Driving Sustainable Growth - Report to Stakeholders 2016 - Keppel Land
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Driving
Sustainable
Growth
Report to Stakeholders 2016
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
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
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 $563 million gain from the divestment of the Keppel Land’s fund management business to Keppel Capital.
02 Keppel Land Limited Report to Stakeholders 2016
Group Financial Highlights
2016 2015 2014 2013 2012
For the year ($’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
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
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
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
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
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 11Overview
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 2016and 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.
13Overview
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 2016Tan 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
15Overview
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 2016Oon 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
17Overview
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 201615
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
19Overview
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 2016China 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
21Overview
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 2016Corporate 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.
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