1Q2007 Results25 April 2007

2

Highlights

� Financial Performance

� Operations Review

� Market Outlook

� Going Forward

Financial Performance

4

$m 1Q2007 1Q2006 % Chg

Turnover 295.4 119.0 148.2

EBITDA 57.4 41.1 39.7

Operating Profit 55.0 38.4 43.2

Pre-tax Profit 83.8 46.2 81.4

PATMI 62.5 36.3 72.2

Financial Performance

5

$m 1Q2007 1Q2006 % Chg

EPS (¢) 8.7 5.1 70.6

NTA / Share ($) 2.31 2.39 (3.3)

Debt / Equity Ratio 1.18 1.14 3.5

Annualised ROE (%) 15.6 8.6 81.4

Key Ratios

6

Business 1Q07 1Q06 % CommentsSegment $m $m Chg

Property

Trading 56.5 19.5 189.7 Higher due to greater contribution

from projects in Singapore, China, India and Vietnam

Investment 11.5 9.6 19.8 Higher due to better office market

and a write-back of tax provision for 1Q07

Hotels / Resorts (0.5) (0.9) nm Lower loss due to improvement in

hotel business

Others (5.0) 8.1 nm Loss due to a revaluation loss for the

Group’s interest rate hedging instruments for 1Q07 compared with a gain recorded for 1Q06

PATMI 62.5 36.3 72.2

Net Profit – By Business Segment

7

Geographical 1Q07 1Q06 % CommentsLocation $m % $m % Chg

Singapore 45.2 72.3 17.2 47.4 162.8 Higher due to strong

contribution from Marina Bay Residences, The Sixth Avenue Residences, Park Infinia at Wee Nam and Urbana

Other Countries 17.3 27.7 19.1 52.6 (9.4) Lower due to near completion of

some overseas development projects such as The Waterfront in Chengdu, China

PATMI 62.5 100.0 36.3 100.0 72.2

Net Profit – By Geographical Location

8

Notes on Profit Recognition

Project % of % of Profit RecognisedSales* Completion* in 1Q07 ($m)

Singapore

Marina Bay Residences (428 units) 100 4 28.7

The Sixth Avenue Residences (175 units) 100 1 7.5

Park Infinia at Wee Nam (486 units) 83 48 4.9

Urbana (126 units) 95 84 4.7

Overseas

The Seasons, Beijing, China (1,859 units)

Ph 1 (990 units) 97 76

Ph 2 (869 units) 79 71

The Waterfront, Chengdu, China (1,143 units) 92 95 3.1

Villa Riviera, HCMC, Vietnam (101 villas) 100 74 3.3

* Recognition as at 31 Mar 07

3.5

9

Operations Review

10

Operations Review

Singapore

Residential

� Launched Reflections at Keppel Bay

− Sold about 90% of 350 launched units

− Average price : $1,900 psf

− Highest price : $2,550 psf

11

Operations Review

Singapore

Office

� Exercised option for Marina Bay Financial Centre (MBFC) Ph 2

− GFA

� 194,000 sm

� Includes office and residential components

− Net land price

� $883.8 m or $423 psf ppr

� About 0.5 mil sf of MBFC Ph 1 already committed

MBFCPh 1MBFC

Ph 2

MBFCPh 1MBFC

Ph 2

12

Operations Review

Singapore

Office

� K-REIT Asia continued to outperform

− Distributable income of $4.3m outperformed by 23.6% y-o-y

− Annualised DPU of 7.18 cts, 2.9% above 4Q06 of 6.98 cts

− Total return of 213.8% since listing

− Portfolio almost fully committed as of end-1Q07

13

Operations Review

Overseas

China

� Villa Riviera, Shanghai :

− Sold 28 (70%) of 40 launched units

− Average price >RMB18,000 psm

Overseas Projects Total Units Units %

Units Launched Sold Sold

The Waterfront, Chengdu 1,143 1,126 1,117 99%

The Seasons, Beijing 1,859 1,859 1,763 95%

The Botanica (Ph 2), Chengdu 1,476 1,476 1,285 87%

Sales status as at 25 Apr 07

� Progressive sales in other projects

14

Operations Review

Overseas

India

� Elita Promenade, Bangalore :

− Sold 988 (78%) of 1,263 launched units

Vietnam

� Jointly developing prime condominium project The Estella, HCMC

− 1,500 - 1,600 units

� Jointly developing for about 500 waterfront condominiums fronting Saigon River, HCMC

15

� K-REIT Asia

– Initial portfolio of four prime office buildings revalued to S$677m (US$400m)

* When fully invested and leveraged

� Alpha Core Plus Real Estate Fund

– Equity of US$437m (S$720m)

– 80% invested in 18 assets in 4 countries

� Asia No. 1 Property Fund

– Equity of US$243m (S$400m)

– 85% invested in 9 assets in 4 countries

� 1st Islamic Shariah fund

– Initial portfolio of US$150m (S$247m)

– Invested in 7 assets in 4 countries

� Launching two new funds

Total Assets Under Management of over S$4 billion *

Operations Review – Fund Management

US$0.6

(S$1.0) bil

US$1.4

(S$2.3) bil

US$3.1

(S$5.0) bil

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2004 2005 1Q07

* When fully invested and leveraged

Total Assets Under Management *

Alpha K-REIT Asia

16

Corporate Review – Recent Awards

� Environmental Awards

– 1 of 7 finalists for Environment Reporting Award at Inaugural Singapore Green Oscars 2007

– Gold Award in Green Mark Award 2006 for The Tresor

� Corporate Transparency Award

– Business Times Corporate Transparency Index

� Only property developer in the Top 5 among 665 companies for

FY06 results

17

Market Outlook

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Market Outlook - Singapore

Residential

� Price up 13.5% y-o-y in 1Q07, highest growth since 2Q00 (URA flash estimate)

− Prime luxury price up 15.0% q-o-q in 1Q07 (JLL Research)

� Take-up of over 3,500 units in 1Q07, up 88.4% y-o-y(CBRE estimate)

� Overall market still 24.9% below the peak in 2Q96 (URA flash estimate)

� Demand continues to rise with population expected to reach 6.5m

− Luxury segment to grow further

− Encouraging take-up in mid segment in recent launches

19

Market Outlook - Singapore

Office

� Strong take-up of 2.4 mil sf in 2006

� Grade A market soared

− Rents 21.4% to $10.60 psf

from $8.73 psf at end-06

− Occupancy to 99.6% from

99.2% at end-06

� Tight supply will continue to support marketSource : URA, CBRE, DTZ and KLL estimates

0.400.20

0.28

1.00

0.50

1.10

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6Mil sf

2007 2008 2009 2010

Future Supply of Office Space

Mapletree Lighthouse fully committed

MBFC Ph 1 (Committed)

0.48

1.60

(MBFC

Ph 1)

15-20 yr average annual take-up

FY2006 annual take-up

20

Market Outlook -Asia

China Genuine home demand to support sustainable market growth

India IT boom and easy property financing to drive market growth

Vietnam WTO entry to expand economy and boost property market

Indonesia Interest rate cuts to stimulate home demand and fuel market

Home OwnershipAspirations

EconomicGrowth

FavourableDemographics

GrowingMiddle Class

UrbanisationTrends

Going Forward

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Going ForwardSingapore

� Development of MBFC Ph 1 and Ph 2

− Finalising breakdown of office and residential components in Ph 2

MBFC Total GFA : 438,000 sm

Ph 1 Office

Ph 1 Residential

& Retail

Ph 2 Office

& Residential

Ph 1 : 244,000 sm

Office : 180,000 sm

Residential & Retail : 64,000 sm

Ph 2 : 194,000 sm

Office & Residential

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Possible Residential LaunchesSingapore 2007

Project Location Units toLaunch

Reflections at Keppel Bay

(30% stake) * Keppel Bay 189

Park Infinia at Wee Nam * Wee Nam Rd 102

The Crest @ Cairnhill Cairnhill Circle 15

The Tresor Duchess Rd 34

* Balance unitsInfo updated as of 25 Apr 07

Reflections at Keppel Bay

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Going Forward

Overseas

� Launch more projects in China, India, Vietnam and Indonesia

The Arcadia, Tianjin, China

Elita Horizon, Bangalore, India

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Going Forward

Overseas

� Launch more than 2,000 township units in 2007

− About 20,500 units in pipeline

Wuxi township, China

Residential Total No. Townships of Units

The Botanica, Chengdu, China * 5,800

Wuxi, China 4,700

Saigon Sports City, HCMC, Vietnam 3,000

Jakarta Garden City, Jakarta, Indonesia 7,000

Total 20,500

* Excludes launched units

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Overseas Residential Projects

Units to LaunchProject Launch Schedule 2007 2008 2009

China

8 Park Avenue, Shanghai * 96 260 67

Villa Riviera, Shanghai ^ 82 58 -

Park Avenue Central, Shanghai ^ - - 354

The Seasons, Beijing * 96 - -

The Waterfront, Chengdu * 26 - -

The Botanica (Ph 2), Chengdu * 191 - -

The Botanica (future phases), Chengdu ^ 800 1,166 1,244

The Arcadia, Tianjin ^ 130 38 -

Wuxi Township, Wuxi ^ 686 812 801

Jiangyin Mixed Development, Jiangyin ^ - 600 600

* Balance units^ New launchesInfo updated as of 25 Apr 07

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Overseas Residential Projects

Units to LaunchProject Launch Schedule 2007 2008 2009

Vietnam

Saigon Sports City (Ph 1), HCMC ^ 100 288 288

The Estella, HCMC ^ - 350 350

Waterfront condominiums, HCMC ^ - 300 200

Thailand

Villa Arcadia at Srinakarin, Bangkok * 100 100 67

Villa Arcadia at Watcharapol, Bangkok ^ 78 95 95

India

Elita Promenade, Bangalore * 585 - -

Elita Horizon, Bangalore ^ 420 600 140

Condominium in Kolkata ^ 400 600 376

Indonesia

Jakarta Garden City (Ph 1), Jakarta ^ 200 900 -

* Balance units^ New launchesInfo updated as of 25 Apr 07

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Thank You

29

Additional Slides

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Singapore Office Supply

Source : CBRE, DTZ, JLL and KLL

Limited supply of

< 700,000 * sf per annum between 2007 and 2010 will support office rents and occupancies

* Excludes Mapletree Lighthouse which has been fully taken up as well as about 0.5 mil sf of Marina Bay Financial Centre (Ph 1) which has already been committed

Expected

CompletionProposed Office Projects NFA (sf)

2007 LKN Building Redevelopment 80,080

VisionCrest 139,940

Central 179,000

Sub- total 399,020

2008 Selegie Rd Redevelopment 120,300

Straits Trading Building Redevelopment 156,000

Mapletree Lighthouse (fully taken up) 195,640

City Square 6,020

Sub- total 477,960

2009 71 Robinson Rd (former Crosby House) 219,800

SPI Redevelopment 350,000

Overseas Union House Redevelopment 385,260

New Bridge Road / North Canal Road 46,410

Sub- total 1,001,470

2010 Marina Bay Financial Centre (Ph 1) 1,600,000

Sub- total 1,600,000

Total (2007-2010) 3,478,450

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Singapore Residential Landbank

� About 1.1 mil sf of attributable GFA

* Includes 28 units sold^ Includes 311 units sold

Site Location KLL's Stake Tenure Attributable Attributable Total

(%) Land Area GFA Units

(sf) (sf)

The Tresor *

Duchess Rd 100% 999-yr 80,504 112,689 62

Reflections at Keppel Bay ^

Keppel Bay 30% 99-yr 269,930 624,521 1,129

The Crest @ Cairnhill Cairnhill Circle 100% Freehold 11,183 31,310 15

Naga Court Bukit Timah Rd 100% Freehold 49,168 110,807 56

Keppel Bay Plot 3 Keppel Bay 30% 99-yr 125,366 152,999 307

Keppel Bay Plot 4 Keppel Bay 11.7% 99-yr 36,114 40,300 234

Keppel Bay Plot 6 Keppel Bay 30% 99-yr 141,429 67,813 101

Total 713,694 1,140,439 1,904

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China Residential Landbank

� About 2 mil sm of saleable area

* Excludes area and units sold^ Excludes commercial space

Site Location KLL's Stake Total Land Area Total GFA Remaining Area Remaining Units

(%) (sm) (sm) For Sale (sm) For Sale

8 Park Avenue Shanghai 99% 33,432 133,393 78,256 * 490 *

Park Avenue Central Shanghai 99% 28,488 99,708 99,708 708

Villa Riviera Shanghai 99% 153,726 53,796 42,818 * 140 *

The Arcadia Tianjin 100% 133,400 61,687 61,687 168

Wuxi township Wuxi 49.7% 352,534 659,360 ^ 659,360 ^ 4,700

The Botanica Chengdu 44.1% 417,139 1,035,542 ^ 781,542 ^ 6,000 *

Mixed development Jiangyin 70.6% 82,987 235,786 ^ 235,786 ^ 2,161

Total 1,201,706 2,279,272 1,959,157 14,367

33

Other Overseas Residential Landbank

� About 3 mil sm of total GFA overseas (excluding China)

* Includes units sold^ Includes commercial space

Country Site KLL's Total Land Area Total GFA Total

Stake (sm) (sm) Units

India Elita Promenade * 51% 96,618 193,237 1,573

Elita Horizon 51% 79,177 158,354 1,160

Condominium in Kolkata 37.7% 99,998 199,497 1,376

Sub-total 275,793 551,088 4,109

Indonesia Jakarta Garden City 51% 2,700,000 1,050,000 7,000

Sub-total 2,700,000 1,050,000 7,000

Thailand Villa Arcadia at Srinakarin* 45.5% 159,706 84,440 367

Villa Arcadia at Watcharapol 66.7% 124,912 68,314 270

Sub-total 284,618 152,754 637

Vietnam Saigon Sports City 90% 640,476 890,000 ^ 3,000

The Estella 55% 47,906 275,371 1,600

Waterfront condominiums 60% 17,428 78,140 500

Sub-total 705,810 1,243,511 5,100

Total 3,966,221 2,997,353 16,846

34

Rising Occupancy for KLL’s Buildings

� Occupancy rose to 98% as at 1Q07, from 70% as at 1Q04

Includes Ocean Towers, Equity Plaza and Keppel Bay Tower

Excludes Ocean Building due to redevelopment plans

* 1Q07 figure also includes One Raffles Quay which received TOP in 2006

70%

84%90%

98% *

0%

20%

40%

60%

80%

100%

Occupancy Rate

1Q04 1Q05 1Q06 1Q07

35

This release may contain statements which are subject to risks and uncertainties that could cause actual results to differ

materially from such statements. You are cautioned not to place undue reliance on such statements, which are based in the current

views of Management on future developments and events.