KEPPEL LAND. Financial Year 2013 Results. 22 January 2014

Transcription

1 KEPPEL LAND Financial Year 2013 Results 22 January 2014

2 Disclaimer This release may contain statements which are subject to risks and uncertainties that could cause actual results to differ materially from such statements. You are cautioned not to place undue reliance on such statements, which are based on the current views of Management on future developments and events.

3 Scope of Briefing Opening Remarks by CEO Financial Performance Operations Review Market Outlook Going Forward Awards 3

4 4 Opening Remarks by CEO

5 Key Highlights Record revenue ~$1.5b in 2013 Net profit before fair value gain up 22.4% y-o-y to $583.7m Performed well despite challenges Earnings driven by China projects, property investment, and divestment gain from Jakarta Garden City 5

6 Strategy Deepen presence in core and growth markets Recycle capital for higher returns Grow commercial portfolio overseas Focus on sustainability and innovation 6

7 Deepen Presence Invested more than $1b in Core Markets Investments in 2013 Singapore Stake Amount Invested Tiong Bahru site 100% $550m China Life Jinqiao, Shanghai 34% $157m Prime residential site, Sheshan, Shanghai 100% $266m Landed residential site, Tianjin Eco-City 100% $49m TOTAL : $1,022m 7

8 Unlock Value Recycle Capital for New Acquisitions with a Focus on Jakarta Divestments in 2013 Net Proceeds Divestment Gain Jakarta Garden City (51% stake) Hotel Sedona Manado (50% stake) $237m $149m $9m $3m Total $246m $152m Hotel Sedona Manado Jakarta Garden City 8

9 Grow Commercial Portfolio Overseas Tap Demand for Quality Office and Retail Developments Projects Total GFA Est. Completion Date China Mixed-use Development, Shanghai (99% stake) 110,000 sm 2017/18 Commercial Development, Beijing (51% stake) 100,000 sm 2016 Seasons City, Tianjin Eco-City (55% stake) 162,000 sm 2017 (Phase 1) Life Jinqiao, Shanghai (34% stake) 115,000 sm Feb 2013* Indonesia International Financial Centre Jakarta Tower 2 64,900 sm 2015 Vietnam Saigon Centre Ph 2, Ho Chi Minh City (45.3% stake) 100,000 sm 2016 (retail podium) TOTAL GFA : 651,900 sm * Completed in 2009 and acquired in Feb

10 Focus on Sustainability and Innovation Strong Commitment to Sustainability and Innovative Practices Among world s leading sustainable companies Global 100 Most Sustainable Corporations 2014 : Ranked 17 th - 1 st in Asia and 1 st in Real Estate worldwide Sustainability Yearbook 2014 : 4 th Year Dow Jones Sustainability World and Asia Pacific Indices : 3 rd and 4 th Year respectively Commitment to continually innovate New brand tagline : Thinking Unboxed 思无限, 创非凡 Innovation in our products, processes and people : - Guinness World Record for largest vertical green wall at Ocean Financial Centre - Sliding Integrated Multi-function wall system at The Glades 10

11 11 Financial Performance

12 Financial Performance FY2013 vs FY2012 FY2013 FY2012 % Chg Turnover $1,461m $938.9m 55.6 EBITDA $278.3m $222.0m 25.4 Pre-tax Profit Before fair value gain on investment properties Net Profit Before fair value gain on investment properties $669.7m $613.8m 9.1 $583.7m $476.9m 22.4 Net Profit $885.9m $838.4m

13 Key Financial Ratio FY2013 FY2012 % Chg EPS (cts) ROE (%) (4.7) NTA / Share ($) Net Debt/Equity Ratio (x) Proposed Dividend/Share (cts)

14 Breakdown of Net Profit Business Segment Business Segment FY2013 FY2012 % Chg Comments Property Trading $271.8m $323.9m (16.1) Property Investment $124.7m $82.0m 52.1 Fund Management $46.7m $50.4m (7.3) Hotels / Resorts $12.9m $8.3m 55.4 Others ($25.5m) ($13.1m) nm Absence of bumper profit of ~$160m from Reflections at Keppel Bay in 2012 Improved contributions from Keppel REIT and MBFC Tower 3 Lower contribution from Alpha due to higher fair value losses on foreign currency forward contracts Increased contribution from Sedona Hotel Yangon and Bintan resorts Lower write-back of cost provisions and cost recovery Total $430.6m $451.5m (4.6) nm not meaningful 14

15 $ Breakdown of Net Profit Geographical Location Geographical Location FY2013 FY2012 Comments Singapore $289.5m 67% $365.5m 81% Overseas $141.1m 33% $86m 19% Lower contributions from property trading due to absence of bumper profit from Reflections at Keppel Bay Higher contributions from China, mainly from 8 Park Avenue, The Botanica and The Springdale Total $430.6m 100% $451.5m 100% 15

16 Notes on Profit Recognition Projects % Sales % Completion Singapore * Include 154 units set aside for corporate leasing Profit Recognised in FY2013 Marina Bay Suites (221 units) 86.2% 100% $28.7m The Lakefront Residences (629 units) 100% 85% $23.4m The Luxurie (622 units) 100% 45.3% $13m Reflections at Keppel Bay (1,129 units*) 75.6% 100% $8.7m Corals at Keppel Bay (336 units) 36.1% 12.3% $5.7m China 8 Park Avenue (260 units) 40.5% 100% $69.7m The Springdale, Ph 1 (270 units) 100% 100% The Springdale, Ph 2 (1,320 units) 98.5% 100% The Springdale, Plot 2-1 (502 units) 99.4% 100% $65.3m The Botanica, Ph 6 (1,248 units) 99.9% 100% $18.2m Vietnam The Estella, Ph 1 (719 units) 83.3% 100% $5.3m 16

17 Balance Sheet Profile Healthy cash position : ~S$1.3b Strong financial capacity : Over US$3b unutilised from MTN programme Additional debt headroom : ~S$1.6b if gear up to 0.6x End-Dec 13 End-Dec 12 Net Debt $2.9b $1.5b Net Debt/ Equity Ratio 0.38x 0.22x Avg Interest Rate of Borrowings 2.4% 2.4% Interest Cover Ratio (1) 35.8x 51.4x (1) Interest Cover Ratio = Profit Before Interest and Tax Net Interest Cost on External Borrowings 17

18 Loan Maturity Profile Total Debt : $4.2b Longer weighted avg. debt maturity : 3.6 years vs 3.4 years as at end-2012 Low average interest rate of borrowings : 2.4% Fixed rate debt : 58% vs 62% as at end Rolling 1% 3% 5% 6% 7% 9% 10% 27% 32% * * Includes convertible bonds maturing 29 November

19 19 Operations Review

20 Operations Review Singapore 20

21 Singapore Residential About 370 Units Sold Sales mainly from Corals at Keppel Bay and The Glades Sold 85% of 200 launched units (ASP : $2,200 psf) Sold 60% of 200 launched units (ASP : $1,450 psf) Singapore No. of Units Sold Total Sales Value ($ million) Total Area Sold (sf) 424, ,600 Corals at Keppel Bay The Glades 21

22 Singapore Residential Acquired Site at Popular CBD-fringe Estate ~500 units : 1- to 4-bedrooms (500-1,350sf) Expected launch : 1H 2014 Walking distance to MRT station and well-connected via major expressways Near retail amenities such as Tiong Bahru Plaza and Great World City Wide range of dining and leisure amenities, flourishing with many quirky lifestyle stores and bistros 22

23 Singapore Commercial Marina Bay Financial Centre Tower 3 Occupancy Rises Tower 3 : 95% committed vs 79% in 2012 New Tenant in 4Q13 : Booking.com (Singapore) Pte. Ltd Tenant Mix : Financial (56%); Non-financial (44%) WALE : ~8 years Green Award : BCA Green Mark Gold PLUS Marina Bay Financial Centre 23

24 Operations Review Overseas 24

25 China Scale-Up in Focus Cities to Deepen Market Presence Expand residential pipeline in 2 of 5 focus cities Acquired landed residential sites in Shanghai and Tianjin Eco-City Grow commercial presence Acquired completed retail mall Life Jinqiao Residential Commercial Beijing Tianjin Shenyang Planned retail-cum-office development Park Avenue Central in Shanghai Achieved asset size of $5.9b 43% of total assets up from 35% in 2012 Chengdu Kunming Nantong Jiangyin Wuxi Shanghai Zhongshan 25

26 China Robust Sales Driven by Pent-up Demand Sold 3,870 units : > two times of 1,650 units sold in 2012 Strong sales from The Botanica (Chengdu), The Springdale and Seasons Residence in Shanghai and Stamford City (Jiangyin) Sales value more than tripled from Park Ave launched in Jun 2013 (ASP : RMB 72,000 psm) China No. of Units Sold 3,870 1,650 Total Sales Value (RMB million) 5,390 1,420 Total Area Sold (sm) 411, ,000 8 Park Avenue 26

27 Indonesia Acquisition of New Residential Site in Jakarta Located along Outer Ring Road Near airport, international schools and shopping malls Targeted at middle-income segment Project Details Land Area : Gross Floor Area : Development Type : 3 hectare 130,000 sm ~1,200 units (1- to 3-bedroom) and 60 shophouses Expected Sales Launch :

28 Indonesia Commenced leasing for International Financial Centre In discussion with potential tenants for anchor space Capitalise on strong demand and limited supply within the CBD Project Details Location : Gross Floor Area : Jalan Jendral Sudirman (Heart of CBD) ~64,900 sm Expected Completion : 2H 2015 IFC Jakarta Tower 2 is first in Indonesia to achieve BCA Green Mark Platinum 28

29 Vietnam Improved Sales as Buying Confidence Returns Sales mainly from The Estella : Sold 87% of 719 launched units (ASP : US$1,550 psm) Vietnam No. of Units Sold Total Sales Value (US$m) 42 2 Total Area Sold (sm) 26,000 1,300 The Estella First in Vietnam to achieve BCA Green Mark Gold 29

30 Myanmar Expansion to Ride on Opening of Economy New 29-storey wing at Sedona Hotel Yangon New rooms : 420 New wing Total rooms after completion: 786 Total development cost : US$80m Expected completion : 4Q2015 Refurbishment works to enhance quality and competitiveness Sedona Hotel Yangon (existing building) : To be completed in 1H2014 Sedona Hotel Mandalay : To commence in 1Q2014 Sedona Hotel Yangon 30

31 Sri Lanka Launching Condominium in Colombo in 1Q 2014 Near CBD and shopping, health and education amenities Units to enjoy panoramic city and Indian Ocean views Targeted at high-end segment Project Details Location : Gross Floor Area : Development Type : Kotahena District 49,200 sm ~279 units (mostly 2- to 4-bedroom) Expected Sales Launch : 1Q 2014 The Belvedere 31

32 Operations Review Fund Management 32

33 Fund Management AUM^ Up 16% y-o-y to $17.7b* $3.7b $6.1b $9.8b $9.8b $11.2b $14.8b $15.3b $17.7b ^ Assets Under Management * When fully invested and leveraged Keppel REIT Alpha

34 Keppel REIT Record distributable income in 2013 Free-float increased to 55.2% Income Grows with Expanded Portfolio Full occupancy for Singapore property portfolio Acquired 50% stakes in two Grade A developments in Melbourne and Perth FY2013 Distributable income : Up 6% y-o-y to $214m Distribution Per Unit : Up 1.4% y-o-y to 7.88 cts Portfolio Occupancy : 100% (1) vs 95.2% (2) in core CBD Aggregate Leverage : 42.1% 8 Exhibition Street, Melbourne (1) Singapore portfolio occupancy (2) CBRE 34

35 Alpha Investment Partners Alpha Funds Continue To Seek Investment Opportunities Raised more than US$1.65b for Alpha Asia Macro Trends Fund II Acquisitions : Stake in Life Jinqiao, Shanghai Hotel ibis Singapore at Novena Hotel site, Taipei Divestments : 135 Cecil Street, Singapore Podo Mall, Seoul Garden Omotesando, J-Grande, Clio Fujisawa and Ginza Matrix, Tokyo Millennium Residence, Bangkok Life Jinqiao, Shanghai Clio Fujisawa, Tokyo 35 Clio Fujisawa, Tokyo

36 36 Market Outlook

37 Market Outlook Singapore Residential Sales fell more than 30% due mostly to Total Debt Servicing Ratio framework : ~15,000 units sold in 2013 vs ~22,000 units in 2012 (1) Price growth eased : Up 1.2% y-o-y in 2013 vs 2.8% in 2012 (2) Mitigated by less supply in 2H 2014 due to fewer government land sales Commercial Stable GDP growth : 3.7% in 2013 and forecast 2-4% for 2014 (3) Strong office take-up : 2.45m sf (1), highest level since Global Financial Crisis Rents up from $9.55 psf in 3Q13 to $9.75 psf in 4Q13 (1) Limited new Grade A office supply : ~700,000 sf from 2014 to 2016 (1) Rents to strengthen in 2014 and 2015 led by Grade A segment (1) CBRE (2) URA (3) Ministry of Trade and Industry 37

38 Market Outlook China Residential Average home prices rose 12% y-o-y in Dec 2013 (1) Urbanisation in second and third-tier cities drives growth (2) Relaxation of one-child policy positive for homes sales Commercial Stable rental growth with GDP growth of 7.5% in 2013 (3) Beijing : High occupancy to support rents Shanghai : Office : Demand likely to grow with Shanghai Free Trade Zone Retail : Demand from F&B to drive occupancy (3) (1) SouFun Holdings (2) Central Economic Working Conference (3) Savills 38

39 Market Outlook Indonesia and Vietnam Indonesia Office demand and rentals expected to grow with economy and supported by limited supply of Grade A offices (1) Good purchasing power from middle-to-upper-income (2) Vietnam Take-up for homes improve on developers attractive promotions and flexible payment terms (3) Grade A rents stable due to limited supply of prime office buildings (4) (1) Cushman and Wakefield (2) Colliers (3) JLL (4) CBRE 39

40 40 Going Forward

41 Going Forward Focus on Singapore, China, Indonesia and Vietnam Proactively recycle capital for higher returns Monitor residential market closely to launch new projects and phases Corals at Keppel Bay, Singapore Park Ave Heights, Chengdu Saigon Centre Ph 2, Vietnam Life Jinqiao, Shanghai 41

42 Going Forward Potential New Launches New Projects Residential development, Tiong Bahru, Singapore Waterfront Residence, Nantong, China Hill Crest Villa, Chengdu, China The Belvedere, Colombo, Sri Lanka Approx. No. of Units 500 units 236 units 274 units 279 units New Phases Central Park City (Plot C2a), Wuxi, China Seasons Residence (Phase 2), Shanghai, China 364 units 391 units 42

43 43 Awards

44 Corporate Awards Key Awards in 2013 Euromoney Real Estate Awards 2013 APREA Best Practices Awards 2013 Governance and Transparency Index 2013 SIA Investors Choice Awards 2013 South East Asia Property Awards 2013 Best Office/Business Developer in Singapore Best Developer, Best Residential Developer, Best Office/Business Developer and Best Mixed-use Developer in Vietnam Best Residential Developer in Indonesia Merit award for Accounting and Financial Reporting Category and Best Property Development Organisation for Mature Markets Ranked 5 th among 664 listed companies Singapore Corporate Governance Award Merit Most Transparent Company (Real Estate Category) - Runner-up Marina Bay Financial Centre - Best Commercial Development South East Asia Marina Bay Suites - Best Condominium South East Asia and Best Condominium Singapore 44

45 Sustainability Awards Key Awards in 2013 / 2014 Corporate Knights Global 100 Most Sustainable Corporations 2014 Dow Jones Sustainability Index 2013/2014 Sustainability Yearbook 2014 Global Real Estate Sustainability Benchmark 2013 Top 10 ASEAN Companies in China Award Outstanding ASEAN Entrepreneurs in China Award ASEAN Business Awards 2013 Singapore Sustainability Awards 2013 Singapore Compact CSR Awards

46 BCA Green Mark Awards Alpha Total 38 Green Mark Awards Achieved in 2013 Corals at Keppel Bay, Singapore The Glades, Singapore The Luxurie, Singapore Hill Crest Residence, Kunming, China Gold PLUS Gold PLUS Gold Gold Corals at Keppel Bay The Glades The Luxurie Hill Crest Residence 46

47 47 Thank You

48 48 Additional Slides

49 Financial Performance 4Q2013 vs 4Q2012 4Q2013 4Q2012 % Chg Turnover $505.7m $471.9m 7.2 EBITDA $95.7m $122.8m (22.1) Pre-tax Profit Before fair value gain on investment properties Net Profit Before fair value gain on investment properties $301.6m $232.8m 29.6 $265.1m $165.8m 60 Net Profit $567.3m $527.3m

50 Financial Performance Other Details FY2013 FY2012 % Chg Net Profit Before Divestment, Fair Value and Other Gains Gain on disposal of subsidiary and associated companies $430.6m $451.5m (4.6) $151.8m (1) $24m (2) Other net gains $1.3m (3) $1.4m (4) (7.1) Fair value gain on investment properties $302.2m $361.5m (16.4) Net Profit $885.9m $838.4m 5.7 (1) Gain on divestment of stakes in Jakarta Garden City and Hotel Sedona Manado (2) Gain on divestments of stakes in Saigon Centre Phases 1 & 2 and Melia Purosani Hotel (3) Includes $2.4m loss on change in interest in Keppel REIT and $3.7m fair value gain on call option (4) Includes $0.3m loss on change in interest in Keppel REIT and $1.7m fair value gain on call option 50

51 Assets Breakdown Asset Breakdown Business Segment Asset Breakdown - Geographical Location Property Trading 62.6% Property Investment 30.4% Singapore 47% China 42.9% Others 5.3% Hotels & Resorts Fund 1.1% Management 0.6% Others 2.8% Vietnam 5.4% Indonesia 1.9% 51

52 Residential Landbank Singapore Project Launched Projects KLL s Stake Tenure Attributable Land Area (sf) Attributable GFA (sf) Total Units Remaining Units The Glades 70% 99-yr 240, , Corals at Keppel Bay 30% 99-yr 125, , Reflections at Keppel Bay 30% 99-yr 269, ,527 1, * Marina Bay Suites 33.3% 99-yr 19, , Upcoming Projects Keppel Bay Plot % 99-yr 35,992 40, ^ 234 Keppel Bay Plot 6 30% 99-yr 141,120 67,813 86^ 86 Keppel Towers & GE Tower 100% Freehold 85, , ^ 250 Tiong Bahru Devt 100% 99-yr 118, , ^ 500 Total 1,035,105 2,127,636 3,512 1,956 *Exclude 154 units set aside for corporate residences ^Estimated no. of units 52

53 Residential Landbank China 53 Project Location Total Land Area Total GFA Remaining Area Remaining KLL's Stake (sm) (sm) For Sale (sm) Units For Sale* 8 Park Avenue Shanghai 99% 33, ,393 45, The Springdale Shanghai 99.4% 264, ,090 # 73,956 ^ 457 Seasons Residence Shanghai 99.9% 71, , ,929 1,020 Landed Devt, Sheshan Shanghai 100% 175,000 85,000 85, Waterfront Residence Nantong 100% 172, ,437 # 189,437 # 1,199 Central Park City Wuxi 49.7% 352, ,931 # 275,391 ^ 2,103 Waterfront Residence Wuxi 100% 215, , ,844 2,500 Mixed-Use Devt Wuxi 100% 66, ,025 # 165,025 1,135 Stamford City Jiangyin 99.4% 82, ,036 # 180, The Botanica Chengdu 44.05% 419,775 1,049,438 ^ 28,576 ^ 207 Park Avenue Heights Chengdu 100% 50, , ,233 1,283 Hill Crest Villa Chengdu 100% 249, , , Serenity Villa Chengdu 100% 286, , , The Seasons Shenyang 100% 348, ,186 # 344,811 ^ 2,554 Hunnan Township Development Shenyang 99.8% 302, , ,580 7,026 Serenity Villa Tianjin 100% 128,685 80,000 78, Mixed-use Devt Tianjin 100% 1,666,665 1,358,202 1,358,202 11,299 Tianjin Eco-City Tianjin 55% 365, ,798 # 540,558 # 3,435 Landed Development Tianjin 100% 103,683 60,472 60, Integrated Marina Lifestyle Devt Zhongshan 80% 891, , ,000 1,647 Hill Crest Residence (Ph 1) Kunming 68.8% 71,920 20,193 3, Hill Crest Residence (Ph 2) Kunming 68.8% 99,759 24,428 24, La Quinta II Kunming 68.8% 23,034 10,928 2, Total 6,441,886 7,681,720 5,686,694 38,750 # Includes commercial area ^Excludes commercial area

54 Residential Landbank Other Overseas Country Project Total Land Area Total GFA Remaining Area Remaining KLL's stake (sm) (sm) for Sale (sm) Units for Sale Vietnam Saigon Sports City, HCMC 90% 640, ,180 # 289,850 ^ 2,622 The Estella, HCMC 55% 47, , ,185 ^ 765 Riviera Point, Dist. 7, HCMC 75% 89, ,814 # 278,086 ^ 2,281 Dong Nai Waterfront City, Dong Nai 50% 3,667,127 2,046,955 # 1,293,500 ^ 7,850 Condominium Devt, Dist. 2, HCMC 60% 51, , ,464 1,500 Riviera Cove, Dist. 9, HCMC 60% 97,000 34,711 15, South Rach Chiec, Dist 2, HCMC 42% 302, ,000 # 641,067 ^ 6,699 Riviera Gardens, Dist. 12, HCMC 60% 113,098 40,715 56, Villa Devt, Saigon South, HCMC 50% 135,000 67,500 67, Casuarina Cove, Dist 9, HCMC 60% 93,368 39,807 47, Sub-total 5,236,781 4,830,077 2,975,502 22,262 India Elita Horizon 51% 79, , ,715 1,419 Elita Garden Vista 37.74% 99, , , Sub-total 179, , ,721 2,066 Thailand Villa Arcadia Srinakarin 45.5% 159,746 76,565 48, Villa Arcadia Watcharapol 66.7% 124,912 68,314 75, Sub-total 284, , , Sri Lanka The Belvedere, Colombo 60% 5,058 49,177 43, Middle East Residential Devt, Jeddah, Saudi Arabia 51% 36, Philippines SM-KL Residential Devt, Manila 24.2% 12, , Total 5,755,549 5,535,502 3,438,430 25, # Includes commercial area ^Excludes commercial area

55 Residential Launches China Project *Balance units ^New launches Location Units to Launch Park Avenue* Shanghai The Springdale* Shanghai Seasons Residence* Shanghai Landed Devt, Sheshan^ Shanghai Waterfront Residence^ Nantong Central Park City* Wuxi Waterfront Residence^ Wuxi Mixed-use Devt^ Wuxi Stamford City* Jiangyin The Botanica* Chengdu Park Avenue Heights* Chengdu Hill Crest Villa^ Chengdu Serenity Villa^ Chengdu The Seasons* Shenyang Serenity Villa* Tianjin Tianjin Eco-City* Tianjin Landed Development^ Tianjin Integrated Marina Lifestyle Devt^ Zhongshan Hill Crest Residence* Kunming La Quinta II* Kunming Total 3,801 4,191 2,573 55

56 Residential Launches Other Overseas Project Location Units to Launch Vietnam The Estella (Ph 1), Dist 2* HCMC Riviera Point, Dist 7* HCMC Dong Nai Waterfront City ^ Dong Nai Riviera Cove, Dist 9* HCMC South Rach Chiec, Dist 2^ HCMC Villa Development, Saigon South^ HCMC Casuarina Cove, Dist 9^ HCMC Thailand Villa Arcadia Srinakarin (Ph 1)* Bangkok Villa Arcadia Srinakarin (Ph 2)* Bangkok Villa Arcadia Watcharapol (Ph 1)* Bangkok India Elita Garden Vista* Kolkata Elita Horizon^ Bangalore Sri Lanka The Belvedere^ Colombo Total 735 1,092 1,311 *Balance units ^New launches 56

57 Overseas Projects Completed in 2013 Projects Completed in Q2013 Units Completed Units Sold as at end-dec 2013 The Springdale Plot 3-4, Shanghai Hill Crest Residence Ph 2A, Kunming Q2013 The Springdale Plot 2-1, Shanghai Q Park Avenue Ph 4 and 5, Shanghai Q2013 The Botanica Ph 6, Chengdu 1,248 1,248 57

58 Expected Completion for Launched Projects 58 Projects/Phases launched Total Units Expected Completion* Units Sold as at end-dec 2013 Area Sold as at end-dec 2013 (sm) China Stamford City, Jiangyin, Ph 2 (Blk 5) 155 1Q ,291 The Springdale, Shanghai, Plot Q ,947 The Botanica, Chengdu, Ph 7 2,084 2Q14 1, ,400 Seasons Garden, Tianjin 210 2Q ,727 Stamford City, Jiangyin, Ph 3 (Blk 10 & 11) 208 3Q ,273 Park Avenue Heights, Chengdu, Ph Q ,940 Seasons Residence, Shanghai, Ph Q ,422 Park Avenue Heights, Chengdu, Ph 2B 220 4Q ,956 Serenity Villa, Tianjin 340 4Q14 7 1,264 Stamford City, Jiangyin, Ph 3 (Blk 9) 408 1Q ,133 Vietnam Riviera Point Ph 1A 549 4Q ,621 India Elita Garden Vista, Ph 1, Kolkata 549 1Q ,269 Thailand Villa Arcadia Srinakarin Ph Q ,149 Villa Arcadia Watcharapol Ph Q ,265 Villa Arcadia Srinakarin Ph Q ,737 Total 3, ,394 *Subject to changes

59 Expected Completion for Upcoming Launches 59 Projects/Phases to be launched *Subject to changes Location No. of Units Expected to be Completed* China 8 Park Avenue Shanghai The Springdale Shanghai Seasons Residence Shanghai Landed Devet, Sheshan Shanghai Waterfront Residence Nantong Central Park City Wuxi - 1, Waterfront Residence Wuxi Stamford City Jiangyin Park Avenue Heights Chengdu Hill Crest Villa Chengdu Serenity Villa Chengdu Seasons Park Tianjin Seasons Garden Tianjin Serenity Villa Tianjin Landed Development Tianjin Integrated Marina Lifestyle Devt Zhongshan Hill Crest Residence Ph 2B Kunming Total 1,128 3,582 2,530

60 Overseas China Strong Sales and Sales Value Achieved in 2013 Key Projects Units Launched Units Sold in 2013 Sales Value in 2013 (RMB million) Avg. Selling Price (RMB psm) The Springdale Ph 2 & 3, Shanghai 1,959 1,044 1,457 13,000-14,000 The Botanica Ph 7, Chengdu 1,969 1,486 1,165 8,500 8 Park Avenue, Shanghai ,154 72,000 Seasons Residence, Nanxiang ,000 Park Avenue Heights, Chengdu ,500 Stamford City Ph 3, Jiangyin ,500 Seasons Park, Tianjin 1, ,000 60

61 Tianjin Eco-City Tianjin Eco-City Shareholding Structure^ KLL owns an effective 15.75% stake in Tianjin Eco-City project More than 900 companies have invested, with total registered capital of RMB60b Keppel Corporation Keppel Land Tianjin Eco-City Shareholding Structure^ 65% 35% 90% Singbridge Int l S pore 10% Chinese Consortium 50% 50% Singapore Consortium Tianjin Eco-City (JV) Registered Capital : RMB 4 billion ^ Summarised graphical representation and not the legal representation of the shareholding structure 61

62 Tianjin Eco-City Developments in the 36.6-ha site in the Start-Up Area (4 sq km) Acquired a 10.4-ha residential site for development of ~350 landed homes Residential : 4,354 units - Seasons Park : Sold 82% of 1,105 launched units - Seasons Garden : Sold 11% of 128 launched units Seasons City (GFA : 162,000 sm) : Phase 1 expected to be completed in 2017 Active Participation in Tianjin Eco-city 36.6-ha site in the Start-Up Area 62

63 Alpha Investment Partners Funds under Alpha as at end-dec 2013 Funds Committed Equity % Invested No. of Countries Invested In Asia No. 1 Property Fund $400m 100% 3 Alpha Core Plus Real Estate Fund $720m 100% 3 AIB Alpha Japan Fund $259m 100% 1 Alpha Asia Macro Trends Fund $1.7b 100% 6 Alpha Asia Macro Trends Fund II $2.08b 35% 4 63