Driving Sustainable Growth - Report to Stakeholders 2016 - Keppel Land

 
Driving Sustainable Growth - Report to Stakeholders 2016 - Keppel Land
Driving
Sustainable
    Growth
    Report to Stakeholders 2016
Driving Sustainable Growth - Report to Stakeholders 2016 - Keppel Land
Contents
OVERVIEW                                 OPERATIONS AND MARKET REVIEW
                                    02                                       32
02   Key Figures for 2016                32   Singapore
03   Group Financial Highlights          36   Investments
04   International Network               38   Retail Management
06   Chairman’s Statement                40   Hospitality Management
10   Interview with the CEO              42   China
14   Board of Directors                  48   Vietnam
18   Senior Management                   52   Indonesia
20   Key Personnel                       54   The Philippines/Myanmar
22   Corporate Profile                   55   United States/United Kingdom
23   Corporate Milestones in 2016        56   India/Malaysia
24   Awards and Accolades                57   Property Portfolio
25   Corporate Governance
29   Risk Management
Driving Sustainable Growth - Report to Stakeholders 2016 - Keppel Land
Driving
Sustainable
Growth
Keppel is a multi-business company committed to
providing robust solutions for sustainable urbanisation.
At Keppel Land, we are driving sustainable growth by
meeting needs for quality urban living and seizing
opportunities to seek higher returns.

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

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

                          Keppel Group’s Operating Principles
                          1   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.

View our report online:
www.keppelland.com

                                                                                                   01
Driving Sustainable Growth - Report to Stakeholders 2016 - Keppel Land
Overview

Key Figures for 2016

                                        $1.9b
Revenue                                                                                     Revenue rose by 16% year-on-year to $1.9 billion.

                                        19%
Return on Equity                                        1                                   Return on equity is one of the highest among Asia’s
                                                                                            leading property developers at 19% per annum over
                                                                                            10 years, from 2007 to 2016.

                                        $16.2b
Total Assets                                                                                Total assets grew from $14.9 billion to $16.2 billion
                                                                                            year-on-year.

                                        5,720
Total Homes Sold                                                                            Total homes sold in Singapore and overseas in 2016
                                                                                            is 25% higher than the 4,570 homes sold in 2015.

                                        1.089m sm
Commercial Gross Floor Area                                                                 Gross floor area of commercial projects under
Under Development                                                                           development.

                                        5,600hrs
Volunteerism                                                                                A total of 5,600 hours were clocked by staff for
                                                                                            corporate social responsibility activities in
                                                                                            Singapore and overseas.

                                        46,000
Safety Training                                                                             A total of 46,000 workers trained to-date at
                                                                                            Keppel Land’s Safety Awareness Centres in Vietnam,
                                                                                            Indonesia and Malaysia.

Note:
1.
   Return for 2016 includes $563 million gain from the divestment of the Keppel Land’s fund management business to Keppel Capital.

02    Keppel Land Limited Report to Stakeholders 2016
Driving Sustainable Growth - Report to Stakeholders 2016 - Keppel Land
Group Financial Highlights

                                                                                   2016             2015             2014              2013             2012

 For the year ($’000)
 Revenue                                                                     1,859,951        1,598,260        1,497,177        1,461,048          938,856
 Pre-tax profit                                                              1,300,568          728,855          953,325        1,000,773          987,308
 Net profit                                                                  1,149,313          564,076          752,486          885,892          838,368
 Funds from/(used in) operations                                               868,363          495,565          200,443       (1,308,680)         (612,268)

 At year-end ($’000)
 Fixed assets and investment properties                                      3,587,374        2,811,783        1,577,281        1,894,051        1,590,744
 Investments                                                                 3,242,782        3,494,114        3,028,776        3,040,799        2,709,394
 Deferred tax assets                                                            34,346           17,425           45,248           30,047            10,002
 Other non-current assets                                                      384,341          294,062          211,603          761,409          775,886
 Net current assets (Note 1)                                                 6,423,786        6,062,058        7,767,480        6,183,482        4,784,231
 Deferred tax liabilities                                                     (234,246)        (229,623)        (216,261)        (212,065)        (160,546)
 Other non-current liabilities                                                 (18,592)          (22,236)               –                –                 –
 Assets employed                                                           13,419,791       12,427,583       12,414,127        11,697,723        9,709,711

 Shareholders’ equity                                                        8,905,770        8,143,153        7,655,537        6,989,419        6,169,141
 Non-controlling interests                                                     409,854          489,443          489,401          496,168          477,314
 Long-term borrowings                                                        2,886,134        3,646,982        3,147,338        3,869,749        2,348,613
 Short-term borrowings                                                      1,149,769            83,775        1,055,670          283,275          714,643
 Loans from non-controlling shareholders                                        68,264           64,230           66,181           59,112                  –
 Total funds invested                                                      13,419,791       12,427,583       12,414,127        11,697,723        9,709,711

 Financial ratios
 Return on equity (%)                                                              13.5              7.1             10.7             14.1             14.8
 Interest cover (times) (Note 2)                                                   14.4              5.2              8.4               8.9            12.3
 Net debt-equity ratio (times) (Note 3)                                            0.26             0.24             0.20             0.38             0.22

 Employees (Note 4)
 Number (average)                                                                3,760             4,150            4,071            4,207            4,107
 Wages and salaries ($’000)                                                    197,251          212,453          195,940          176,189          144,212
 Pre-tax profit per employee ($’000)                                               240               63              111              105               58

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 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 have been excluded.

                                                                                                                                                            03
Driving Sustainable Growth - Report to Stakeholders 2016 - Keppel Land
Overview

     International Network
     Geographically diversified with Singapore
     and China as core markets, and Vietnam and
     Indonesia as growth markets.

                                                                                                                      China
                                                                                                                      Shanghai
                                                                        United Kingdom                                Beijing
                                                                        London                                        Tianjin
                                                                                The Netherlands                       Chengdu
                                                                                Almere          Germany               Wuxi
                                                                                                Frankfurt             Shenyang
                                                        United States                                                 Nantong
                                                        New York
                                                                                                                      Zhongshan
                                                        Houston
                                                                                                                      Jiangyin
                                                                                                                      Kunming
                                                                                                                                                 Vietnam
                                                                                                                                                 Ho Chi Minh City
                                                                                                            Myanmar                              Hanoi
                                                                                                            Yangon                               Dong Nai
                                                                                              India                                              Vung Tau
                                                                                              Bangalore                                          The Philippines
                                                                                                                                                 Manila

                                                                                                                      Indonesia   Malaysia
                                                                                                                      Jakarta     Johor Bahru
                                                                                                                                                    Singapore
                                                                                                                      Bintan
                                                                                                                      Batam
                                                                                                                      Bali

                                                                                                                                  Australia
                                                                                                                                  Brisbane
     Number of Countries We Operate In                                                                                            Sydney

     13                                                                                                                           Perth
                                                                                                                                  Melbourne

     Pipeline of Homes

     66,000
                                                                                                                                  Legend:
     Commercial Gross Floor Area Under Development

     1.089 million sm
                                                                                                                                    Residences
                                                                                                                                    Offices/ Mixed-use/ Data Centres
                                                                                                                                    Hotels/ Serviced Apartments/ Resorts

04    Keppel Land Limited Report to Stakeholders 2016                                                                                                                      05
Driving Sustainable Growth - Report to Stakeholders 2016 - Keppel Land
Overview

Chairman’s Statement

Keppel Land is a multi-faceted property                 Dear Stakeholders,                            In May 2016, Keppel Land’s selective
                                                                                                      capital reduction exercise to cancel all
                                                                                                                                                               a strong cash position of $1.6 billion,
                                                                                                                                                               Keppel Land is well-positioned to pursue
                                                                                                                                                                                                               and Real Estate Business Law, increase in
                                                                                                                                                                                                               foreign direct investments, improvements
player, providing solutions to meet the needs           On behalf of the Board of Directors,          the shares held by the participating                     acquisitions and new investments.               in public infrastructure, growing
of sustainable urbanisation, while focusing on          I am pleased to present Keppel Land’s
                                                        annual report for the year ended
                                                                                                      shareholders of Keppel Land, apart from
                                                                                                      those held by Keppel Corporation, was                    Capitalising on Positive Market
                                                                                                                                                                                                               middle-class as well as high urbanisation
                                                                                                                                                                                                               rate continue to drive the demand for quality
remaining a developer with one of the highest           31 December 2016.                             effected. As a result, Keppel Corporation                Conditions                                      homes and investment-grade offices.
                                                                                                      now has full ownership of Keppel Land.                   Keppel Land is focused on its core markets
return on equity in Asia.                               Strong Financial Performance                  The privatisation of Keppel Land has                     of Singapore and China as well as its           We sold 1,520 units in Vietnam in 2016,
                                                        2016 was an eventful and challenging          fully aligned the interests of the Company               growth markets of Vietnam and Indonesia.        which is more than a 60% increase
                                                        year. Global growth remained slow,            with the Keppel Group, providing the                                                                     year-on-year. Capitalising on positive
                                                        with weak demand in major advanced            Group with a strong pillar for earnings                  Bolstered by rapid urbanisation and a           sentiments in the country, we launched
                                                        economies and China’s continuing              and long-term value creation.                            growing middle-class across Asia, we sold       four residential projects in Ho Chi Minh
                                                        transition towards more sustainable                                                                    a total of 5,720 residential units in 2016,     City (HCMC) in 2016. These projects are
                                                        growth. Geopolitical developments             Maximising Returns                                       with total sales value of about $2.3 billion.   Palm Residence, Palm Heights, The View
                                                        including Brexit, the United States’          Keppel Land will continue to be a                        This is about 25% higher than the 4,570         at Riviera Point and Linden Residences,
                                                        presidential election as well as growing      multi-faceted property player, building                  units sold in 2015.                             Phase 1 of Empire City. All four launches
                                                        insularism and anti-globalisation             quality homes, offices and commercial                                                                    were met with strong demand. Palm
                                                        sentiments have further heightened            developments that are well sought-after                  In Singapore, there continues to be healthy     Residence, for example, saw all 135
                                                        the volatility and uncertainty in the         by buyers and tenants. Our goal is for                   demand for our high quality developments        units sold out over one weekend. With
                                                        international economy.                        Keppel Land to be a property company                     among discerning homebuyers. In 2016,           the projects to be completed over the
                                                                                                      with one of the highest return on equity                 we sold 380 homes, double the 190 units         next few years, profit contribution from
                                                        Notwithstanding these headwinds,              (ROE) in Asia. We do not necessarily have                sold in 2015. The recent slight easing of       Vietnam is expected to grow steadily in
                                                        Keppel Land managed to achieve a              to be the biggest industry player. Over the              residential property curbs in Singapore,        the coming years.
                                                        creditable performance in 2016.               last 10 years, Keppel Land has turned in a               with calibrated adjustments to the seller’s
                                                        The Company achieved a revenue                laudable average ROE of 19% annually1.                   stamp duty and total debt servicing ratio       We also strengthened our presence
                                                        of $1.9 billion for the year ended                                                                     framework from March 2017, is expected          in HCMC through consolidating our
                                                        31 December 2016, up 16.4% from               Looking ahead, the level of returns from                 to further boost market sentiments.             ownership in Riviera Cove, and acquiring
                                                        the previous year. Net profit rose to         the property market throughout Asia is not                                                               two prime waterfront sites, totalling
                                                        $1.15 billion, in part due to gains from      likely to be as high as it was a decade ago.             Despite property market cooling measures        19.4 hectares, in the Thu Thiem New Urban
                                                        the divestment of its stakes in the           For us to maintain a similar level of ROE,               in selected cities in China, we continue        Area, which is slated to be the city’s future
                                                        manager of Keppel REIT and Alpha              in line with the Keppel Group’s objectives,              to see positive demand, especially for          central business district. Through these
                                                        Investment Partners (Alpha) to                we will need to focus on capital recycling               our premier developments in Shanghai,           developments, we will bring the best in
                                                        Keppel Capital, the asset management          to improve returns. As we look to turn                   Tianjin, Chengdu and Wuxi. We sold about        waterfront and urban lifestyles to HCMC
                                                        arm of the Keppel Group. Excluding these      our inventory more, we can rightsize our                 3,800 units, approximately 16% more than        as well as augment Keppel Land's quality
                                                        gains, net profit would be $586.3 million,    property book and re-deploy the balance                  in 2015.                                        portfolio of prime residential and
                                                        up 3.9% from $564.1 million in 2015.          sheet space that is freed up for our other                                                               commercial properties in the city.
                                                                                                      growth businesses.                                       In Shanghai, Keppel Land China acquired
                                                        Keppel Land continues to hold about                                                                    a newly completed community mall in             We also continued to forge strategic
                                                        45% of Keppel REIT and maintain its           In 2016, Keppel Land announced 11                        the up-and-coming Jiading New City              partnerships overseas, raising our
                                                        investments in various funds under Alpha,     divestments totalling about $680 million                 Core Area. The mall will be managed by          investment in Nam Long Investment
                                                        which will continue to provide Keppel Land    in Singapore and overseas. These included                Keppel Land Retail Management.                  Corporation, a leading affordable
                                                        with investment opportunities in new          the sale of stakes in Life Hub @ Jinqiao,                                                                housing developer in HCMC, through the
                                                        markets and recurring income as well          a mixed-use development in Shanghai,                     The strategy of selectively acquiring           subscription of VND 500 billion convertible
                                                        as potential divestment gains from            International Centre and Sedona Suites in                newly-completed projects can also give          bonds due in 2020. This is in addition
                                                        investment properties in Singapore            Hanoi, The Belvedere in Colombo, Keppel                  us access to prime real estate within           to the 7.1 million new shares which
                                                        and overseas.                                 Thai Properties, Sedona Hotel Mandalay,                  land-scarce, gateway cities. Life Hub @         Keppel Land subscribed in 2015. If the
                                                                                                      Jiangyin Yangtze International Country                   Jinqiao proved to be an excellent               total principal amount of bonds were
                                                                                                      Club as well as township developments                    investment for Keppel Land and also             converted into shares, Keppel Land
                                                                                                      The Botanica in Chengdu and Central Park                 Alpha’s investors. We divested our 80%          will hold up to approximately 15% in
                                                                                                      City in Wuxi.                                            stake in the development for US$517             the enlarged share capital of Nam Long
                                                                                                                                                               million in 2016. This was based on the          Investment Corporation. In March 2017,
                                                          Key Developments in 2016                    At the same time, we seized opportunities                property’s sale value of RMB 5.5 billion,       we also signed a memorandum of
                                                                                                      proactively to redeploy our funds and                    which was close to a 70% premium over           understanding with Vietnam’s State Capital
                                                          Sold 5,720 homes, mostly in China and       scale up our presence in high growth                     the original purchase price of RMB 3.3          Investment Corporation to collaborate on
                                                          Vietnam, about 25% higher than the          cities. We made investments of about                     billion three years ago. Through innovative     investment opportunities in the country.
                                                          4,570 sold in 2015.                         $460 million, including in our key markets               asset management and enhancement
                                                                                                      of China, Vietnam and Indonesia. With                    efforts, we contributed to growing a            In Indonesia, we remain positive about
                                                          Proactively recycled assets to achieve                                                                                                               the country’s long-term prospects which
                                                                                                      a relatively low net gearing of 0.26 and                 profitable mall, and achieved over 20%
                                                          higher returns – announced 11
                                                                                                                                                               internal rate of return per annum               are supported by sound fundamentals of
                                                          divestments totalling about $680 million.
                                                                                                                                                               without taking any development risks.           continued urbanisation, a large and young
                                                                                                                                                                                                               population and a growing middle-class.
                                                          Seized opportunities and invested about
                                                          $460 million across markets including                                                                As one of the largest and pioneer foreign       We entered into a joint venture with
                                                          China, Vietnam and Indonesia.
                                                                                                      1
                                                                                                          The return for 2016 includes the $563 million gain   real estate developers in Vietnam,              PT Metropolitan Land Tbk, one of Indonesia’s
     Loh Chin Hua                                                                                         from the divestment of Keppel Land’s fund            Keppel Land has been privileged to play a       leading property developers, to build
     Chairman                                                                                             management business to Keppel Capital.
                                                                                                          Excluding this, the average ROE over the             part in the country’s urbanisation over the     450 landed homes on a 12-hectare site
                                                                                                          past decade would be 18.4%.                          years. The relaxation of the Housing Law        in Tangerang, Greater Jakarta.

06    Keppel Land Limited Report to Stakeholders 2016                                                                                                                                                                                                    07
Driving Sustainable Growth - Report to Stakeholders 2016 - Keppel Land
Overview

Chairman’s Statement

Keppel Land’s residential portfolio in                    In HCMC, we recently increased our             the data centres in the fund as well as
Singapore and overseas comprises a                        stake in Saigon Centre. Earlier in             serve as the facility manager.
66,000-strong pipeline and close to                       August 2016, we opened the much
19,000 launch-ready homes from 2017                       anticipated retail mall under Phase 2 of       As an example of how green resources
to 2019. We will grow our landbank only                   the development, with Takashimaya              within the Keppel Group are shared,
if there are good risk-adjusted returns,                  department store as the anchor tenant.         Keppel Land purchases renewable energy
focus on increasing our inventory turn                    Riding on the strong reputation and            from Keppel Infrastructure to power its
and launch projects for sale in markets                   success of Saigon Centre, we have              corporate office at Bugis Junction Towers.
with favourable conditions.                               commenced marketing for the office tower       The renewable energy is harvested from
                                                          under Phase 2, which includes 44,000 sm        photovoltaic panels installed in premises
Expanding Commercial Presence                             of premium Grade A office space as             operated by Keppel Infrastructure,
Keppel Land is actively expanding its                     well as 195 luxury serviced apartments,        which is then transferred to Keppel Land.
commercial portfolio to capitalise on                     which will be completed in the second          There is also potential for Keppel
the rising demand for prime office and                    half of 2017.                                  Infrastructure and Keppel Land to offer
retail space in Asia as well as to grow                                                                  similar schemes to other office tenants
a steady recurring income stream to                       Our suite of Grade A office buildings in key   and external customers.
balance the cyclical nature of the property               cities was augmented with the completion
development business. The Company has                     of International Financial Centre Jakarta      Driving Innovation and Sustainability
over a million square metres of gross floor               Tower Two in Indonesia and Junction City       New technologies and business models
area under development. These projects                    Tower in Yangon, Myanmar. We are also          as well as disruptive innovation in a
will be progressively completed and will                  expanding our collaboration with the           sharing economy have also created new
contribute to our recurring income, and                   Shwe Taung Group, a reputable                  opportunities. Keppel Land remains
eventually, to revaluation and divestment                 conglomerate in Myanmar, to develop            committed to advance its efforts in
gains when they are monetised.                            premium serviced residences and offices        sustainability and innovation in its
                                                          in the next phase of Junction City.            continued drive for excellence.
Leveraging its strengthened retail
capabilities, Keppel Land acquired a                      Harnessing Strengths                           Keppel Land Office Management was
22.4% interest in I12 Katong lifestyle mall               Harnessing synergies across the                formed in April 2016 to transfer our
in Singapore, which is managed by Keppel                  Keppel Group, Alpha launched the Alpha         wealth of knowledge and experience in
Land Retail Management. The remaining                     Data Centre Fund, which collaborates with      the development of award-winning office
interest is held by the Alpha Asia Macro                  Keppel Data Centres Holding (KDCH), a          buildings such as One Raffles Quay and
Trends Fund, which is managed by Alpha.                   30-70 joint venture between Keppel Land        Ocean Financial Centre in Singapore to
This is an example of collaboration in the                and Keppel Telecommunications &                our overseas units. Keppel Land Office
Group where different businesses work                     Transportation (Keppel T&T), to capture        Management will provide advisory
together synergistically to extract value                 investment opportunities riding on the         services on the planning, development
from various aspects of asset ownership,                  growth in demand for data centres.             and management to all our office and
management and operations.                                                                               mixed-use developments.
                                                          Set up to invest in brownfield and
                                                          greenfield assets across key data centre       Capitalising on the rising demand of
                                                          hubs in Asia Pacific and Europe, Alpha         shared workspace globally, we have
                                                          manages the fund and works with                launched a new generation of serviced
We are committed to provide quality and                   Keppel T&T to create or acquire assets.        co-offices which leverage technology and
innovative urban living solutions in Asia.                KDCH will develop and project manage           cater to users looking for flexible space

Keppel Land sold a
total of 5,720 residential
units in 2016 from
projects such as
Seasons Garden
(pictured) in Tianjin,
China. This is about 25%
higher than the 4,570
units sold in 2015.

08      Keppel Land Limited Report to Stakeholders 2016
Driving Sustainable Growth - Report to Stakeholders 2016 - Keppel Land
To succeed in this changing environment, we need to be agile and
seize opportunities. We have to evolve our business approach,
work our assets harder as well as leverage technology and innovation.

solutions. Following the successful pilot     management systems at the Workplace            Acknowledgements
of Workspace at Keppel Towers, we have        Safety and Health Awards 2016.                 On behalf of the Board, I would like to
expanded the co-working space concept                                                        thank our stakeholders, including our
to Keppel Bay Tower in Singapore and will     We continued to step up staff                  customers and business partners, for
be introducing it to Park Avenue Central in   communication during the year through          their continued support.
Shanghai, Saigon Centre Phase 2 in HCMC       various engagement initiatives. We will
and Junction City Tower in Yangon.            continue to sharpen our focus on people        My appreciation goes out to our Directors
                                              development through job rotation and           for their guidance in navigating the
Keppel Land continued to receive              enlargement, localisation, performance         Company through these challenging times.
international recognition for corporate       management and manpower planning               I would also like to thank the management
excellence, quality and sustainability.       to groom a new generation of leaders.          team and employees for their hard work
The Company was named the Best Overall                                                       and commitment.
Developer in Singapore, Vietnam and           As we do well, we are also focused on
Myanmar at the Euromoney Real Estate          doing good. The United Nations has             We are pleased to welcome Mr Willy
Awards 2016. At the Global Real Estate        introduced 17 Sustainable Development          Shee Ping Yah as a non-independent,
Sustainability Benchmark 2016, we were        Goals, of which Keppel Land has adopted        non-executive Director to the Board.
ranked first in the Residential (Global),     six which are most aligned with our            With his wealth of experience and
China and East Asia sectors as well           business. We will be setting targets in        in-depth expertise in the real estate
as third among developers globally.           line with the Sustainable Development          industry, I am confident that he will be
Keppel Land China was conferred the           Goals and will be rolling them out over        a strong asset to the Board.
Top 10 ASEAN Companies in China award         the next few years.
for the fourth consecutive year by the                                                       Although 2017 is expected to be another
China-ASEAN Business Council, while           In 2016, Keppel Land staff clocked a           challenging year, I am confident that
Junction City Tower and Sedona Hotel          total of about 5,600 hours of community        Keppel Land will be able to ride through
Yangon’s Inya Wing received accolades         service in Singapore and overseas.             the challenges with guidance from
at the Myanmar Property Awards 2016.          In Singapore, we championed the arts           the Board, strong commitment of its
                                              through a weekly volunteer programme at        management team and staff as well as
Safety is one of our core values and          the National Gallery Singapore and hosted      continued support from all stakeholders.
remains our top priority. We have             underprivileged school children and their
made progress in our safety journey.          families at the Gallery during the Keppel      Yours sincerely,
Keppel Land was named Winner at the           Community Month in August. We also
International Safety Awards 2016 by the       collaborated with charitable organisations
British Safety Council. Two of our projects   to reach out to needy families. Overseas, a
in Singapore, Corals at Keppel Bay and the    total of five volunteer trips were conducted
Highline Residences, were also recognised     for the Words on Wheels mobile library         Loh Chin Hua
for their good safety performance as          programme in HCMC and Water for Life           Chairman
well as workplace safety and health           project in Yangon.                             13 April 2017

                                                                                             Riding on positive
                                                                                             homebuyer sentiments
                                                                                             in Vietnam, Keppel Land
                                                                                             launched four residential
                                                                                             projects in Ho Chi Minh
                                                                                             City in 2016. All four
                                                                                             launches, including
                                                                                             Linden Residences
                                                                                             (pictured), achieved
                                                                                             high take-up rates.

                                                                                                                                        09
Driving Sustainable Growth - Report to Stakeholders 2016 - Keppel Land
Overview

Interview with the CEO

Being geographically diversified has                    Q   2016 was a challenging year
                                                                                                    core markets of Singapore and China
                                                                                                    as well as growth markets of Vietnam
                                                                                                                                             in Vietnam to launch projects for sale
                                                                                                                                             over the next few years.                  Total Asset Distribution By Country
served Keppel Land well and allowed                         and 2017 may pose further               and Indonesia. We have also seized
                                                                                                                                                                                       as at 31 December 2016

                                                            uncertainties for Asia with
us to commit resources to scale up                          geopolitical developments such
                                                                                                    opportunities in other emerging
                                                                                                    markets such as Myanmar and
                                                                                                                                             In Indonesia, sales were tepid in
                                                                                                                                             2016 as prospective buyers
and strengthen presence in our focus                        as Brexit and the new United States     invested in global gateway cities        continued to tread with caution
                                                            administration’s policies. Will         with good growth potential. As at        due to the slower market conditions.
markets while seizing opportunities                         Keppel Land be able to maintain         end-2016, Keppel Land’s total assets     However, recent government
in other emerging markets and global                        its performance in the year ahead?      has grown to $16.2 billion, compared     initiatives such as interest rate cuts
                                                                                                    with $14.9 billion a year ago.           and the increased loan-to-value
gateway cities.                                         A   Over the years, Keppel Land has                                                  ratio for mortgages may boost
                                                            grown to become a multi-                In March 2017, the Singapore             residential demand. Additionally, the
                                                            dimensional property player with        government announced the first           tax amnesty programme, completed
                                                            strong capabilities, building quality   easing of property cooling measures      in March 2017, saw Rp 4.9 quadrillion                                             %
                                                            homes, offices and commercial           since market tightening measures         worth of assets being declared              Singapore                           43.4
                                                            buildings that are well sought-after.   were introduced in 2009. The             and part of the repatriated funds           China                            40.6
                                                                                                    calibrated adjustments made to the       may be channelled into the real
                                                            The general outlook for property                                                                                             Vietnam                           6.9
                                                                                                    seller’s stamp duty and total debt       estate sector.
                                                            markets in Asia remains positive in     servicing ratio framework are expected                                               Indonesia                         4.4
                                                            the long term driven by continuing      to improve market sentiments.            As for the office market, there is          Others                            4.7
                                                            urbanisation. However, to drive         Despite the tepid property market in     a considerable amount of office             Total                           100.0
                                                            sustainable growth and be prepared      Singapore in 2016, we sold 380 units,    space coming on-stream in
                                                            for the challenges ahead, we have       double the 190 units in 2015. During     Singapore as well as in some of our
                                                            to constantly review our business       the year, we also acquired Keppel        overseas markets. The Singapore
                                                            strategies and adapt to seize market                                                                                       Total Asset Distribution By Segment
                                                                                                    Corporation’s stake in the Keppel Bay    office market will face pressure on       as at 31 December 2016
                                                            opportunities.                          precinct, increasing our stake from      occupancies and rentals with almost
                                                                                                    30% to 100%.                             1.9 million sf of Grade A space in
                                                            Being geographically diversified has                                             Marina Bay coming on-stream in
                                                            served Keppel Land well. We continue    The easing of the residential property   2017. However, this is mitigated by a
                                                            to strengthen our presence in our       curbs as well as the strong interest     pre-commitment of 60% for the new
                                                                                                    seen in recent new residential           supply. In China, Tier 2 cities such as
                                                                                                    launches raise optimism that the         Tianjin and Wuxi will see 20-30% of
                                                                                                    market could be bottoming, which in      office space being added into the
                                                                                                    turn will attract more buyers in 2017.   market. The office markets in Beijing
                                                                                                    We are also seeing a pick-up in the      and Shanghai, which are generally
                                                                                                    high-end property market. With our       more resilient, will see about 5% and
                                                                                                    landbank of 1.3 million sf in prime      10% office space added respectively.                                              %
                                                                                                    locations, we are well-positioned to                                                 Property Trading                    53.0
                                                                                                    ride on a recovery in the residential    In HCMC, some 60,000 sm or 30%              Property Investments             35.9
                                                                                                    market when it occurs.                   of Grade A office space will be added       Hotels & Resorts                  2.5
                                                                                                                                             to the current stock of less than
                                                                                                                                                                                         Others                            8.6
                                                                                                    The China market, where we are           200,000 sm in 2017. However, in
                                                                                                    focused on our five key cities of        view of the strong Vietnam economy,         Total                           100.0
                                                                                                    Shanghai, Beijing, Tianjin, Chengdu      with the entry of new businesses
                                                                                                    and Wuxi, has become a major             and expansion of existing operations,
                                                                                                    contributor to our profits. Despite      the new office space is expected
                                                                                                    the tightening of property cooling       to be absorbed by the market.
                                                                                                    measures in selected cities in China,    In Jakarta, office space take-up has
                                                                                                    we sold over 3,800 units and handed      slowed in tandem with the economy.
                                                                                                    over some 3,480 units in 2016. Sales     2017 will be challenging with about
                                                                                                    in China contributed to about 65% of     580,000 sm or an additional 20%
                                                                                                    the total 5,720 residential units that   of Grade A office space being added
                                                                                                    Keppel Land sold last year.              to the current stock.

                                                                                                    Market conditions in Vietnam,            Despite the challenges in the
                                                                                                    especially Ho Chi Minh City (HCMC)       office market in a few of the cities we
                                                                                                    where we are focused, have been          operate in, the long-term prospects
                                                                                                    favourable. In 2016, we sold 1,520       remain promising due to the countries’
                                                                                                    units, which made up more than 26%       sound economic fundamentals.
                                                                                                    of total home sales for Keppel Land.     Keppel Land has over a million sm of
                                                                                                    With our early mover’s advantage         commercial gross floor area under
                                                                                                    in the country, we have today one of     development. These projects will be
                                                                                                    the best landbanks among foreign         progressively completed and will
     Ang Wee Gee                                                                                    developers in HCMC. We will continue     contribute to our recurring income
     CEO                                                                                            to capitalise on the strong economic     and eventually, to revaluation and
                                                                                                    growth and positive market sentiments    divestment gains.

10    Keppel Land Limited Report to Stakeholders 2016                                                                                                                                                                           11
Overview

Interview with the CEO

                                                        divested in 2016, three years after we      $2.5 billion since 2013. By divesting out
Q    Some Singaporean developers                        purchased it. An internal rate of return    of some locations, we are conserving
     have ventured into new                             of over 20% per annum was achieved          our resources to focus on more
     geographies as their profits                       without us taking any development           promising cities and segments.
     from the Singapore residential                     risks. Capitalising on Keppel Land
     sector dip. What is Keppel Land’s                  Retail Management’s capabilities, we        For instance, in Myanmar, we sold
     strategy?                                          hope to repeat this process with I12        a hotel in Mandalay but scaled up
                                                        Katong lifestyle mall in Singapore and      our investment in Yangon through
A    As a developer, we seek to strike                  the community mall that we recently         increasing our stake in Junction City,
     a balance between concentration                    acquired in Jiading, Shanghai.              a landmark mixed-use project in the
     and diversification into different                                                             central business district. In Vietnam,
     geographies and segments. While                    The divestment of the property fund         we sold our office building and
     diversification provides a counterweight           management business to Keppel               serviced residences in Hanoi to focus
     when some markets or segments are                  Capital provided us with a profit of        on HCMC, where we have increased
     down, being focused in a few markets               $563 million, and yielded gross             our residential landbank as well as our
     allows us to build scalable platforms              proceeds of $680 million. Together          stake in the Saigon Centre mixed-use
     to compete against strong local and                with the $680 million proceeds from         development. Meanwhile, in Indonesia,
     international players.                             the 11 assets divested in 2016, we are      we partnered a local developer to build
                                                        well-placed to capture opportunities        landed homes in Greater Jakarta, as
     With rapid urbanisation and growing                and scale up in our key markets of          we divested our mixed-use development
     affluence in Asia, homes catering                  China, Vietnam and Indonesia as well        site in Surabaya.
     to the growing middle-class are                    as in Myanmar, an up-and-coming
     expected to see resilient demand.                  economy in the region.                      While we will continue to buy land
     Our residential landbank in Singapore                                                          selectively, a landbanking strategy
     and overseas, totalling 8.4 million sm             Moreover, we continue to hold an            may not work in some markets as
     of gross floor area, translates to a               approximate 45% stake in Keppel             land prices may get too high and thus,
     pipeline of about 66,000 homes,                    REIT and will benefit from exposure to      do not provide good risk-adjusted
     mostly in China and Vietnam.                       its Grade A office buildings in Singapore   returns for developers. As the Chinese
     However, the residential market is                 and Australia. As we maintain our           sometimes say, “The flour has become
     a cyclical one and with strong                     investments in various funds under          more expensive than the bread in some
     competition from local developers,                 Alpha Investment Partners (Alpha), we       places”. As such, Keppel Land has also
     we have also diversified into other                continue to have access to developed        taken to selling land when prices were
     segments such as office, retail and                markets such as Japan, Hong Kong            high and where development profits
     lifestyle developments overseas.                   and South Korea. In the long run,           may not justify the risks. For instance,
                                                        Keppel Land can also benefit from           in China, we sold our stakes in our
     To shorten the property development                improved investment returns from            townships in Chengdu and Wuxi as we
     cycle, we have selectively acquired                Keppel REIT and the funds under Alpha.      can extract a higher value from selling
     certain completed assets, added                                                                the land and channelling our capital to
     value to them through asset                        We constantly review the assets in          better use in other projects.
     enhancement and then divested them                 our portfolio so that we can actively
     when opportune. We did this with                   recycle our capital for higher returns.     Where we have found good partners,
     Life Hub @ Jinqiao, our first retail               The divestment of various assets has        we have deepened our relationships
     investment in Shanghai which we                    provided us with proceeds of more than      and increased our scope of cooperation

                                                                                                    The smart home
                                                                                                    management
                                                                                                    system, Habitap,
                                                                                                    was introduced
                                                                                                    at Keppel Land’s
                                                                                                    luxury waterfront
                                                                                                    development, Corals at
                                                                                                    Keppel Bay, in 2016.

12    Keppel Land Limited Report to Stakeholders 2016
and engagement on different                    leadership development and                       staff to contribute ideas on process
    platforms. Teaming up with strategic           management associate programmes.                 improvement and drive change.
    partners like China Vanke has                                                                   Our Innovation Culture taskforce also
    yielded good results. V City, our joint        We will continue to encourage                    regularly organises talks by industry
    venture with China Vanke in Chengdu,           promising staff to take on overseas              experts who share their experiences on
    is one of our top selling projects.            postings, step up our localisation               innovation and championing change.
    In Vietnam, we strengthened our                efforts and strengthen our operating
    relationship with Nam Long                     platforms overseas. Following our
    Investment Corporation, a leading              establishment of Keppel Land
    affordable housing developer in                China in 2010, our Vietnam team,             Q   Keppel Land is reputed to be a
    HCMC, and in Myanmar, we extended              headquartered in HCMC, is now also               sustainable developer. What are
    our partnership with reputable                 autonomous. We hope to grow and                  the new sustainability initiatives
    conglomerate Shwe Taung Group for              develop our Indonesia operations in              you are working on?
    Phase 2 of Junction City in Yangon.            the same manner.
                                                                                                A   As a responsible developer, we
    Keppel Land is also involved in                                                                 continue to keep ourselves at the
    the growth of the Keppel Group’s                                                                forefront of sustainable best practices.
    data centre business through the           Q   How do you build an innovative                   We have adopted six of the 17 United
    Company’s 30% stake in Keppel Data             culture and drive innovation in the              Nations’ Sustainable Development
    Centres Holding and 4.9% stake in              Company? What are some of your                   Goals which are most aligned with
    Keppel DC REIT. As a result of our             recent initiatives?                              our business. They will further guide
    investments, we have stakes in data                                                             us in making a positive impact on the
    centres in key data centre hubs            A   In line with the Company’s brand                 environment and community at large.
    across Asia Pacific and Europe.                philosophy of Thinking Unboxed,
                                                   we believe in actively engaging our              Under Keppel Land’s Carbon
                                                   stakeholders to seek innovative                  Management Plan, we are on track
                                                   solutions and collaborate with                   to lowering our carbon emission
Q   With the challenging external                  like-minded partners.                            intensity by 16% below 2010 levels
    environment, how do you engage                                                                  by 2020. We have also achieved
    and motivate your staff?                       To provide solutions for holistic smart          ISO 14001 Environment Management
                                                   home living, we introduced Habitap, a            System certification for our
A   Keppel Land has a long heritage,               mobile application which seamlessly              operations in Singapore, China,
    going as far back as 1890 when it              integrates smart home features,                  Vietnam and Indonesia.
    was then known as Straits Steamship            management of condominium facility
    Company. We have weathered several             bookings as well as lifestyle services,          Keppel Land adopts an integrated
    downturns over the years, each time            to some of our Singapore projects                approach in the design, construction
    emerging stronger by being focused             in 2016. We will also be rolling out             and development of sustainable
    on our business as well as exercising          smart features to our new residential            properties. We have set the goals of
    prudence and discipline.                       developments in China and Vietnam.               achieving at least the Building and
                                                                                                    Construction Authority (BCA) Green
    Crucial to the success of any business         To further engage our potential                  Mark GoldPlus and Gold ratings,
    is having the right culture and right          customers, we tapped on social media             or their equivalent, for all our new
    people. In 2016, a total of 21 staff           and digital platforms such as Facebook           projects in Singapore and overseas,
    engagement sessions were held                  and Instagram in Singapore as well as            respectively.
    via various platforms such as the              WeChat in China. We launched a
    Annual Staff Communication session,            new content marketing platform,                  We have also partnered the BCA on a
    annual staff conferences in Singapore,         Keppel Land Live, to create awareness            $450,000 public outreach sponsorship
    China and Vietnam, CEO breakfast               of our residential developments’                 fund, GreenSeeds, to encourage
    sessions as well as quarterly unit-level       innovative designs and lifestyle                 partnerships between the corporate
    townhall meetings. Keppel Land’s               offerings. Keppel Land was the first             sector and educational institutions
    overall engagement score in the                developer in Singapore to leverage               to collaborate on projects to promote
    Employee Engagement Pulse Survey               state-of-the-art Oculus Rift technology          environmental sustainability in the
    has improved from 82% to 85%,                  to create a 360-degree immersive                 built environment.
    placing us in the top quartile                 virtual reality experience for visitors at
    of high performing companies, and              our Highline Residences show gallery             Harnessing strengths of the Keppel
    above the global average of 80%                to showcase different configurations             Group, we are collaborating with
    across various companies,                      and apartment types. We have also                Keppel Electric to power our corporate
    geographies and industries.                    implemented virtual reality technology           office at Bugis Junction Towers in
                                                   in our show galleries in HCMC.                   an innovative offsite solar power
    We are committed to nurture a                                                                   purchase scheme. We have also
    diverse and dedicated talent pool              We continually foster an open,                   leased land plots on the fourth-storey
    to drive further growth and create             collaborative, innovative and                    of the office development’s roof-top
    value for the Company. In 2016,                entrepreneurial culture within the               to tenants to grow vegetables and
    more than 50 Keppel Land employees             Company. In 2016, we launched                    herbs. This is our first urban farm
    underwent job rotation, overseas               ‘Project Thinking Unboxed’, a                    in an office development and it has
    postings or a role change under our            company-wide initiative to encourage             been very well-received.

                                                                                                                                        13
Overview

Board of Directors

                          Loh Chin Hua age 55                               Ang Wee Gee age 55
                          Chairman, Non-Executive                           Executive Director and
                          and Non-External Director                         Chief Executive Officer

                          Date of first appointment as a director:          Date of first appointment as a director:
                          1 July 2012                                       1 January 2013
                          Date of last re-election as a director:           Date of last re-election as a director:
                          19 April 2013                                     30 June 2016
                          Length of service as a director                   Length of service as a director
                          (as at 31 December 2016):                         (as at 31 December 2016):
                          4 years 6 months                                  4 years

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

                          Present Directorships:                            Present Directorships:
                          Listed companies                                  Listed companies
                          Keppel Corporation Limited                        Keppel REIT Management Limited
                          Keppel Telecommunications & Transportation Ltd    (the Manager of Keppel REIT)
                          (Chairman)
                                                                            Other principal directorships
                          Other principal directorships                     Keppel Land China Limited (Chairman)
                          Keppel Offshore & Marine Ltd (Chairman)           Keppel Land Retail Management Pte Ltd
                          Keppel Infrastructure Holdings Pte Ltd            (Chairman)
                          (Chairman)                                        Keppel Capital Holdings Pte Ltd
                          Keppel Capital Holdings Pte Ltd (Chairman)        Alpha Investment Partners Limited
                          Alpha Investment Partners Limited (Chairman)
                                                                            Major Appointments (other than directorships):
                          Major Appointments (other than directorships):    Board Member of the Building and Construction
                          Chief Executive Officer of Keppel Corporation     Authority of Singapore
                          Limited; Member of the Board of Trustees of the
                          National University of Singapore; Member of the
                          Council of the Singapore Business Federation;
                          Board Member of the Singapore Economic
                          Development Board

14    Keppel Land Limited Report to Stakeholders 2016
Tan Yam Pin age 76                               Edward Lee Kwong Foo age 70                      Koh-Lim Wen Gin age 72
Non-Executive and                                Non-Executive and                                Non-Executive and
External Director                                External Director                                External Director

Date of first appointment as a director:         Date of first appointment as a director:         Date of first appointment as a director:
1 June 2003                                      1 July 2006                                      20 January 2010
Date of last re-election as a director:          Date of last re-election as a director:          Date of last re-election as a director:
30 June 2016                                     30 June 2016                                     30 June 2016
Length of service as a director                  Length of service as a director                  Length of service as a director
(as at 31 December 2016):                        (as at 31 December 2016):                        (as at 31 December 2016):
13 years 7 months                                10 years 6 months                                6 years 11 months

Board Committee(s) served on:                    Board Committee(s) served on:                    Board Committee(s) served on:
Board Safety Committee (Chairman)                Board Risk Committee                             Board Safety Committee (Member)
                                                 (Member until 28 February 2017)
Present Directorships:                           Board Safety Committee (Member)                  Present Directorships:
Listed companies                                                                                  Listed companies
Great Eastern Holdings Limited                   Present Directorships:                           Nil
                                                 Listed companies
Other principal directorships                    Indofood Agri Resources Ltd                      Other principal directorships
Great Eastern Life Assurance (Malaysia) Berhad   QAF Limited                                      Nil
Overseas Assurance Corporation (Malaysia)
Berhad                                           Other principal directorships                    Major Appointments (other than directorships):
                                                 Asia Mobile Holdings Pte Ltd                     Member of National Parks Board; Member of
Major Appointments (other than directorships):   Gas Supply Pte Ltd                               Sentosa Development Corporation Board;
Deputy Chairman of the Singapore Public          First Capital Insurance Ltd                      Chairman of Sentosa Cove Resort Management
Service Commission; Member of the Board          PT Dermaga Perkasa Pratama                       Pte Ltd
of the Lee Kuan Yew Scholarship Fund             PT Kawasan Industri Kendal
                                                 PT Fairfax Insurance Indonesia

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

                                                                                                                                             15
Overview

Board of Directors

                          Yap Chee Meng age 61                             Huang Jing age 60
                          Non-Executive and                                Non-Executive and
                          External Director                                External Director

                          Date of first appointment as a director:         Date of first appointment as a director:
                          2 December 2013                                  1 January 2014
                          Date of last re-election as a director:          Date of last re-election as a director:
                          17 April 2014                                    17 April 2014
                          Length of service as a director                  Length of service as a director
                          (as at 31 December 2016):                        (as at 31 December 2016):
                          3 years 1 month                                  3 years

                          Board Committee(s) served on:                    Board Committee(s) served on:
                          Audit Committee                                  Board Risk Committee
                          (Chairman until 28 February 2017)                (Member until 28 February 2017)
                          Board Risk Committee                             Audit and Risk Committee
                          (Member until 28 February 2017)                  (Member – effective 1 March 2017)
                          Audit and Risk Committee
                          (Chairman – effective 1 March 2017)              Present Directorships:
                                                                           Listed companies
                          Present Directorships:                           Wasion Group Holdings Limited
                          Listed companies
                          SATS Ltd                                         Other principal directorships
                                                                           Nil
                          Other principal directorships
                          AXA Insurance Singapore Pte Ltd                  Major Appointments (other than directorships):
                          AXA Life Insurance Singapore Private Limited     Professor and Director of Centre on Asia and
                          The Esplanade Co Ltd                             Globalisation at the Lee Kuan Yew School of
                          Pavilion Gas Pte Ltd                             Public Policy, National University of Singapore
                          RHB Securities Singapore Pte Ltd                 (NUS); The first Lee Foundation Chair
                          RHB Investment Bank Berhad                       Professor of US-China Relations at NUS;
                          SMRT Corporation Ltd                             Richard Von Weizsäcker Fellow from the
                                                                           Robert Bosch Stiftung; Senior Overseas
                          Major Appointments (other than directorships):   Economic Analyst for China’s Xinhua News
                          Member of the Board of the National Research     Agency; Board Member of the Fujitsu-JAIMS
                          Foundation, Prime Minister’s Office, Singapore   Foundation in Japan; Board Member of the
                                                                           Advisory Board of the Center on China and
                                                                           Globalization, European-House Ambrosette;
                                                                           Member of the Steering Committee of
                                                                           the NUS Research Institute in Suzhou;
                                                                           Member of the Global Agenda Council at
                                                                           the World Economic Forum

16    Keppel Land Limited Report to Stakeholders 2016
Oon Kum Loon age 65                              Chan Hon Chew age 51                             Willy Shee Ping Yah age 68
Non-Executive and                                Non-Executive and                                Non-Executive and
External Director                                Non-External Director                            External Director

Date of first appointment as a director:         Date of first appointment as a director:         Date of first appointment as a director:
1 September 2010                                 1 July 2014                                      15 October 2016
Date of last re-election as a director:          Date of last re-election as a director:          Date of last re-election as a director:
17 April 2014                                    30 April 2015                                    N.A.
Length of service as a director                  Length of service as a director                  Length of service as a director
(as at 31 December 2016):                        (as at 31 December 2016):                        (as at 31 December 2016):
6 years 4 months                                 2 years 6 months                                 2 months

Board Committee(s) served on:                    Board Committee(s) served on:                    Board Committee(s) served on:
Board Risk Committee                             Audit Committee                                  Nil
(Chairperson until 28 February 2017)             (Member until 28 February 2017)
Audit Committee                                  Board Risk Committee                             Present Directorships:
(Member until 28 February 2017)                  (Member until 28 February 2017)                  Listed companies
Audit and Risk Committee                         Audit and Risk Committee                         Bund Center Investment Ltd
(Member – effective 1 March 2017)                (Member – effective 1 March 2017)
                                                                                                  Other principal directorships
Present Directorships:                           Present Directorships:                           NTUC Fairprice Co-operative Ltd
Listed companies                                 Listed companies                                 Mercatus Co-operative Ltd
Nil                                              Keppel Telecommunications & Transportation Ltd   Shanghai Golden Bund Real Estate Co., Ltd
                                                 Keppel DC REIT Management Pte Ltd
Other principal directorships                    (the Manager of Keppel DC REIT) (Chairman)       Major Appointments (other than directorships):
Singapore Power Limited                          KrisEnergy Ltd                                   Non-executive Senior Advisor to CB Richard
                                                                                                  Ellis; Fellow Member of the Singapore Institute
Major Appointments (other than directorships):   Other principal directorships                    of Directors; Fellow Member of the Singapore
Nil                                              Keppel Offshore & Marine Ltd                     Institute of Surveyors and Valuers; Honorary
                                                 Keppel Infrastructure Holdings Pte Ltd           Advisor (Valuation) to the Real Estate
                                                 Keppel Capital Holdings Pte Ltd                  Developers’ Association of Singapore

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

                                                                                                                                              17
Overview

Senior Management

                                             2
                                                              4                          6
                        1                                                          5         7
                                                         3

1. Goh York Lin                                              5. Ng Ooi Hooi
     President                                                    President
     Indonesia                                                    Singapore

2. Ben Lee Siew Keong                                        6. Linson Lim Soon Kooi
     President                                                    President
     Keppel Land China Limited                                    Vietnam

3. Lim Kei Hin                                               7. Sam Moon Thong
     Chief Financial Officer                                      President
                                                                  Regional Investments
4. Ang Wee Gee
     Chief Executive Officer
     Keppel Land Limited

18     Keppel Land Limited Report to Stakeholders 2016
15

                                 10                                 13      14
                                      11            12
                  8          9

8. Chu Chee Seng                           12. Michael Leong Choon Fai
   General Manager                            Chief Executive Officer
   Keppel Land Hospitality                    Keppel Land Retail
   Management Pte Ltd                         Management Pte Ltd

9. Anthony Chua Eng Kiat                   13. Lim Tow Fok
   Deputy General Manager                     General Manager
   Corporate Development                      Property Management

10. Chan Kam Fai                           14. Allen Ang Aik Leng
   Director                                   General Manager
   Human Resources                            Project Management
                                              and Sustainable Design
11. Albert Foo Cheur Wee
   General Manager                         15. Peter Shane Jones
   Marketing                                  General Manager
                                              Workplace Safety and Health

                                                                                      19
Overview

Key Personnel

Keppel Land Limited                                     Hospitality Management         Corporate
Loh Chin Hua                                            Ng Ooi Hooi                    Lim Kei Hin
Chairman                                                Director                       Chief Financial Officer
                                                        Keppel Land Hospitality
Ang Wee Gee                                             Management Pte Ltd             Chan Kam Fai
Chief Executive Officer                                                                Director
                                                        Chu Chee Seng                  Human Resources
                                                        General Manager
                                                        Keppel Land Hospitality        Wong Man Li
Property Investment,                                    Management Pte Ltd             Financial Controller
                                                                                       Group Finance and Accounts
Development and Management                              Khoo Peck Khoon
                                                        General Manager                Melissa Tan Siew Ngok
Lim Kei Hin                                             (Golf and Marina Operations)   General Manager
Chief Financial Officer                                 Keppel Land Hospitality        Finance and Administration
Keppel Land International Limited                       Management Pte Ltd
                                                                                       Albert Foo Cheur Wee
Ng Ooi Hooi                                                                            General Manager
President
                                                                                       Marketing
Singapore
                                                        Retail Management
                                                                                       Allen Ang Aik Leng
Ben Lee Siew Keong                                                                     General Manager
                                                        Michael Leong Choon Fai
President
                                                        Chief Executive Officer        Project Management
Keppel Land China Limited
                                                        Keppel Land Retail             and Sustainable Design
                                                        Management Pte Ltd
Linson Lim Soon Kooi                                                                   Lim Tow Fok
President                                                                              General Manager
Vietnam
                                                                                       Property Management
Goh York Lin
                                                                                       Peter Shane Jones
President
                                                                                       General Manager
Indonesia
                                                                                       Workplace Safety and Health
Sam Moon Thong
President                                                                              Serena Toh Lai Siong
                                                                                       General Manager
Regional Investments
                                                                                       Corporate Services and
                                                                                       Corporate Social Responsibility

                                                                                       Anthony Chua Eng Kiat
                                                                                       Deputy General Manager
                                                                                       Corporate Development

                                                                                       Kevin Chua Kee Wee
                                                                                       Deputy General Manager
                                                                                       Information Technology

                                                                                       Yeo Hwee Pey
                                                                                       Assistant General Manager
                                                                                       Risk Management

20    Keppel Land Limited Report to Stakeholders 2016
China                        Vietnam
Ben Lee Siew Keong           Linson Lim Soon Kooi
President                    President
Keppel Land China            Keppel Land Vietnam

Tan Boon Ping                Doan Anh Hung
Chief Financial Officer      General Manager
Keppel Land China            Keppel Land Vietnam

William Tan Tin Kwang        Joseph Low Kar Yew
General Manager              General Manager
North China                  Operations

Daniel Chong Siew Hoe
General Manager
East China                   Indonesia
Desmond Wong Hong Kiong      Goh York Lin
General Manager              President
South & West China           Indonesia

Lee Eng Beng                 Allen Tan Kwang Liang
General Manager              Deputy General Manager
Special Projects             Operations

Vincent See Wing Chuen
General Manager
Human Resources
                             Regional Investments
Gavin Lu Yee Liang
General Manager              Sam Moon Thong
Project Management           President
                             Regional Investments
Wong Liang Kit               President
Deputy General Manager       Myanmar
Business Development
                             Oh Lock Soon
Jacquelyn Wong Rhu Chian     President
Deputy General Manager       The Philippines
Marketing
                             Yeo Chee Kian
Peck Peng Soon               Deputy General Manager
Deputy General Manager       India
Property Management
                             Steven Shum Wing On
Samuel Henry Ng Kwang Keng   Deputy General Manager
Deputy General Manager       Malaysia
Shanghai

Frank Ong Cheng Poh
Deputy General Manager
Tianjin

Justin Chew Kok Chuan
Deputy General Manager
Chengdu

Eric Cheng Lu
Deputy General Manager
Wuxi

Edwin Hu Wei
Deputy General Manager
Kunming

                                                      21
Overview

Corporate Profile

Keppel Land is the property division of                  Responsible Design Values                 Sustainable Development Goals
Keppel Corporation, one of Singapore’s                   To encapsulate Keppel Land’s conscious    At the United Nations Sustainable
largest multinational companies with                     effort to deliver the best standards in   Development Summit 2015, world leaders
key businesses in offshore and marine,                   liveability, quality, aesthetics and      adopted the 2030 Agenda for Sustainable
property, infrastructure and investments.                sustainability, a set of “Responsible     Development. This comprises a set of
                                                         Design Values” was developed in 2016.     17 Sustainable Development Goals.
Keppel Land is recognised for its sterling                                                         Keppel Land has identified six goals
portfolio of award-winning residential                   These guidelines are based on four key    which are most relevant and aligned
developments and investment-grade                        principles which include innovative       with the Company’s business activities
commercial properties as well as high                    designs to differentiate Keppel Land’s    (illustrated below).
standards of corporate governance and                    properties, integration of values, cost
transparency.                                            effectiveness and the marketability of    As a leading sustainable developer,
                                                         the development projects.                 Keppel Land operates in an economically,
The Company is geographically diversified                                                          socially and environmentally responsible
in Asia, with Singapore and China as its                 Keppel Land will adopt these design       manner to achieve positive outcomes for
core markets as well as Vietnam and                      values for all new developments in        its businesses, the environment and the
Indonesia as its growth markets.                         Singapore and overseas:                   community at large.

Keppel Land is Asia’s premier home                       1. Liveability
developer, with a pipeline of about                         • Health and Well-being
66,000 homes in Singapore and overseas.                     • Inclusiveness
The Company is also a leading prime office                  • Safety and Security
developer in Singapore, contributing to
enhancing the city’s skyline with landmark               2. Quality
developments such as Marina Bay                             • Fit for Purpose
Financial Centre, Ocean Financial Centre                    • Maintainability
and One Raffles Quay.
                                                         3. Aesthetics
Keppel Land is committed to grow its
commercial portfolio in key Asian cities                 4. Sustainability
such as Shanghai, Beijing and Tianjin                       • Design for climate responsiveness,
in China, Ho Chi Minh City in Vietnam,                        resource efficiency and ecological
Jakarta in Indonesia, Yangon in Myanmar                       conservation
and Manila in the Philippines.                              • Productivity

As one of Asia’s leading
property companies,
Keppel Land has
contributed to
enhancing Singapore’s
skyline with landmark
developments such as
Marina Bay Financial
Centre and Ocean
Financial Centre.

22     Keppel Land Limited Report to Stakeholders 2016
Corporate Milestones in 2016

Q1                                              Q3
Keppel REIT divested its 100% interest in       Keppel Land unveiled Asia’s first fully          The Company unveiled Singapore’s first
77 King Street in Sydney, Australia.            integrated smart home management                 Oculus Rift virtual reality show suites
                                                system, Habitap, at Corals at Keppel Bay.        at Highline Residences.
Keppel Land acquired a 22.4% stake in
I12 Katong lifestyle mall, managed by           Keppel Land opened Saigon Centre                 Keppel Land and Keppel REIT appointed
Keppel Land Retail Management. This will        retail mall in HCMC, Vietnam, with the           Mr Willy Shee and Mrs Penny Goh to their
add to the Company’s commercial portfolio       city’s first Takashimaya department              Boards of Directors, respectively.
of retail and mixed-use developments.           store as anchor tenant.

Keppel Land divested its stakes in two
property companies in Colombo, Sri Lanka,
and Hanoi, Vietnam.

Keppel Land divested its 45.5% equity
stake in Keppel Thai Properties.

Keppel Land entered into a joint venture to
develop premium residential apartments,
office and retail properties as well as an
86-storey integrated mixed-use tower
complex on a prime waterfront site in the
Thu Thiem New Urban Area in Ho Chi Minh
City (HCMC), Vietnam.

Q2                                              Keppel Land extended its cooperation             Keppel Land and Keppel Infrastructure
Keppel Land divested its interest in Sedona
Suites Hanoi in Vietnam.                        with local Myanmar developer, Shwe Taung         harnessed strengths to make Keppel Land’s
                                                Group, for the development of offices and        headquarters at Bugis Junction Towers the
Keppel Land subscribed for VND 500 billion      premium serviced residences in Phase 2           first Green Mark-certified office to be fully
convertible bonds in Nam Long Investment        of Junction City in Yangon.                      powered by renewable energy.
Corporation, a leading affordable housing
developer in Vietnam.                           Keppel Land China and Alpha Investment           Keppel Land China divested its 44% stake
                                                Partners divested their 80% stake in Life        in The Botanica township in Chengdu, China.
The Company launched Highline Residences        Hub @ Jinqiao in Shanghai, China, realising an
in Singapore.                                   internal rate of return of over 20% per annum.   Corals at Keppel Bay, the third
                                                                                                 development to launch in the Keppel Bay
Keppel Land’s selective capital reduction       Keppel Land China announced the                  waterfront precinct, achieved Temporary
exercise was successfully effected, resulting   acquisition of a newly completed retail          Occupation Permit.
in Keppel Corporation gaining full ownership    development in Jiading District, Shanghai.
of the Company.                                                                                  Guangdong’s first Customs, Immigration,

                                                Q4
                                                                                                 Quarantine and Port-clearance post in a
Keppel Land divested its 95% interest in the                                                     private marina was opened in Keppel Cove
Jiangyin Yangtze International Country Club                                                      in Zhongshan City, China.
in China.
                                                Keppel Land announced the divestment of          Keppel Land acquired an additional
Keppel Land topped off Junction City Tower      its 100% stake in Sedona Hotel Mandalay          40% stake in Riviera Cove and divested
and opened Sedona Hotel Yangon’s Inya           in Myanmar.                                      its 60% stake in Casuarina Cove in HCMC,
Wing in Myanmar.                                                                                 Vietnam.

                                                                                                 Keppel Land announced its partnership
                                                                                                 with PT Metropolitan Land Tbk, one of
                                                                                                 Indonesia’s leading property developers,
                                                                                                 to jointly build landed homes on a
                                                                                                 12-hectare site in Tangerang, Greater
                                                                                                 Jakarta, Indonesia.

                                                                                                 The Company divested its 49.7% stake
                                                                                                 in Central Park City, Wuxi.

                                                                                                                                            23
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