KEPPEL LAND Financial Year 2013 Results 22 January 2014
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.
Scope of Briefing Opening Remarks by CEO Financial Performance Operations Review Market Outlook Going Forward Awards 3
4 Opening Remarks by CEO
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
Strategy Deepen presence in core and growth markets Recycle capital for higher returns Grow commercial portfolio overseas Focus on sustainability and innovation 6
Deepen Presence Invested more than $1b in Core Markets Investments in 2013 Singapore Stake Amount Invested Tiong Bahru site 100% $550m China Life Hub @ Jinqiao, Shanghai 34% $157m Prime residential site, Sheshan, Shanghai 100% $266m Landed residential site, Tianjin Eco-City 100% $49m TOTAL : $1,022m 7
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
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 Hub @ 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 2013 9
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 Financial Performance
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 $838.4m 5.7 12
Key Financial Ratio FY2013 FY2012 % Chg EPS (cts) 57.3 55.5 3.2 ROE (%) 14.1 14.8 (4.7) NTA / Share ($) 4.52 3.99 13.3 Net Debt/Equity Ratio (x) 0.38 0.22 72.7 Proposed Dividend/Share (cts) 13 12 8.3 13
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
$ 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
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
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
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-2012 2014 2015 2016 2017 2018 2019 2022 2024 Rolling 1% 3% 5% 6% 7% 9% 10% 27% 32% * * Includes convertible bonds maturing 29 November 2015 18
19 Operations Review
Operations Review Singapore 20
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 : $1,450 psf) Singapore 2013 2012 No. of Units Sold 370 430 Total Sales Value ($ million) 850 730 Total Area Sold (sf) 424,200 486,600 Corals at Keppel Bay The Glades 21
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
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
Operations Review Overseas 24
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 Hub @ 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
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 2012 8 Park Ave launched in Jun 2013 (ASP : RMB 72,000 psm) China 2013 2012 No. of Units Sold 3,870 1,650 Total Sales Value (RMB million) 5,390 1,420 Total Area Sold (sm) 411,500 162,000 8 Park Avenue 26
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 : 2015 27
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
Vietnam Improved Sales as Buying Confidence Returns Sales mainly from The Estella : Sold 87% of 719 launched units (ASP : US$1,550 psm) Vietnam 2013 2012 No. of Units Sold 170 8 Total Sales Value (US$m) 42 2 Total Area Sold (sm) 26,000 1,300 The Estella First in Vietnam to achieve BCA Green Mark Gold 29
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
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
Operations Review Fund Management 32
Fund Management AUM^ Up 16% y-o-y to $17.7b* 8.8 8.8 10.5 3.1 0.6 4 7.7 7.7 2.1 2.1 2.1 2006 2007 2008 2009 2010 2011 2012 2013 $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 7.7 3.5 Alpha 6 6.5 7.2 33
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
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 Hub @ 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 Hub @ Jinqiao, Shanghai Clio Fujisawa, Tokyo 35 Clio Fujisawa, Tokyo
36 Market Outlook
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
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
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 Going Forward
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 Hub @ Jinqiao, Shanghai 41
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 Awards
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
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 2013 45
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 Thank You
48 Additional Slides
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 7.6 49
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) 532.5 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
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
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 240,220 384,357 726 606 Corals at Keppel Bay 30% 99-yr 125,390 152,999 366 197 Reflections at Keppel Bay 30% 99-yr 269,759 624,527 1,129 65 * Marina Bay Suites 33.3% 99-yr 19,016 156,462 221 18 Upcoming Projects Keppel Bay Plot 4 11.7% 99-yr 35,992 40,300 234^ 234 Keppel Bay Plot 6 30% 99-yr 141,120 67,813 86^ 86 Keppel Towers & GE Tower 100% Freehold 85,305 227,960 250^ 250 Tiong Bahru Devt 100% 99-yr 118,303 473,218 500^ 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
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% 33,432 133,393 45,739 248 The Springdale Shanghai 99.4% 264,090 264,090 # 73,956 ^ 457 Seasons Residence Shanghai 99.9% 71,621 122,351 113,929 1,020 Landed Devt, Sheshan Shanghai 100% 175,000 85,000 85,000 200 Waterfront Residence Nantong 100% 172,215 189,437 # 189,437 # 1,199 Central Park City Wuxi 49.7% 352,534 670,931 # 275,391 ^ 2,103 Waterfront Residence Wuxi 100% 215,230 322,844 322,844 2,500 Mixed-Use Devt Wuxi 100% 66,010 165,025 # 165,025 1,135 Stamford City Jiangyin 99.4% 82,987 305,036 # 180,788 759 The Botanica Chengdu 44.05% 419,775 1,049,438 ^ 28,576 ^ 207 Park Avenue Heights Chengdu 100% 50,782 203,129 175,233 1,283 Hill Crest Villa Chengdu 100% 249,330 163,147 163,147 274 Serenity Villa Chengdu 100% 286,667 238,112 238,112 573 The Seasons Shenyang 100% 348,312 365,186 # 344,811 ^ 2,554 Hunnan Township Development Shenyang 99.8% 302,681 756,580 756,580 7,026 Serenity Villa Tianjin 100% 128,685 80,000 78,777 333 Mixed-use Devt Tianjin 100% 1,666,665 1,358,202 1,358,202 11,299 Tianjin Eco-City Tianjin 55% 365,722 633,798 # 540,558 # 3,435 Landed Development Tianjin 100% 103,683 60,472 60,472 346 Integrated Marina Lifestyle Devt Zhongshan 80% 891,752 460,000 460,000 1,647 Hill Crest Residence (Ph 1) Kunming 68.8% 71,920 20,193 3,466 19 Hill Crest Residence (Ph 2) Kunming 68.8% 99,759 24,428 24,428 120 La Quinta II Kunming 68.8% 23,034 10,928 2,223 13 Total 6,441,886 7,681,720 5,686,694 38,750 # Includes commercial area ^Excludes commercial area
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% 640,477 688,180 # 289,850 ^ 2,622 The Estella, HCMC 55% 47,906 233,595 120,185 ^ 765 Riviera Point, Dist. 7, HCMC 75% 89,712 438,814 # 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% 51,000 244,800 166,464 1,500 Riviera Cove, Dist. 9, HCMC 60% 97,000 34,711 15,107 26 South Rach Chiec, Dist 2, HCMC 42% 302,093 995,000 # 641,067 ^ 6,699 Riviera Gardens, Dist. 12, HCMC 60% 113,098 40,715 56,549 174 Villa Devt, Saigon South, HCMC 50% 135,000 67,500 67,500 225 Casuarina Cove, Dist 9, HCMC 60% 93,368 39,807 47,194 120 Sub-total 5,236,781 4,830,077 2,975,502 22,262 India Elita Horizon 51% 79,927 174,751 174,715 1,419 Elita Garden Vista 37.74% 99,957 214,275 120,006 647 Sub-total 179,884 389,026 294,721 2,066 Thailand Villa Arcadia Srinakarin 45.5% 159,746 76,565 48,946 155 Villa Arcadia Watcharapol 66.7% 124,912 68,314 75,517 242 Sub-total 284,658 144,879 124,463 397 Sri Lanka The Belvedere, Colombo 60% 5,058 49,177 43,744 279 Middle East Residential Devt, Jeddah, Saudi Arabia 51% 36,236 - - - Philippines SM-KL Residential Devt, Manila 24.2% 12,932 122,343 - - Total 5,755,549 5,535,502 3,438,430 25,004 54 # Includes commercial area ^Excludes commercial area
Residential Launches China Project *Balance units ^New launches Location Units to Launch 2014 2015 2016 8 Park Avenue* Shanghai 158 90 - The Springdale* Shanghai 376 81 - Seasons Residence* Shanghai 534 486 - Landed Devt, Sheshan^ Shanghai 32 32 32 Waterfront Residence^ Nantong 42 176 255 Central Park City* Wuxi 760 654 600 Waterfront Residence^ Wuxi 96 330 330 Mixed-use Devt^ Wuxi 223 663 249 Stamford City* Jiangyin 243 254 120 The Botanica* Chengdu 207 - - Park Avenue Heights* Chengdu 548 504 220 Hill Crest Villa^ Chengdu 57 74 72 Serenity Villa^ Chengdu - 80 93 The Seasons* Shenyang 100 166 - Serenity Villa* Tianjin 35 44 57 Tianjin Eco-City* Tianjin 273 350 343 Landed Development^ Tianjin 46 105 114 Integrated Marina Lifestyle Devt^ Zhongshan 12 48 48 Hill Crest Residence* Kunming 55 45 40 La Quinta II* Kunming 4 9 - Total 3,801 4,191 2,573 55
Residential Launches Other Overseas Project Location Units to Launch 2014 2015 2016 Vietnam The Estella (Ph 1), Dist 2* HCMC 91 - - Riviera Point, Dist 7* HCMC 200 231 300 Dong Nai Waterfront City ^ Dong Nai - 100 340 Riviera Cove, Dist 9* HCMC 9 17 - South Rach Chiec, Dist 2^ HCMC - - 100 Villa Development, Saigon South^ HCMC - - 30 Casuarina Cove, Dist 9^ HCMC - 50 40 Thailand Villa Arcadia Srinakarin (Ph 1)* Bangkok 16 - - Villa Arcadia Srinakarin (Ph 2)* Bangkok 40 54 47 Villa Arcadia Watcharapol (Ph 1)* Bangkok 17 - - India Elita Garden Vista* Kolkata 222 240 175 Elita Horizon^ Bangalore - 300 240 Sri Lanka The Belvedere^ Colombo 140 100 39 Total 735 1,092 1,311 *Balance units ^New launches 56
Overseas Projects Completed in 2013 Projects Completed in 2013 4Q2013 Units Completed Units Sold as at end-dec 2013 The Springdale Plot 3-4, Shanghai 252 252 Hill Crest Residence Ph 2A, Kunming 33 10 3Q2013 The Springdale Plot 2-1, Shanghai 502 499 2Q2013 8 Park Avenue Ph 4 and 5, Shanghai 260 118 1Q2013 The Botanica Ph 6, Chengdu 1,248 1,248 57
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 1Q14 24 6,291 The Springdale, Shanghai, Plot 2-2 444 1Q14 129 15,947 The Botanica, Chengdu, Ph 7 2,084 2Q14 1,841 170,400 Seasons Garden, Tianjin 210 2Q14 13 1,727 Stamford City, Jiangyin, Ph 3 (Blk 10 & 11) 208 3Q14 131 20,273 Park Avenue Heights, Chengdu, Ph 1 575 3Q14 248 24,940 Seasons Residence, Shanghai, Ph 1 310 3Q14 82 8,422 Park Avenue Heights, Chengdu, Ph 2B 220 4Q14 24 2,956 Serenity Villa, Tianjin 340 4Q14 7 1,264 Stamford City, Jiangyin, Ph 3 (Blk 9) 408 1Q15 209 20,133 Vietnam Riviera Point Ph 1A 549 4Q14 119 14,621 India Elita Garden Vista, Ph 1, Kolkata 549 1Q14 631 94,269 Thailand Villa Arcadia Srinakarin Ph 1 209 2Q14 195 61,149 Villa Arcadia Watcharapol Ph 1 45 2Q15 28 9,265 Villa Arcadia Srinakarin Ph 2 156 2Q17 15 4,737 Total 3,696 456,394 *Subject to changes
Expected Completion for Upcoming Launches 59 Projects/Phases to be launched *Subject to changes Location No. of Units Expected to be Completed* 2014 2015 2016 China 8 Park Avenue Shanghai - 118 - The Springdale Shanghai - 81 - Seasons Residence Shanghai - 792 - Landed Devet, Sheshan Shanghai - 32 32 Waterfront Residence Nantong 111 128 306 Central Park City Wuxi - 1,484 780 Waterfront Residence Wuxi - 106 590 Stamford City Jiangyin - - 161 Park Avenue Heights Chengdu 240 520 - Hill Crest Villa Chengdu 53 45 65 Serenity Villa Chengdu - 84 97 Seasons Park Tianjin 567 - - Seasons Garden Tianjin - 270 Serenity Villa Tianjin - - - Landed Development Tianjin 162 184 Integrated Marina Lifestyle Devt Zhongshan 60 30 45 Hill Crest Residence Ph 2B Kunming 97 - - Total 1,128 3,582 2,530
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 260 118 1,154 72,000 Seasons Residence, Nanxiang 150 82 226 25,000 Park Avenue Heights, Chengdu 490 272 405 14,500 Stamford City Ph 3, Jiangyin 616 364 384 9,500 Seasons Park, Tianjin 1,105 271 270 9,000 60
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
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
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