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Investor Meetings December 2005

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Highlights

n Introduction

n Financial Highlights

n Operations Review

n Market Outlook

n Going Forward

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Introduction

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Introduction

n Established developer of quality housing and investment­grade offices

n Diversified in Asia with focus in Singapore, China, Thailand, Vietnam, India and Indonesia

n Current focus on property development in growth cities in Asia and property fund management

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n Entering new countries, cities and segments

Ø Secured two residential sites in Bangalore, India

Ø Ventured into Tianjin, China with villa development

n Developing residential townships in the region

Ø Over 20,000 units in the pipeline, located in :

à Chengdu, China (Total : 7,000 units)

à Ho Chi Minh City, Vietnam (Total : 3,000 units)

à Jakarta, Indonesia (Total : 7,000 units)

à Wuxi, China (Total : 5,000 units)

Ø Phase 1 (970 units) of The Botanica in Chengdu sold out in eight months

Expansion Drive

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Financial Highlights

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Financial Performance

S$m YTD3Q05 FY04 FY03 FY02

Turnover 401.6 476.2 678.8 299.0

EBITDA 117.8 124.6 141.6 134.6

PATMI after EI 100.2 132.7 100.6 26.4

% of overseas PATMI 56.8 43.3 31.6 2.8

Exceeded expectation of 50% earnings from overseas

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Key Ratios

YTD3Q05 FY04 FY03 FY02

EPS (¢) 14.1 18.7 14.2 3.7

NTA/Share ($) 2.34 2.26 2.09 2.09

Debt/Equity Ratio 1.00 0.96 0.95 1.09

Annualised ROE (%) 8.2 8.6 8.5 6.4

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Operations Review

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Operations Review Singapore Residential n Sold more than 500 units YTD

Ø One Cluny Hill bungalow plot Ø 177 (89%) of 200 launched units at Park Infinia at Wee Nam

(Total : 486 units) Ø 662 (83%) of 801 launched units at Caribbean at Keppel Bay

(Total : 969 units; 168 units kept for corporate residences) Ø Urbana and Belvedere achieved good sales of launched

units : 91 units (72%) and 112 units (93%) respectively

Office n More than 60% pre­committed for One Raffles Quay with

blue­chip tenants including ABN AMRO, Deutsche Bank and UBS

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Singapore

Office

n Developing Business & Financial Centre (BFC) site at New Downtown with Cheung Kong and Hongkong Land

Ø Total GFA : 438,000 sm (4.7m sf)

Ø Phase 1 : GFA of 244,000 sm (2.6m sf)

à 74% for office, the rest mainly for residential and some retail

Ø Purchased option of 8 years for remainder

Operations Review

Bayfront MRT Station

Landmark MRT Station

Integrated Resort & Casino

One Marina Boulevard

One Raffles Quay

The Sail @ Marina Bay

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Singapore Integrated Resort n Jointly participating with Harrah’s in bid for both Integrated

Resort (IR) sites at Marina Bay and Sentosa Ø Forged alliances with some of the finest industry players :

à SMG (Marketer and operator of MICE venue) à Suntec Singapore (World­class convention venue) à CEMS (Conventions and exhibitions organiser) à AEG Live (Live entertainment firm) à Centre Pompidou (Cultural institution)

Ø Marina Bay IR : Request for Proposal (RFP) released on 15 Nov 2005 and submission of bids by 29 Mar 2006

Ø Sentosa IR : RFP to be released in 1Q06 Ø Both IRs to be up and running by 2010

Operations Review

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Singapore

n Setting up K­REIT Asia

Ø Initial portfolio of 4 prime office buildings :

à Value of S$630.7m, total NLA of 73,322 sm, average occupancy of 89%

Ø Distribution in specie : One unit for every five KLL shares

Ø KLL will retain 40% stake

Ø Trading to commence in 1Q06

Operations Review

Prudential Tower Keppel Towers / GE Tower Bugis Junction Towers (10 floors)

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Operations Review

Singapore

n Impact of K­REIT Asia on KLL

Ø ROE improves from 10.7% to 11.5%*

Ø NTA per share decreases from S$2.22 to S$1.85*

Ø Net gearing increases from 96% to 100%*

* Based on FY04 results, after Bugis City Holdings transactions and distribution in specie

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Overseas n Sold more than 2,500 units YTD

China Ø 8 Park Avenue (Shanghai) : 446 (98%) of 456 launched units sold

(Total : 946 units) Ø The Seasons (Beijing) : 1,036 (98%) of 1,056 launched units sold

(Total :1,859 units) Ø The Waterfront (Chengdu) : 812 (93%) of 876 launched units sold

(Total : 1,143 units) Ø The Botanica (Chengdu) : Phase 1 (970 units) sold out

(Total : 8,166 units; Phase 2­3 : 2,403 units)

India Ø Elita Promenade (Bangalore) : 276 (67%) of 410 launched units sold

(Total : 1,572 units)

n Takeover offer for remaining stake in Dragon Land to facilitate realisation of business potential

Operations Review

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Fund Management

n Asia No. 1 Property Fund (US$243m equity)

Ø 85% of fund invested in Japan, South Korea, Hong Kong and Singapore

n Alpha Core Plus Real Estate Fund

Ø First closing raised US$165m, 44% of fund invested in Japan and Singapore

Ø Second closing in early 2006, likely to exceed original fund size of US$250m

n Total Assets Under Management (AUM) of about US$1.3 billion when two funds are fully invested

Operations Review

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Market Outlook

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Residential n Market on firm recovery

Ø 6,560 new units sold YTD3Q05, with a total of 8,000­9,000 units expected for full year (Source : URA, CBRE)

Ø Price up 2.5% from end 2004 (Source : URA)

Ø Price up 3.7% from trough in 1Q04, while still 36% below 2Q96 peak (Source : URA)

n Residential market to improve further Ø Demand boosted by better economic prospects, improving

job market and more foreign buying

Ø Prices to edge up further with improved market sentiment

Ø En bloc sales value (S$1.9 bn) at five­year high

Market Outlook ­ Singapore

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Residential

Demand and prices on the rise

Market Outlook ­ Singapore

Source : URA

0 500

1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

1Q01

2Q01

3Q01

4Q01

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05 100

105

110

115

120

125

130 Total Primary Demand

Price Index

Units Index

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Residential Ø About 25% (2,151) of 8,604 caveats were lodged by foreign

buyers for the first nine months of 2005

Ø Increase in buyers from India and China

Market Outlook ­ Singapore

Source : REALIS, JLL

WHERE THE BUYERS COME FROM

3%

8%

9%

9%

18%

2%

3%

5%

6%

8%

16%

25%

30%

22%

24%

2%

5% 5%

Hong Kong

USA

Australia

India

UK

China

Others

Malaysia

Indonesia

Foreign buyers by nationality (2004) Foreign buyers by nationality (First 9 months of 2005)

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Office

n Increasing rentals and occupancy

Ø Average Grade A office occupancy of 91.2% in 3Q05 (Source : CBRE)

Ø Average Grade A office rentals at S$5.25 psf, up 14% from $4.60 psf in end­04 (Source : CBRE)

Ø Islandwide occupancy reached 86.6% at end 3Q05, highest since 2001 (Source : URA)

Ø Islandwide demand rose to 1.47m sf YTD3Q05, and expected full year demand to be 1.65m sf (Source : URA, CBRE)

Market Outlook ­ Singapore

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Office

Market Outlook ­ Singapore

Source : URA, CBRE

78

80

82

84

86

88

90

92

1Q01

2Q01

3Q01

4Q01

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05 0.0

1.0 2.0

3.0

4.0

5.0 6.0

7.0

8.0 Islandwide Occupancy

Prime Rentals

% S$psf/mth

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Office n Singapore occupancy cost ranked 63rd worldwide, attractive

compared to other Asian cities

Market Outlook ­ Singapore

Ranking City US$/sf/annum Ranking City US$/sf/annum 1 London (West End), England 178.67 27 New York ­ Midtown Manhattan 53.69 2 Tokyo (Inner Central), Japan 131.10 31 Taipei, Taiwan 48.16 3 Tokyo (Outer Central), Japan 123.39 35 New Delhi, India 43.06 4 London (City), England 119.11 37 Washington DC (CBD) 41.84 5 Paris, France 89.58 39 Ho Chi Minh City, Vietnam 41.69 7 Dublin, Ireland 81.18 41 Amsterdam, Netherlands 40.72 8 Hong Kong 75.85 43 Shanghai (Pudong), China 40.49 9 Edinburgh, Scotland 75.80 44 Sydney, Australia 40.45 15 Frankfurt, Germany 63.57 45 Boston (CBD) 39.65 19 Seoul, South Korea 61.74 47 Shanghai (Puxi), China 38.83 20 Milan, Italy 60.99 50 Ottawa, Canada 37.62 23 Mumbai (Bombay), India 56.43 63 Singapore 33.71(S$4.70psf/mth) Source: CBRE (Aug 2005) USD:SGD=1.67

Global 50 Index (by occupation cost in US$ psf per annum)

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Office n Positive demand outlook, limited new supply and declining

existing supply due to conversion of use to support further rise in rentals and occupancy

Market Outlook ­ Singapore

Source : URA, CBRE and KLL

Office Supply (2005 ­ 2010) Expected Completion

Proposed Office Projects NFA (sf)

2005 No new supply ­ 2006 3 Church Street 372,865

Parakou Building 63,723 One Raffles Quay 1,310,000 VisionCrest 144,295 Sinsov Building (A&A) 29,126 SIF Redevelopment 84,390 Sub­ total 2,004,399

2007 No new supply ­ 2008 Central 411,167

Selegie Rd (Hotel/Office/Shopping Ctr) 182,988 Sub­ total 594,155

2009 No new supply ­ Total (2005­2009) 2,598,554 2010 BFC (Phase 1) 1,646,876

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n Growing demand for quality homes and well­planned residential townships especially in China, India, Vietnam, Indonesia and Thailand

n Housing demand underpinned by economic growth, urbanisation, favourable demographics trends, rising home ownership aspiration and positive government policies

Market Outlook ­ Asia

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n Market cooled down in Shanghai after anti­speculation measures were introduced in April 2005

n Prices of condominiums in Shanghai have shown signs of recovery

n Other major cities are less affected by these measures

Market Outlook ­ China

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Going Forward

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Singapore

n Progressively launch and develop residential landbank of about 2,600 units according to market demand

n Seek development opportunities with good potential returns eg. IRs

n Develop BFC to capitalise on the improving office and residential markets

n Unlock shareholder value eg. K­REIT Asia

n Improve lease commitments for One Raffles Quay and other office buildings

Going Forward

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Units to

Project Location Launch

Caribbean at Keppel Bay * Keppel Bay Drive 139 #

Urbana * River Valley Rd 35

The Belvedere * Meyer Rd 55

Park Infinia at Wee Nam * Wee Nam Rd 23

* Balance units ^ New launches # Excluding 168 units set aside for corporate leasing Info updated as of 15 Dec

Singapore Residential Launches 2005

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Overseas

n Keep up expansion drive in promising countries, cities and market segments in Asia

n Launch residential and township projects from pipeline of about 28,000 units in China, Thailand, Vietnam, India and Indonesia

n Continue to pursue residential and township developments

Going Forward

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Overseas Pipeline

About 28,000 units to be launched

Beijing Beijing (800) (800)

Shanghai Shanghai (1,400) (1,400)

Ho Chi Minh City Ho Chi Minh City (3,100) (3,100)

Tianjin Tianjin (160) (160)

Chengdu Chengdu (7,500) (7,500)

Bangkok Bangkok (600) (600)

Jakarta Jakarta (7,000) (7,000)

Bangalore Bangalore (2,350) (2,350)

Wuxi Wuxi (5,000) (5,000)

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Overseas Residential Projects Units to Launch

Project 2005 2006 2007

China 8 Park Avenue, Shanghai * 10 490 ­ Xujing Villas, Shanghai ^ ­ 168 ­ Park Avenue Central, Shanghai ^ ­ ­ 708 The Seasons, Beijing * 20 803 ­ The Waterfront, Chengdu * 114 217 ­ The Botanica (Phase 2), Chengdu ^ ­ 1,476 ­ The Botanica (Phase 3), Chengdu ^ ­ ­ 927 Tianjin Villas, Tianjin ^ ­ 160 ­ Wuxi Township, Wuxi (Phase 1) ^ ­ ­ 800 Great Town Harbour, Fuzhou (Ph1) * 301 ­ ­ * Balance units ^ New launches Info updated as of 15 Dec

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Overseas Residential Projects Units to Launch

Project 2005 2006 2007 Vietnam

Villa Riviera, Ho Chi Minh City # * 11 76 ­ Saigon Sports City (Phase 1), HCMC ^ ­ ­ 782

Thailand Villa Arcadia at Srinakarin, Bangkok * 3 317 ­ Villa Arcadia at Watcharapol, Bangkok ^ ­ 100 170

India Elita Promenade in JP Nagar , Bangalore * 324 800 172 Condominium in Kanakapura, Bangalore ^ ­ 320 744

Indonesia Cakung Township (Phase 1), Jakarta ^ ­ 300 856 # Total units revised to 101 * Balance units ^ New launches Info updated as of 15 Dec

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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.

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Extra Slides

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Net Profit ­ by Business Segment

YTD3Q05 FY04 FY03 FY02 Business Segment S$m S$m S$m S$m

Property

Trading 80.3 97.2 103.3 49.9

Investment 28.0 32.4 32.1 52.9

Others

Hotels / Resorts (8.8) (6.2) (14.3) (12.5)

Property Services / Others 0.7 9.3 5.3 4.0

PATMI after EI 100.2 132.7 100.6 26.4

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Net Profit ­ by Geographical Location

Geographical YTD3Q05 FY04 FY03 FY02 Location S$m % S$m % S$m % S$m %

Singapore 43.3 43.2 75.2 56.7 86.5 68.4 91.7 97.2

Other Countries 56.9 56.8 57.5 43.3 39.9 31.6 2.6 2.8

PATMI after EI 100.2 132.7 100.6 26.4

Exceeded expectation of 50% earnings from overseas

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Recent Awards Recognition for Corporate Transparency

n Only property developer in Top 20 among 640 companies in Business Times ­ Corporate Transparency Index in 2005

n Top five among Singapore listed companies in a corporate governance study by Standard & Poor’s and NUS in 2004

n First among real estate companies and sixth among Singapore companies in a survey by Institutional Shareholder Services and Business Week in 2004

n Securities Investors Association (Singapore) Investors' Choice Awards 2005 Ø Merit Award for Singapore Corporate Governance Award Ø Runner­up for Most Transparent Company under the properties

category

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Recognition for Excellence in Product Quality

n 8 Park Avenue, Shanghai ­ 2005 Shanghai Top 10 International­grade Residential Property by People’s Daily

n The Waterfront, Chengdu ­ Model Residential Development for International Community by Chengdu Real Estate Brand Promotion Centre in 2005

n The Botanica, Chengdu ­ 2005 Project with Good Investment Value by Chengdu Real Estate Brand Promotion Centre

n Spring City Golf and Lake Resort, Kunming ­ Best Golf Course in China in 2005 by US Golf Digest

n Saigon Centre, Ho Chi Minh City ­ “Gold Medal ­ Vietnam Quality Award 2005” by the Ministry of Science, Technology and Environment of Vietnam

n Sedona Suites, Hanoi ­ Vietnam Quality Award 2005 by the Ministry of Science, Technology and Environment of Vietnam

Recent Awards

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Market Outlook ­ Singapore n Remaking Singapore into a world­class city through large­

scale projects eg. BFC & IRs n Developing vibrant New Downtown at Marina Bay

Source : Jones Lang LaSalle

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Market Outlook ­ Singapore n Rising rentals in both residential and office markets

Source : JLL

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Singapore Residential Landbank

n About 1.6 mil sf of attributable GFA Site Location Tenure Attributable Attributable Total

Land Area GFA Units (sf) (sf)

The Tresor Duchess Road 999­yr 80,504 112,689 62 Devonshire Road (60%)^* Devonshire Road Freehold 47,793 133,820 157 Avenue Park (52%)* Sixth Avenue Freehold 89,866 125,813 193 The Crest @ Cairnhill Cairnhill Road Freehold 11,183 31,310 15 Naga Court Bukit Timah Road Freehold 49,168 110,628 74 Keppel Bay Plots 1 (30%)* Keppel Bay Drive 99­yr 269,938 624,521 1,100 Keppel Bay Plot 3 & 6 (30%)* Keppel Bay Drive 99­yr 201,413 220,811 408 Keppel Bay Plot 4 (11.7%)* Keppel Bay Drive 99­yr 36,207 40,300 234 BFC (Phase 1) Residential (33.3%)* Marina Blvd/Central Blvd 99­yr n.a. 197,338 421 Total 786,072 1,597,230 2,664

* KLL’s stake ^ Based on amalgamated site

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China Residential Landbank

n About 2.1 mil sm of total GFA Site KLL's Stake Total Land Area Total GFA Total

(%) (sm) (sm) Units 8 Park Avenue * 99% 33,432 133,393 946 Park Avenue Central 99% 28,488 99,708 708 Xujing Villas 99% 153,726 53,804 168 Tianjin Villas 100% 133,400 56,000 160 Wuxi Township 50% 352,534 671,053 # 5,000 The Botanica ^ 44% 419,775 1,049,438 # 8,166 Total 1,121,355 2,063,396 15,148

* Includes 5 blocks launched ^ Includes Ph 1 launched # Includes commercial space