park Avenue a 918-unit residential Shanghai Shanghai 99% 33,432 133,393 918 2015 70 years development Pasir Panjang residential lease

Land units

81






Year of Completion

Tenure


The Springdalea 2,596-unit Shanghai Shanghai 99.4% 264,090 328,792 2,596 2015 70 yearsresidential Hongda residential leasedevelopment Property units (residential)with commercial Development 40 yearsfacilities in leasePudong District (commercial)

Indonesia

Club Med Ria Bintan a beachfront hotel at Bintan PT Straits - 39% 200,000 34,340 302 rooms 1997 30 yearsRia Bintan Resort CM Village lease with

option foranother50 years

Ria Bintan (Phase 1) a golf course Bintan PT Ria Bintan 45.9% 1,467,000 - 27-hole 1998 30 years

golf course lease withwith a option for31-room anothergolf lodge 50 years

Nongsa Point Marinaand Resorta waterfront resort Batam PT Nongsa 16.8% 99,567 - 192 rooms/ 1995 30 years with a marina Point Marina chalets and lease withand hotel-style chalets 65 berths option for another

50 years

InternationalFinancial Centre Jakarta Tower 1(b)

a prime office Jakarta PT Kepland 100% 10,428(c) 33,180 27,933 1985 20 years development Investama lease within CBD option for

another20 years

Property Portfolio

82


Property Portfolio





Year of Completion

Tenure


Pasadenia Gardena residential Jakarta PT Pulomas 25% 32,586 32,490 198 1996 30 yearsdevelopment Gemala strata-titled lease withwithin Pulomas Misori residential option for residential district units another

20 years

Malaysia

Taman Sutera and Taman Sutera Utamaa township Johor Tanah 18% 1,896,993 111,815 3,384 2003- Freehold comprising Sutera residential 2015residential units, Development units,commercial space 343 shopand recreational offices andfacilities in Skudai a retail mall

Myanmar

Sedona Hotel Yangona 5-star hotel Yangon Straits 100% 40,516 85,057 797 rooms 1997- 50 years fronting the Greenfield 2016 BOT withfamous Inya Lake option for

anothertwo10-year extensions

Sedona HotelMandalay an international Mandalay Wiseland 100% 16,467 19,835 251 rooms 1998 50 years class hotel Investment BOT withopposite the (Myanmar) anotherfamous ancient twoMandalay Palace 10-year

extensions

83






Year of Completion

Tenure


Netherlands

Almere Data Centre 2a high-specification Amsterdam Keppel 30% 9,300 12,842 - 2015 Freeholddata centre Data Centres

HoldingPhilippines(e)

SM-KL Project(Phase 1)

a 5-storey Mandaluyong SM 24.2% 7,068 26,767 17,775 2001 Freeholdretail mall, City Keppel LandThe Podium, Inc.in Ortigas CBD

Palmdale Heights(Phases 1 & 2)a residential Pasig City Buena Homes 30.9% 22,978 47,063 828 2004 Freeholddevelopment (Sandoval) residential

Inc. units

Thailand(f)

Jewellery Centre a 34-storey Bangkok Keppel Thai 45.5% 5,868 49,694 12,146 1992 Freehold strata-titled Properties (retainedcommercial building interest) at Nares Road

United Kingdom

Office Developmenta 9-storey office London First King 100% 1,947 11,917 11,731 1989 Freeholdbuilding located at Properties75 King William Street

Property Portfolio

84


Property Portfolio





Year of Completion

Tenure


United States

TCB Building a 12-storey Houston, Keppel 30% 13,015 27,323 26,858 1982 Freehold office building Texas Houston in the prestigious GroupGalleria area Partnership

Vietnam

International Centre^ an 8-storey office Hanoi International 43.2% 1,450 9,064 7,113 1995 49 years development at Centre lease Ngo Quyen Street

Sedona Suites Hanoi^^ a serviced apartment Hanoi Quang Ba 58.8% 28,400 34,917 155 1998 50 years development at Royal Park serviced lease Quang Ba, West Lake Joint Venture apartments and 20 villas

Saigon Centre(Phase 1) a 25-storey office, Ho Chi Keppel Land 45.3% 2,730 34,143 10,430 1996 50 years retail cum serviced Minh City Watco I (office), lease apartment 3,809development at (retail)Le Loi Boulevard and 89 in District 1 serviced apartments

Riviera Covea gated villa Ho Chi Riviera Cove 60% 97,000 34,711 96 villas 2012 50 years development Minh City Joint Venture lease in District 9

PetroVietnam Towers a 10-storey Vung Tau Petro Tower 12.9% 6,191 17,026 12,465 1997 40 years office development lease

85


Group Properties (Overseas)

Description

Location

Held by

% Owned

Site Area (sm)




Tenure

Properties Under Development

China

Park Avenue Central an office and Shanghai Shanghai 99% 28,488 114,000 ** 2019 70 years retail development Floraville leasein Park Avenue Landprecinct

Seasons Residencea 1,102-unit Shanghai Shanghai Ji 100% 71,621 128,918 198 2016 70 years residential development Xiang Land residential (Phase 4) leasein Nanxiang, unitsJiading District (Phase 4)

Sheshan Rivieraa 217-unit Shanghai Shanghai 99.4% 175,191 83,174 112 2016 70 years landed development Jinju Real landed (Phase 1) leasein Sheshan Estate homes

Development (Phase 1)

Park Avenue Heightsa 1,535-unit Chengdu Chengdu 100% 50,782 200,200 500 2017 70 years residential Hillstreet residential (Phase 3) leasedevelopment with Development units (residential)commercial facilities (Phase 3) 40 yearsin Jinjiang District lease

(commercial)

Hill Crest Villaa 274-unit Chengdu Chengdu 100% 249,330 163,147 45 2017 70 yearslanded development Hilltop landed (Phase 2) leasein Xinjin County Development homes

(Phase 2)

Serenity Villaa 573-unit Chengdu Chengdu 100% 286,667 233,862 84 2016 70 yearslanded development Shengshi landed (Phase 1) leasein Xinjin County Jingwei homes

Real Estate (Phase 1)Investment

Property Portfolio

86


Property Portfolio


Description

Location

Held by

% Owned

Site Area (sm)




Tenure

Properties Under Development (continued)

V Citya 5,761-unit Chengdu Chengdu 35% 167,000 560,963 1,434 2017 70 yearsresidential Taixin residential (Phase 1) leasedevelopment with Real Estate units (residential)retail facilities Development (Phase 1) 40 years

Co lease(commercial)

Spring City Golf & Lake Resort an integrated Kunming Spring 68.8% 2,157,361 16,819 97 2018 70 yearsresort comprising City Golf and (Hill Crest residential (Hill Crest leasegolf courses, Lake Resort Residence units Residenceresort homes Phase 2B) (Hill Crest Phase 2B)and resort facilities Residence

Phase 2B)

Central Park City a 5,339-unit Wuxi CityOne 49.7% 352,534 671,477 344 2016 70 years residential Development residential (Plot C2D) leasetownship (Wuxi) units (residential)development with (Plot C2D) 40 yearscommercial and leaseSOHO facilities (commercial)in Binhu District

Waterfront Residencea 2,360-unit Wuxi Keppel 100% 215,230 294,174 62 2016 70 years residential Lakefront residential (Phase 1) leasedevelopment with (Wuxi) units (residential)commercial and Property (Phase 1) 40 yearsSOHO facilities Development leasein Binhu District (commercial)

Park Avenue Heightsa mixed-use Wuxi Keppel 100% 66,010 177,635 328 2017 70 years development Heights residential (Phase 1) leasewith 1,048 residential (Wuxi) units (residential)units and Property (Phase 1) 40 yearscommercial facilities Development leasein Beitang District (commercial)

87



Description

Location

Held by

% Owned

Site Area (sm)




Tenure


The Seasons(Future Phases)a 2,794-unit Shenyang Keppel 100% 348,312 *** *** *** 50 yearsresidential Township leasetownship with Development (residential)integrated facilities in (Shenyang) 40 yearsShenbei New District lease

(commercial)

WaterfrontResidentialTownshipa residential Shenyang Keppel Bay 99.8% 302,681 *** *** *** 50 yearstownship with Property leaseintegrated facilities Development (residential)in Hunnan (Shenyang) 40 yearsNew District lease

(commercial)

Keppel Covea 1,647-unit Zhongshan Sunsea 80% 891,752 460,000 42 villas 2016 70 yearsresidential Yacht with private (Phase 1) leasedevelopment with Club berths (residential)a mix of villas (Zhongshan) (Phase 1) 40 yearsand apartments, leaseas well as (commercial)integrated marinalifestyle facilities

Mixed-use Developmenta mixed-use Tianjin Tianjin 100% 666,665 *** *** *** 70 yearsdevelopment Fushi leasein North Island within Property (residential)Tianjin Eco-City Development 40 years

lease (commercial)

Property Portfolio

88


Property Portfolio


Description

Location

Held by

% Owned

Site Area (sm)




Tenure


Mixed-use Developmenta mixed-use Tianjin Tianjin 100% 1,000,000 *** *** *** 70 yearsdevelopment Fulong leasein North Island within Property (residential)Tianjin Eco-City Development 40 years

lease (commercial)

Waterfront Residencea 341-unit Tianjin Tianjin 100% 103,683 61,417 161 2016 70 yearslanded home Fulong landed (Phases leasedevelopment Property homes 1 & 2)within Tianjin Eco-City Development (Phases

1 & 2)Developmentin Sino-Singapore Tianjin Eco-Citya 4,354-unit Tianjin Keppel 55% 365,722 633,798 270 2016 70 yearsresidential Hong Da residential (Seasons leasedevelopment with (Tianjin units Garden (residential)office and Eco-city) (Seasons Plot 11) 40 yearsretail space Property Garden lease

Development(g) Plot 11) (commercial)

Stamford City a 1,478-unit Jiangyin Jiangyin 99.4% 82,987 304,255 353 2018 70 yearsresidential Evergro residential (Phases leasedevelopment with Properties units 3C & 3D) (residential)commercial and (Phases 40 yearsSOHO facilities 3C & 3D) lease

(commercial)

89



Description

Location

Held by

% Owned

Site Area (sm)




Tenure


Waterfront Residencea 1,199-unit Nantong Keppel 100% 172,215 189,437 *** *** 70 yearsresidential Lakefront leasedevelopment with (Nantong)a mix of villas, Propertyterrace houses, Developmentand apartments

Commercial Development an office and Beijing Beijing Aether 51% 26,081 104,797 81,847 2018 40 years/ retail development Property 50 yearsin Chaoyang District Development lease

India

Elita Horizon a 1,419-unit Bangalore Keppel 51% 79,927 174,815 1,419 2021 Freehold residential Puravankara residentialdevelopment off Development unitsKanakapura Road

Indonesia International Financial CentreJakarta Tower 2a Grade A office Jakarta PT 100% 10,428(c) 61,300 50,200 2016 20 years development Kepland lease within Jakarta CBD Investama option for

another 20 years

Vacant Landlocated in Surabaya PT Sentral 80% 23,253 *** *** *** 30 years Tunjungan Tunjungan lease with Perkasa option for another

20 years

Property Portfolio

90


Property Portfolio


Description

Location

Held by

% Owned

Site Area (sm)




Tenure


West Vistaa 2,855-unit Jakarta PT 100% 28,851 153,464 1,404 2018 30 years residential Harapan residential lease withdevelopment Global Niaga units option for with ancillary (Phase 1) anothershop houses 1,451 20 years in West Jakarta residential

units(Phase 2)

Residential Developmenta residential Jakarta PT Puri Land 100% 46,291 226,800(d) 4,523(d) 2026 30 years development in Development residential lease with Daan Mogot, units option for West Jakarta another

20 years

Pasadenia Residence a residential Jakarta PT 25% 39,753 40,806 160 2016 30 years development within Pulomas residential lease withPulomas Gemala units option forresidential district Misori another

20 years Ria Bintan (Phase 2 onwards) an integrated resort Bintan PT 45.9% 2,803,000 *** *** *** 30 years with golf courses, Ria Bintan lease with a Club Med Village option for and resort homes another 50 years

Vacant Land located in Tanah Lot Bali PT 24.5% 846,160 *** *** *** 30 years

Purimas lease with Straits Resort option for another 20 years

91



Description

Location

Held by

% Owned

Site Area (sm)




Tenure


Malaysia

Taman Sutera and Taman Sutera Utamaa township Johor Tanah 18% 2,972,172 - 268 2016 Freehold comprising Sutera (88,876 residentialresidential units, Development currently unitscommercial space under (currently and recreational development) underfacilities in Skudai development)

Myanmar

Junction City Towerwithin a mixed-use Yangon Tinterland 40% 26,406 53,100 33,400 2017 50 yearsdevelopment in (for entire BOT with CBD and opposite mixed-use option forthe famous development) anotherBogyoke Market two

10-yearextensions

Philippines(e)

SM-KL Project(Phase 2)an office cum Mandaluyong SM 24.2% 12,932 46,323 30,340 2017 Freehold retail City Keppel Land (Retail) (Retail) (Retail)development Inc. 110,123 89,279 2019in Ortigas CBD (Office) (Office) (Office)

Sri Lanka

The Belvedere#

a 297-unit Colombo Keppel C T 60% 5,058 51,511 297 2018 Freeholdresidential Developments residentialdevelopment unitsin Kotahena District

Property Portfolio

92


Property Portfolio


Description

Location

Held by

% Owned

Site Area (sm)




Tenure


Thailand(f)

Villa Acadia Srinakarina 365-unit detached Bangkok Thai-Kami 45.5% 159,991 76,622 365 2017 Freehold housing development detached (Phase 2)off Srinakarin Road units (Phase 2)

Villa ArcadiaWatcharapola detached Bangkok Keppel Thai 45.5% 124,985 68,314 *** *** Freehold housing development Properties at Watcharapol Road

United States

ResidentialDevelopmenta residential New York MIP 59th and 82.4% - 13,100 68 2018 Freeholdcum retail Third residentialdevelopment Development unitsat Upper East Sidein Manhattan

Vietnam

Saigon Centre(Phases 2 & 3) a prime office, Ho Chi Keppel Land 45.3% 8,355 100,274 84,497 2016 50 years retail cum Minh City Watco II & III (Retail) leaseserviced apartment 2017development (Office,at 65 Le Loi Boulevard Servicedin District 1 Apartment)

Saigon Centre(Phases 4 & 5) a prime office, Ho Chi Keppel Land 68% 8,623 103,477 82,744 2020 50 years retail cum Minh City Watco IV & V leasehotel developmentat 65 Le Loi Boulevard in District 1

93



Description

Location

Held by

% Owned

Site Area (sm)




Tenure


Tamarind Parka 20-storey Ho Chi Keppel 60% 2,808 26,181 173 *** 45 yearsapartment tower Minh City Land residential leasewith recreational Agtex unitsfacilities in District 1

Saigon Sports City a township Ho Chi Saigon 90% 640,477 950,000 959 2019 50 years with about 4,300 Minh City Sports residential (Phase 1) leaseapartments, City unitscommercial complexes (Phase 1) and public sports facilities in District 2

Estella Heights a 872-unit Ho Chi Estella 98% 25,393 160,980 872 2018 50 years residential Minh City Joint Venture residential lease development with units commercial space in An Phu Ward, District 2

South Rach Chieca township with Ho Chi South 42% 302,093 882,376 139 2018 50 years about 4,700 units Minh City Rach landed (Phase 1) leaseand commercial Chiec housesspace at and 850South Rach Chiec residentialin District 2 units

(Phase 1)

Riviera Pointa 2,400-unit Ho Chi Riviera 75% 89,727 438,814 549 2014 50 years residential Minh City Point residential (Phase 1A) leasedevelopment with units 2019commercial space (Phase 1A) (Phase 1B) in District 7 519

residentialunits(Phase 1B)

Property Portfolio

94


Property Portfolio


Description

Location

Held by

% Owned

Site Area (sm)




Tenure


Casuarina Covea 120-unit gated Ho Chi Belwynn - 60% 93,368 39,807 120 villas 2019 50 years waterfront villa Minh City Hung Phu leasedevelopment in Joint VentureDistrict 9

Dong NaiWaterfront Citya 11,500-unit Dong Dong Nai 50% 3,667,127 5,000,000 300 2019 50 yearsresidential Nai Waterfront landed (Phase 1) leasetownship with Province City housescommercial (Phase 1) space inLong Thanh District

Thu ThiemDevelopmenta 14.6 ha waterfront Thu Thiem Empire City 40% 146,000 730,000 180,000 2024 50 yearsresidential and New Urban LLC (commercial) leasemixed-use area and development(h) 3,500

residentialunits

(a) Assets owned by Keppel REIT in which the Group has a 45.7% stake (b) To be redeveloped into a Grade A office tower with estimated GFA of 85,131 sm and expected completion in 2020 (c) For entire site (d) Preliminary figures subject to change (e) Assets owned by Keppel Philippines Properties in which the Group has a 51% stake (f) Assets owned by Keppel Thai Properties. Keppel Land completed the divestment of its 45.5% stake on 18 May 2016 (g) For residential component only(h) Keppel Land announced the acquisition on 2 March 2016 ++ Keppel REIT divested its 100% interest in 77 King Street on 29 January 2016^ Keppel Land announced the divestment of its stake in the property on 26 January 2016^^ Keppel Land announced the divestment of its stake in the property on 4 April 2016# Keppel Land completed the divestment of its 60% interest in the joint venture in March 2016 ** Under planning stage *** Plans are under review in accordance to market conditions

95

Preparedness

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Sustainability

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Readiness

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Keppel Land Lim

ited

Keppel Land Limited(Incorporated in the Republic of Singapore)230 Victoria Street #15-05 Bugis Junction TowersSingapore 188024

Tel: (65) 6338 8111Fax: (65) 6337 7168www.keppelland.com

Co Reg No: 189000001G

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