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Solutions for Sustainable Urbanisation

Report to Stakeholders 2017

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.

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.

Solutions for Sustainable UrbanisationKeppel is a multi-business company committed to providing robust solutions for sustainable urbanisation.

A multi-faceted real estate player, Keppel Land provides innovative urban living solutions in its sterling portfolio of residential developments, integrated townships and commercial properties.

Overview

Key Figures for 2017 2

Group Financial Highlights 3

International Network 4

Chairman's Statement 6

Board of Directors 10

Senior Management 12

Key Personnel 14

Corporate Profile 16

Corporate Milestones in 2017 17

Awards and Accolades 18

Corporate Governance 19

Risk Management 23

Operations and Market Review

Singapore 26

Investments 30

Serviced Co-office 32

Retail Management 33

Hospitality Management 34

China 36

Vietnam 42

Indonesia 46

Myanmar/The Philippines 48

Thailand/India/Malaysia 49

United States/United Kingdom 50

Property Portfolio 51

Contents

Key Figures for 2017

Note:1. Net profit/return for 2016 excluded the $563 million gain from the divestment of Keppel Land’s fund management business to Keppel Capital. Including this, the average

ROE over the past decade would be 15.2%.

Volunteerism

A total of 6,600 hours were clocked by staff for corporate social responsibility activities in Singapore and overseas.

6,600hrs

Safety Training

A total of 54,000 workers trained to-date at Keppel Land’s Safety Awareness Centres in China, Vietnam, Indonesia and Malaysia.

54,000

Revenue

Revenue decreased by 4.5% year-on-year to $1.8 billion.

$1.8b

Total Assets

Total assets decreased by 6.0% year-on-year to $15.2 billion.

$15.2b

Net Profit

Net profit increased by 19.6%1 year-on-year to $701.4 million.

$701.4m

Total Homes Sold

Achieved strong home sales of more than 5,480 units in 2017, at a total sales value of about $2.8 billion.

5,480

Return on Equity

Keppel Land achieved average return on equity of 14.6% over the last 10 years.

14.6%1

Total Commercial Gross Floor Area

Commercial portfolio includes 924,500 square metres (sm) of gross floor area under development.

1.5m sm

Overview

2

Group Financial Highlights

2017 2016 2015 2014 2013

For the year ($’000)

Revenue 1,776,083 1,859,951 1,598,260 1,497,177 1,461,048

Pre-tax profit 897,024 1,300,568 728,855 953,325 1,000,773

Net profit 701,413 1,149,313 564,076 752,486 885,892

Funds from/(used in) operations 1,103,157 844,996 495,565 200,443 (1,308,680)

At year-end ($’000)

Fixed assets 409,152 490,484 485,597 370,157 325,842

Investments properties 3,342,988 3,096,890 2,326,186 1,207,124 1,568,209

Associates and joint ventures 2,955,620 2,986,447 3,272,764 2,837,505 2,917,588

Properties held for sale 5,219,152 5,929,696 5,910,208 6,530,988 6,391,786

Cash and cash equivalents 1,771,211 1,577,892 1,692,125 2,593,719 1,285,350

Other assets 1,521,326 2,116,089 1,187,930 1,033,303 1,363,799

Total assets 15,219,449 16,197,498 14,874,810 14,572,796 13,852,574

Shareholders’ equity 8,115,045 8,905,770 8,143,153 7,655,537 6,989,419

Short term borrowings 1,356,420 1,149,769 83,775 1,055,670 283,275

Long-term borrowings 2,486,527 2,886,134 3,646,982 3,147,338 3,869,749

Non-controlling interests and other liabilities 3,261,457 3,255,825 3,000,900 2,714,251 2,710,131

Total equities and liabilities 15,219,449 16,197,498 14,874,810 14,572,796 13,852,574

Financial ratios

Return on equity (%) 8.2 13.5 7.1 10.7 14.1

Interest cover (times) (Note 1) 8.6 14.4 5.2 8.4 8.9

Net debt-equity ratio (times) (Note 2) 0.25 0.26 0.24 0.20 0.38

Employees (Note 3)

Number (average) 3,222 3,760 4,150 4,071 4,207

Wages and salaries ($’000) 200,963 197,251 212,453 195,940 176,189

Pre-tax profit per employee ($’000) 136 240 63 111 105

Notes: 1. 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.2. In the calculation of the net debt-equity ratio, net debt includes borrowings net of cash and equity includes non-controlling interests in subsidiaries.3. 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.

3

Keppel Land Limited | Report to Stakeholders 2017

International Network

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

Number of Countries We Operate In

14Pipeline of Homes

> 60,000Total Commercial Gross Floor Area

1.5 million smLegend

Residences

Offices / Mixed-use / Data Centres

Hotels / Serviced Apartments / Resorts / Marina

IndonesiaJakarta Bintan Batam

AustraliaSydney Melbourne Brisbane Perth

VietnamHo Chi Minh City Hanoi Dong Nai Vung Tau

The NetherlandsAlmere

MalaysiaJohor Bahru

The PhilippinesManila

IndiaBangalore

United StatesNew York Houston

MyanmarYangon

ThailandBangkok

Singapore

ChinaShanghai Beijing Tianjin Chengdu Wuxi Shenyang Jiangyin Kunming

United KingdomLondon

GermanyFrankfurt

Overview

4 5


Chairman’s Statement

Keppel Land will continue to be a multi-dimensional real estate player, with a strong focus on returns. Our goal is for Keppel Land to be a property company with one of the highest returns on equity in Asia.

Loh Chin HuaExecutive Chairman

Key Developments in 2017

Sold about 5,480 homes in Asia, mostly in China and Vietnam.

Announced $1 billion worth of divestments, including assets in China and Indonesia.

Seized opportunities and invested strategically in nine sites worth about $1.6 billion across Singapore, China, Vietnam, Indonesia and Thailand.

Dear Stakeholders,

On behalf of the Board of Directors, I am pleased to present Keppel Land’s annual report for the year ended 31 December 2017.

Strong Financial Performance2017 marked another year of growth for Keppel Land. The global economy experienced a broad-based upturn, with improved business sentiments in both developed and emerging markets. Rapid urbanisation and a growing middle-class across Asia have generated healthy demand for quality homes, offices and retail developments. New technologies and business models as well as disruptive innovation in the sharing economy have also presented many new opportunities.

Amidst this backdrop, Keppel Land delivered strong results, achieving revenue of $1.8 billion for the year ended 31 December 2017. Net profit rose 19.6%1 to $701 million, of which about $212 million came from divestment gains.

In 2017, our overseas operations performed well and accounted for 68% of net profit (excluding revaluation and other gains/losses), with the bulk contributed by China, compared with 55% in 2016.

Recycling Capital for Higher ReturnsWe are transforming Keppel Land to be a multi-dimensional real estate player, providing solutions for sustainable urbanisation. Our goal is for Keppel Land to be a property company with one of the highest returns on equity (ROE) in Asia. Our target is a through-the-cycle ROE of about 12%. Although returns have hovered

at high single-digit levels in the recent three years, we are reasonably comfortable with a longer-term target of 12% considering that Keppel Land had achieved an average ROE of 14.6%1 over the past decade. We will continue to focus on capital recycling to improve returns as we look to turn our inventory more, and build up an investment portfolio for stable recurring income.

In 2017, Keppel Land announced five divestments totalling more than $1 billion involving projects mainly in China and Indonesia. These include the sale of stakes in a waterfront development in Zhongshan and a large-scale residential development in Nantong, both in China, long-held development sites in Bali and Surabaya, in Indonesia, as well as data centre asset, Keppel DC Singapore 4.

At the same time, we seized opportunities to replenish our portfolio and invested strategically across the region. We announced nine acquisitions worth about $1.6 billion in our core markets of Singapore and China, growth markets of Vietnam and Indonesia, as well as in emerging markets like Thailand. With a relatively low net gearing of 0.25 at the end of 2017 and a strong cash position of $1.8 billion, Keppel Land is well-positioned to pursue acquisitions and new investments.

Deepening Presence in Key MarketsDespite property market cooling measures continuing in a few key markets, Keppel Land continued to achieve strong home sales in 2017, transacting more than 5,480 units at a total sales value of about $2.8 billion. Due to tightening measures in China and the timing of our launches in Vietnam, overall sales volume was marginally lower compared to the 5,720 homes sold in 2016.

In Singapore, there continues to be healthy demand for our high quality developments among discerning homebuyers. In 2017, Keppel Land sold about 380 homes on the back of improved market sentiments. About 70% of the sales came from The Glades and Highline Residences. The 726-unit The Glades was fully sold in August 2017, ahead of its additional buyer’s stamp duty deadline. Meanwhile, Highline Residences is also fully sold and has received its temporary occupational permit in February 2018. Both Reflections and Corals at Keppel Bay have continued to chalk up sales. About 88% of the 1,129 units at Reflections at Keppel Bay and 73% of the 366 units at Corals at Keppel Bay have been sold respectively as at end-2017.

Leveraging the positive market sentiments, Keppel Land’s joint venture project with Wing Tai Land, The Garden Residences in Serangoon North, will be launched in 2018. Apart from the comprehensive amenities in the mature estate, homebuyers can look

forward to new recreational amenities in the region, such as the 17-hectare (ha) Serangoon North Linear Park.

In addition, Keppel Land is looking within its portfolio and considering the conversion of our office development, Keppel Towers, into a prime mixed-use development in the Tanjong Pagar business district, which can potentially add more than 30,000 square metres (sm) of office space. This, together with the redevelopment of our Nassim Woods condominium located in the Embassy belt close to Orchard Road, is expected to add another 500 homes to our Singapore residential landbank, making it a total of 1,700 homes.

In China, despite the cooling measures, we believe that the fundamental demand for good quality homes remains healthy. In 2017, Keppel Land saw steady sales with some 3,725 homes sold. Take-up in China came mostly from projects in the Sino-Singapore Tianjin Eco-City, V City and Park Avenue Heights in Chengdu as well as Waterfront Residences in Wuxi. Despite the competitive conditions, we replenished our landbank with the acquisition of a prime 18-ha site in Wuxi, adding 2,800 homes to our pipeline. Keppel Land will continue to deepen its presence in its five focus cities of Shanghai, Beijing, Chengdu, Tianjin and Wuxi.

As one of the largest and pioneer foreign real estate developers in Vietnam, Keppel Land has been privileged to have contributed to the country’s progress and development over the past 20 years. The continued urbanisation, growing income levels, relaxation of the Housing Law and Real Estate Business Law, increase in foreign direct investments as well as improvements in public infrastructure will continue to drive demand for quality homes and investment-grade offices. Keppel Land is well-positioned to tap Vietnam’s vibrant property market with its prime landbank located mostly in Ho Chi Minh City.

During the year, Keppel Land sold about 1,110 units in Ho Chi Minh City. We launched the 472-unit Tilia Residences under Phase 2 of Empire City, which registered strong sales of over 450 units. Other existing projects such as Estella Heights, Riviera Point and Palm City also continued to sell well.

Harnessing synergies across the Keppel Group, Keppel Land is collaborating with Keppel Urban Solutions, a new business unit under Keppel Corporation, to develop Saigon Sports City, a 64-ha township in the prime District 2 of Ho Chi Minh City. We will develop Saigon Sports City into a bustling hub, combining high quality urban living with vibrant and healthy lifestyle concepts.

Total Asset Distribution By Country (%)as at 31 December 2017

Singapore 40.0

China 42.2

Vietnam 7.6

Indonesia 5.2

Others 5.0

Total 100.0

Total Asset Distribution By Segment (%)as at 31 December 2017

Property Trading 50.5

Property Investments 39.8

Hotels & Resorts 2.4

Others 7.3

Total 100.0

Note:1. Net profit/return for 2016 excluded the $563 million

gain from the divestment of Keppel Land’s fund management business to Keppel Capital. Including this, the average ROE over the past decade would be 15.2%.

Overview

6 7


Chairman’s Statement

1

In Indonesia, we remain positive about the country’s long-term prospects which are supported by sound fundamentals of a large and young population, growing middle-class and continued urbanisation. In 2017, we sold about 270 homes at West Vista at Puri and The Riviera at Puri. In line with our strategy to strengthen our presence in Jakarta, we secured a prime residential site in the capital’s central business district (CBD), adjacent to our office development, International Financial Centre Jakarta, where we will develop 400 luxury apartments.

We continue to seek opportunities in emerging markets such as Thailand and have partnered local developer, KPN Land, to develop a total of 400 homes in two freehold luxury condominiums along Bangkok’s popular Sukhumvit Road.

In the current environment where land prices in key markets are high, we are fortunate to have entered some markets early. With a strong pipeline of more than 60,000 homes in Asia, equivalent to about 10 years supply, Keppel Land is in an enviable position. We will acquire land very selectively, and only when there are good returns. Our focus is on inventory turnover and we will launch projects for sale in markets with favourable conditions. We can also choose to monetise part of our sizeable residential landbank, if there are good opportunities, to unlock capital. In 2017, Keppel Land divested three residential projects, equivalent to about 4,330 units sold en bloc, which contributed

immediately to the year’s profit. The value that we unlock can then be recycled into projects with higher growth potential.

Strengthening Commercial PortfolioKeppel Land has actively expanded its commercial portfolio to capitalise on the rising demand for prime office and retail space in Asia as well as to grow a steady recurring income stream to balance the cyclical nature of the property development business. Strengthening its commercial presence, Keppel Land and Alpha Investment Partners (Alpha), together with a co-investor, collaborated to acquire Trinity Tower (formerly known as SOHO Hongkou), an office and retail mixed-use development in Shanghai’s CBD, for approximately US$525 million. This is the second time that Keppel Land and Alpha have collaborated to acquire a commercial development in Shanghai. The first was Life Hub @ Jinqiao, a retail complex which was successfully repositioned and divested at a significant premium in 2016. Similarly, we are adding value through asset enhancements and improving the tenant mix at K-Plaza, a community mall which we acquired in 2016.

In Shanghai’s Jing’an District, we are also developing Park Avenue Central, which adjoins two successful residential projects, One Park Avenue and 8 Park Avenue. Meanwhile, Phase 1 of Seasons City in the Sino-Singapore Tianjin Eco City, which comprises an office tower and a retail complex, is slated to complete construction

in 2020, and will contribute to the vibrancy of the Tianjin Eco-City.

In Ho Chi Minh City, Keppel Land increased its stake in the landmark Saigon Centre. Saigon Centre Tower 2 commenced operations in July 2017 and about 90% of the office space has been leased to multinational corporations such as AIA, Lazada, Chanel and Royal Thai. Saigon Centre retail mall is fully leased and has achieved a footfall of close to 14 million visitors since its opening in August 2016. We are also developing Empire City, in the up-and-coming new CBD in the Thu Thiem New Urban Area, into over 250,000 sm of commercial space including offices, prime retail space, a hotel and serviced apartments.

In Indonesia, the existing International Financial Centre Jakarta Tower 1 will be redeveloped into a 56-storey office tower. We also acquired an additional stake in the Junction City mixed-use development in Yangon, Myanmar, another market which Keppel Land has been in for many years. Phase 2 of Junction City will commence construction in 2018 and will comprise offices and serviced apartments.

Today, Keppel Land has a total commercial portfolio of 1.5 million sm of gross floor area, either completed or under development. When fully stabilised, this portfolio can generate an annual net operating income of about $300 million. These will contribute to our recurring income, and eventually to divestment gains when they are monetised.

1.Apart from purchasing land for development, Keppel Land can also selectively acquire newly-completed assets in prime locations, such as Trinity Tower in Shanghai, China.

2.Harnessing strengths across the Keppel Group, Keppel Land is collaborating with Keppel Urban Solutions to develop the 64-hectare Saigon Sports City in Ho Chi Minh City, Vietnam.

Overview

8

We must be nimble, be prepared to take calculated risks, and constantly evolve to ensure that Keppel Land remains relevant to our customers and the market place.

Driving Innovation and Sustainability In this fast-changing world, we need to be agile and bold in seizing opportunities. We must be nimble, be prepared to take calculated risks, and constantly evolve to ensure that Keppel Land remains relevant to our customers and the market place.

Capitalising on the rising demand for shared workspace globally, Keppel Land launched KLOUD, a new generation of serviced co-offices catering to companies looking for flexible spaces from hot-desks to fully-furnished office suites. The flagship serviced co-office at Keppel Bay Tower, KLOUD, offers 18,000 square feet (sf) of smart office space. Since its opening, it has attracted start-ups, small and medium-sized enterprises, as well as multinational companies from a diverse mix of industries.

Keppel Land plans to operate at least one KLOUD centre in each of the markets where it operates. To-date, KLOUD has been introduced in Saigon Centre Tower 2 in Ho Chi Minh City and Junction City Tower in Yangon, bringing Keppel Land’s total serviced co-office footprint to about 60,000 sf.

Keppel Land continued to receive international recognition for corporate excellence, quality and sustainability. We clinched a total of nine awards at the Euromoney Real Estate Awards 2017, including Best Overall Developer in Myanmar, Best Office Developer in Vietnam and Indonesia, and Best Residential Developer in Vietnam. In the Global Real Estate Sustainability Benchmark 2017, Keppel Land topped four categories, namely, the Global/Developer/Residential, Developer/Residential, Asia Pacific/Residential and Asia/Developer categories.

With people as the cornerstone of our business, we are committed to nurture and empower a diverse, competent and dedicated talent pool to drive the Company’s growth. We continued to step up staff communication and engagement during the year. Our efforts have helped to keep staff engaged as shown in the Employee Engagement Survey where Keppel Land achieved an overall score of 86% in 2017, slightly higher than the 85% in 2016. We will continue to sharpen our focus on people development to groom a new generation of Keppelites who are committed to our core values and operating principles, and at the same time, are innovative, collaborative and nimble.

We also made progress in our sustainability journey. Keppel Land has adopted six of the United Nations’ 17 Sustainable Development Goals (SDGs) which are most aligned with our business. We have set stretch targets in line with the six SDGs, including environmental targets to achieve reduction in waste, water and energy, and will be rolling them out over the next few years.

At Keppel Land, we constantly seek ways to contribute meaningfully in the communities where we operate. In 2017, Keppel Land staff gave generously of their time and effort, clocking a total of about 6,600 hours of community service in Singapore and overseas. In Singapore, we brought cheer to underprivileged children and their families through activities such as visits to the Keppel Centre for Art Education at the National Gallery Singapore during the Keppel Community Month in August.

Overseas, a total of four volunteer trips were conducted for the Words on Wheels mobile library programme in Ho Chi Minh City in 2017. Following the success of the first phase, which saw more than 200 volunteers

2

from across the Keppel Group participating since 2014, we have once again partnered the Singapore International Foundation and launched the second phase of the programme in March 2018.

AcknowledgementsOn behalf of the Board, I would like to thank our stakeholders, including our customers and business partners, for their continued support.

I would also like to thank Mr Ang Wee Gee for his invaluable contribution during his 27 years of service, of which five years, from 2013 to 2017, were as Chief Executive Officer. Wee Gee played an instrumental role in growing Keppel Land into the multi-faceted property player that it is today.

My appreciation also goes out to our Directors for their guidance. We would like to thank Mrs Oon Kum Loon and Mr Edward Lee, who have retired from the Board, for their committed service and wise counsel in the last seven and 11 years respectively. I would also like to thank the management team and staff for their dedication and hard work.

There will be new challenges that we have to overcome in 2018. However, with all our stakeholders’ support, we are confident that we will be able to ride out the uncertainties, and continue our growth trajectory.

Yours sincerely,

Loh Chin HuaExecutive Chairman13 April 2018

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Board of Directors

Date of first appointment as a director: 1 July 2012

Date of last re-election as a director:23 June 2017

Length of service as a director (as at 31 December 2017): 5 years 6 months

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

Present Directorships:Listed companiesKeppel Corporation Limited Keppel Telecommunications & Transportation Ltd (Chairman)

Other principal directorshipsKeppel Offshore & Marine Ltd (Chairman)Keppel Infrastructure Holdings Pte Ltd (Chairman)Keppel Capital Holdings Pte Ltd (Chairman)Keppel Care Foundation Limited

Major Appointments (other than directorships):Chief Executive Officer of Keppel Corporation 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

Executive Chairman, Executive and Non-External Director

Loh Chin Hua age 56

B

Date of first appointment as a director: 1 June 2003

Date of last re-election as a director: 30 June 2016


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

Present Directorships:Listed companiesGreat Eastern Holdings Limited

Other principal directorships Great Eastern Life Assurance (Malaysia) BerhadOverseas Assurance Corporation (Malaysia) Berhad

Major Appointments (other than directorships):Deputy Chairman of the Singapore Public Service Commission; Member of the Board of the Lee Kuan Yew Scholarship Fund

Non-Executive and External Director

Tan Yam Pin age 77

B

Date of first appointment as a director: 20 January 2010



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

Present Directorships:Listed companiesNil

Other principal directorshipsNil

Major Appointments (other than directorships):Member of National Parks Board; Member of Sentosa Development Corporation Board;Chairman of Sentosa Cove Resort Management Pte Ltd; Member of Urban Redevelopment Authority Conservation Advisory Panel


Koh-Lim Wen Gin age 73

B

A Audit and Risk Committee

Board Committees

B Board Safety Committee

Overview

10

Date of first appointment as a director: 2 December 2013


Length of service as a director (as at 31 December 2017):4 years 1 month

Board Committee(s) served on:Audit and Risk Committee (Chairman)

Present Directorships:Listed companiesSATS Ltd

Other principal directorshipsAXA Insurance Pte Ltd (Non-Executive Chairman)The Esplanade Co LtdPavilion Gas Pte LtdRHB Securities Singapore Pte LtdRHB Investment Bank Berhad

Major Appointments (other than directorships):Nil


Yap Chee Meng age 62

A

Date of first appointment as a director:1 July 2014

Date of last re-election as a director:30 April 2015


Board Committee(s) served on:Audit and Risk Committee (Member)

Present Directorships:Listed companiesKeppel Telecommunications & Transportation LtdKeppel DC REIT Management Pte Ltd (the Manager of Keppel DC REIT) (Chairman)KrisEnergy Ltd

Other principal directorships Keppel Offshore & Marine LtdKeppel Infrastructure Holdings Pte LtdSingapore Tianjin Eco-City Investment Holdings Pte LtdKeppel Capital Holdings Pte Ltd

Major Appointments (other than directorships):Chief Financial Officer of Keppel Corporation Limited; Member of the Singapore Accounting Standards Council; Member of ISS Management Board, Institute of Systems Science, National University of Singapore

Non-Executive and Non-External Director

Chan Hon Chew age 52

A

Date of first appointment as a director:15 October 2016

Date of last re-election as a director:23 June 2017

Length of service as a director (as at 31 December 2017): 1 year 2 months

Board Committee(s) served on:Audit and Risk Committee (Member)

Present Directorships:Listed companiesBund Center Investment Ltd

Other principal directorshipsMercatus Co-operative LtdShanghai Golden Bund Real Estate Co., LtdAscendas Hospitality Fund Management Pte LtdAscendas Hospitality Trust Management Pte Ltd

Major Appointments (other than directorships):Non-Executive Senior Advisor to CBRE;Fellow Member of the Singapore Institute of Directors; Fellow Member of the Singapore Institute of Surveyors and Valuers


Willy Shee Ping Yah age 69

A

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Senior Management

1 – 8

1. Goh York Lin President Indonesia

2. Linson Lim Soon Kooi President Vietnam

3. Ng Ooi Hooi President Singapore

4. Lim Kei Hin Chief Financial Officer

5. Loh Chin Hua Executive Chairman Keppel Land Limited

6. Louis Lim Lu-yi Chief Operating Officer

7. Ben Lee Siew Keong President China

8. Sam Moon Thong President Regional Investments

Overview

12

9 – 14

9. Chu Chee Seng General Manager Hospitality Management

10. Vincent See Wing Chuen General Manager Human Resources

11. Albert Foo Cheur Wee General Manager Marketing

12. Lim Tow Fok General Manager Property Management

13. Allen Ang Aik Leng General Manager Project Management

and Sustainable Design

14. Peter Shane Jones General Manager Workplace Safety and Health

13


Key Personnel

Keppel Land Limited

Loh Chin Hua Chairman(appointment till 31 December 2017)Executive Chairman(effective 1 January 2018)

Ang Wee Gee Chief Executive Officer(appointment till 31 December 2017)

Louis Lim Lu-yiChief Operating Officer(effective 1 January 2018)

Hospitality Management

Ng Ooi HooiDirector

Chu Chee SengGeneral Manager

Khoo Peck KhoonGeneral Manager(Golf and Marina Operations)

Corporate

Lim Kei Hin Chief Financial Officer

Chan Kam FaiDirectorHuman Resources(appointment till 31 December 2017)

Vincent See Wing ChuenGeneral ManagerHuman Resources(effective 1 October 2017)

Wong Man LiFinancial ControllerGroup Finance and Accounts

Melissa Tan Siew NgokGeneral ManagerFinance and Administration

Albert Foo Cheur WeeGeneral ManagerMarketing

Allen Ang Aik LengGeneral ManagerProject Management and Sustainable Design

Lim Tow FokGeneral ManagerProperty Management

Peter Shane JonesGeneral ManagerWorkplace Safety and Health

Serena Toh Lai SiongGeneral ManagerCorporate Services and Corporate Social Responsibility

Kevin Chua Kee WeeDeputy General ManagerInformation Technology

Yeo Hwee PeyAssistant General ManagerRisk Management (appointment till 30 April 2017)

Yeo Ling MinAssistant General ManagerRisk Management(effective 1 May 2017)

Retail Management

Michael Leong Choon FaiChief Executive Officer(appointment till 31 December 2017)

Victor Tan Peng GuanSenior Executive Vice President(effective 1 January 2018)

Property Investment,Development and Management

Lim Kei Hin Chief Financial Officer

Ng Ooi HooiPresidentSingapore

Ben Lee Siew KeongPresidentChina

Linson Lim Soon KooiPresidentVietnam

Goh York LinPresidentIndonesia

Sam Moon ThongPresidentRegional Investments

Overview

14

Vietnam

Linson Lim Soon Kooi President

Doan Anh HungGeneral ManagerBusiness Development

Joseph Low Kar YewGeneral ManagerOperations

Indonesia

Goh York LinPresident

Allen Tan Kwang LiangGeneral ManagerOperations

Regional Investments

Sam Moon ThongPresidentRegional InvestmentsPresidentMyanmar

Oh Lock Soon PresidentThe Philippines

Yeo Chee KianDeputy General ManagerIndia

Steven Shum Wing OnDeputy General ManagerMalaysia

China

Ben Lee Siew KeongPresident

Tan Boon Ping Chief Financial Officer

William Tan Tin KwangGeneral ManagerNorth China

Daniel Chong Siew HoeGeneral ManagerEast China

Desmond Wong Hong KiongGeneral ManagerSouth & West China

Lee Eng BengGeneral ManagerSpecial Projects

Vincent See Wing ChuenGeneral ManagerHuman Resources(appointment till 30 September 2017)

Fred Wu Yuan WenGeneral ManagerHuman Resources(effective 12 October 2017)

Jacquelyn Wong Rhu ChianGeneral ManagerMarketing

Gavin Lu Yee LiangGeneral ManagerProject Management

Frank Ong Cheng PohGeneral ManagerTianjin

Wong Liang KitDeputy General ManagerBusiness Development

Peck Peng SoonDeputy General ManagerProperty Management

Samuel Henry Ng Kwang KengDeputy General ManagerShanghai

Justin Chew Kok ChuanDeputy General ManagerChengdu

Eric Cheng LuDeputy General ManagerWuxi

Edwin Hu WeiDeputy General ManagerKunming

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Corporate Profile

Keppel Land is the property arm of Keppel Corporation, a multi-business company providing robust solutions for sustainable urbanisation, with key businesses in offshore and marine, property, infrastructure and investments.

Keppel Land is recognised for its sterling portfolio of award-winning residential developments and investment-grade commercial properties as well as high standards of corporate governance and transparency.

The Company is geographically diversified in Asia, with Singapore and China as its core markets as well as Vietnam and Indonesia as its growth markets.

Keppel Land is Asia’s premier home developer, with a pipeline of more than 60,000 homes in Singapore and overseas. It brought waterfront living to a whole new level with iconic residences at Keppel Bay and Marina Bay in Singapore. The Company is also a leading prime office developer in Singapore, contributing to enhancing the city’s skyline with landmark developments such as Marina Bay Financial Centre, Ocean Financial Centre and One Raffles Quay.

Keppel Land is committed to grow its commercial portfolio in key Asian cities such as Shanghai, Beijing and Tianjin in China, Ho Chi Minh City in Vietnam, Jakarta in Indonesia, Yangon in Myanmar and Manila in the Philippines.

Responsible Design Values To encapsulate Keppel Land’s conscious effort to deliver the best standards in liveability, quality, aesthetics and sustainability, a set of Responsible Design Values was developed in 2016.

These guidelines are based on four key principles which include innovative designs to differentiate Keppel Land’s properties, integration of values, cost effectiveness and the marketability of the development projects.

Keppel Land will adopt these design values for all new developments in Singapore and overseas:

1. Liveability• Health and Well-Being• Inclusiveness• Safety and Security

2. Quality• Fit for Purpose• Maintainability

3. Aesthetics

4. Sustainability• Design for climate responsiveness,

resource efficiency and ecological conservation

• Productivity

Sustainable Development GoalsAs a leading sustainable company, Keppel Land operates profitably yet in a socially and environmentally responsible manner.

Keppel Land has adopted six of the United Nations’ 17 Sustainable Development Goals which are most aligned with its business. They are Goal 3: Good Health and Well-Being; Goal 9: Industry, Innovation and Infrastructure; Goal 11: Sustainable Cities and Communities; Goal 12: Responsible Consumption and Production; Goal 13: Climate Action; and Goal 17: Partnership for the Goals.

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Overview

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Corporate Milestones in 2017

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1.Keppel Land is recognised for its sterling portfolio of award-winning residential developments, which includes the luxury residences along the coveted waterfront precinct of Keppel Bay.

2.In line with its strategy to grow its commercial portfolio in key Asian cities, Keppel Land increased its stake in Saigon Centre in Ho Chi Minh City, Vietnam, in 2017.

Q1Keppel Land divested its 80% stake in a prime site in Surabaya’s central business district (CBD).

Keppel Land increased its stake in Saigon Centre in Ho Chi Minh City (HCMC), Vietnam.

Keppel Land signed a Memorandum of Understanding with Vietnam’s State Capital Investment Corporation to collaborate on investment opportunities in Vietnam.

Q2Keppel Land acquired a 40% stake in a joint venture with the Shwe Taung Group to develop an office tower and serviced residences for the second phase of the Junction City mixed-use development in Yangon, Myanmar, for about US$48.6 million.

Harnessing synergies across the Keppel Group, Keppel Land China and Alpha Investment

Partners, together with Allianz Real Estate, acquired a mixed-use development, Trinity Tower (formerly known as SOHO Hongkou), in Shanghai, China, for US$525 million.

Keppel REIT announced the acquisition of a 50% interest in a new office tower to be developed at 311 Spencer Street in Melbourne from Australia Postal Corporation.

Keppel Land and Wing Tai Land were jointly awarded the tender for a prime residential site in Serangoon North Avenue 1, which can yield over 600 homes in an attractive and mature residential estate.

Keppel Land entered into a conditional sales and purchase agreement with Bank Central Asia to acquire a prime site in Jakarta’s CBD, which can yield about 400 luxury apartments in one of the city’s most coveted addresses.

The Company divested its 100% stake in Waterfront Residences, a residential project in Nantong, for a net gain of about $79 million.

Q3

Keppel Land announced the divestment of its 80% stake in Keppel Cove, a residential cum marina development in Zhongshan City, China. When completed, the divestment is expected to yield a gain of about $290 million.

Keppel Land divested its 20.5-hectare site in West Bali’s Tanah Lot district for a gain of about $17.6 million.

Keppel Land partnered Thai property developer, KPN LAND, to acquire two prime sites in Bangkok’s CBD for about $90 million to develop two premium freehold condominiums.

Keppel Land entered into two conditional sales and purchase agreements to acquire 100% interest in two prime residential sites in HCMC with a total development cost of about $407 million.

The Company acquired a prime 18-hectare residential site in Wuxi, China, for $517 million through a government land tender.

Q4

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Awards and Accolades

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1.Keppel Land clinched 12 awards for its properties in Singapore and overseas, including the prestigious BCA Quality Champion (Gold) award for the second consecutive year.

Corporate Recognition

Euromoney Real Estate AwardsKeppel Land clinched a total of nine awards at the Euromoney Real Estate Awards 2017, including Best Overall Developer in Myanmar, Best Residential Developer and Best Office/Business Developer in Vietnam, Best Office/Business Developer in Indonesia and Best Leisure/Hotel Developer in Singapore.

Top Foreign Developer in ChinaKeppel Land China was recognised as one of the top foreign property developers by Guandian Property Net for the second time.

BrandLaureate Special Edition World AwardsKeppel Land was the only real estate developer in Vietnam to receive the Brand Excellence in Real Estate and Property at the BrandLaureate Special Edition World Awards 2017 (Vietnam edition) organised by the Asia Pacific Brands Foundation.

Sustainability Benchmarks

Global Real Estate Sustainability BenchmarkKeppel Land topped four categories, namely, the Global/Developer/Residential, Developer/Residential, Asia Pacific/Residential and Asia/Developer categories in the Global Real Estate Sustainability Benchmark 2017. The Company also maintained its third position globally among developers.

Sustainable Business AwardsKeppel Land received special recognition for land use, biodiversity and environment at the Sustainable Business Awards organised by Global Initiatives in partnership with PwC Singapore.

BCA Awards Keppel Land clinched 12 awards at the BCA Awards 2017 organised by the Building and Construction Authority of Singapore (BCA). This includes the coveted Quality Champion (Gold) award for the second consecutive year as well as the Green Mark GoldPLUS award for the Keppel Bay Tower management office and Sedona Hotel Yangon (Inya Wing).

Safety RecognitionIn recognition of its efforts to provide a safe, secure and healthy environment for locals and visitors, Spring City Golf & Lake Resort (Spring City) was awarded the Work Safety Standardisation Certificate by China’s State Administration of Work Safety.

Product Excellence

Asia Pacific Property AwardsSaigon Centre in Ho Chi Minh City was named the best mixed-use development in Vietnam at the Asia Pacific Property Awards 2017.

EdgeProp Singapore Excellence AwardsKeppel Land was named one of the Top Developers at the inaugural EdgeProp Singapore Excellence Awards 2017. The Glades was also conferred the Landscape Excellence Award while Corals at Keppel Bay garnered the People’s Choice Award.

Distinction in HospitalitySedona Hotel Yangon was named the Best Business Travel Hotel by Ctrip at the second Ctrip Global Hotel Partners Summit.

Spring City and Ria Bintan Golf Club (Ria Bintan) were ranked sixth and 52nd respectively at the Ali Golf Awards 2016-2017 in the category of ‘Asia’s Top 100 Golf Courses’. Spring City was also ranked second under the ‘Asia’s Top 10 Beautiful Golf Courses’ category. At the Golf Travel Awards 2016-2017, Spring City’s Lake Course and Mountain Course were ranked seventh and 25th respectively in the category of ‘Asia’s Top 100 Golf Courses’, while Ria Bintan’s Ocean Course was ranked 45th. At the Asian Golf Awards 2017, Spring City and Ria Bintan were named Best Golf Courses in China and Indonesia respectively.

Overview

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Corporate Governance

The Company’s Directors and Management firmly believe that full commitment to high standards of corporate governance is essential to ensure the sustainability of the Company’s businesses and performance as well as to safeguard shareholder’s interests and maximise long-term shareholder value.

Board MattersThe Board’s Conduct of AffairsThe Board oversees the effectiveness of Management as well as the corporate governance of the Company with the objective of maximising long-term shareholder value and protecting the Company’s assets. Its key roles include the review and approval of the Group’s corporate strategies and directions, annual budgets, major investments, divestments and funding proposals and the review of the Group’s financial performance, risk management processes and systems, and sustainability considerations including corporate governance practices. The Board is also responsible for setting the Company’s core values and ethical standards.

Board Committees included the Audit Committee (AC), Board Risk Committee (BRC) and Board Safety Committee (BSC). On 1 March 2017, the AC and the BRC were merged to form the Audit and Risk Committee (ARC). Following the merger, the duties and obligations of the AC and the BRC are now undertaken by the ARC. These Board Committees have clearly defined written terms of reference. Matters which are delegated to Board Committees for more detailed evaluation and approval are reported to and monitored by the Board.

The Board has included in its oversight, consideration of sustainability issues such as environmental, social and governance factors in the strategic formulation and execution of the Company’s objectives. Every Board meeting includes an update on sustainability issues. The Board meets regularly on a quarterly basis and as warranted.

Board CompositionPresently, there are six Directors. With the exception of Mr Loh Chin Hua, who became the Executive Chairman on 1 January 2018, the rest of the five Directors are non-executive Directors. With the exception of Mr Loh Chin Hua and Mr Chan Hon Chew, the rest of the four Directors are external Directors (External Directors). External Directors are directors who do not have an executive position within the Company and its related companies.

The Directors provide an appropriate balance and diversity of skills, experience, gender and knowledge of the Company as well as relevant core competencies in

areas such as accounting or finance, legal, business or management experience, industry knowledge, strategic planning experience and customer-based experience or knowledge. In terms of composition of the Board, External Directors form the majority.

Chairman and Chief Operating Officer The Chairman of the Board, Mr Loh Chin Hua, is also the Executive Chairman. Mr Loh Chin Hua plays an instrumental role in providing the Company with strong leadership and vision, leads the Board in the development of policies and strategies, and ensures that these are implemented effectively. As Chairman of the Board, he bears primary responsibility for the workings of the Board by ensuring effectiveness on all aspects of its role, encourages the Board’s interaction with Management, facilitates effective contribution of the Directors, encourages constructive relations among the Directors, and promotes high standards of corporate governance. As Executive Chairman, he is the most senior executive in the Company and bears executive responsibility for the Group’s businesses.

Assisting the Executive Chairman is the Chief Operating Officer, Mr Louis Lim, who was appointed with effect from 1 January 2018. Mr Louis Lim shares executive responsibilities with the Executive Chairman for the implementation of the business strategies and decisions of the Board in the operations of the Group. He is not related to the Executive Chairman.

Board MembershipProcess and Criteria Used for Selection and Appointment of New DirectorsTo increase the reliability of the process, the Board’s diversity in terms of mix of expertise, knowledge and experience on the Board is evaluated and, in consultation with Management, the role and the desirable competencies for a particular appointment

is determined. Recommendations from, inter alia, Directors and Management are the usual source for potential candidates. However, external search consultants are also considered.

Formal interviews with the shortlisted candidates are conducted to assess their suitability and the candidates are verified of their awareness of the expectations and the level of commitment required, after which suitable candidates will be approved.

The following criteria are used to assess all new appointments:

(1) Integrity;(2) Independent mindedness;(3) Possession of core competencies

that meet the needs of the Company and complements the skills and competencies of the existing Directors on the Board;

(4) Ability to commit time and effort to carry out duties and responsibilities effectively;

(5) Track record of making good decisions;(6) Experience in high-performing

organisations; and(7) Financial literacy.

The internal guideline adopted by the Company to address the issue of multiple board representations is that Directors should not have more than six listed company board representations and other principal commitments.

The Board recognises that proper succession planning plays an important role in ensuring continuous and effective stewardship of the Company. As such, the Company’s succession plans are reviewed annually to ensure the progressive renewal of the Board, including the Chairman. Succession and leadership development plans for Management are also reviewed.

Board Committee Memberships

Directors Board Membership Audit and Risk1 Board Safety

Loh Chin Hua Executive Chairman Non-External Director

– Member

Tan Yam Pin External Director – Chairman

Koh-Lim Wen Gin External Director – Member

Yap Chee Meng External Director Chairman –

Chan Hon Chew Non-External Director Member –

Willy Shee Ping Yah External Director Member –

1 The Audit and Risk Committee was formed on 1 March 2017 following the merger of the Audit Committee and the Board Risk Committee.

The nature of current Directors’ appointment and membership on Board Committees are as follows:

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Remuneration MattersRemuneration Policy for Key Management PersonnelThe Company adopts a remuneration system that is aimed at attracting, retaining and motivating talent on a sustainable basis. In designing the remuneration structure, the Company seeks to ensure that the level and mix of remuneration is competitive, relevant and appropriate in finding a balance between current versus long-term remuneration and between cash versus equity incentive remuneration.

In 2017, the Company revised its total remuneration structure reflecting four key objectives:

(1) Shareholder alignment: To incorporate performance measures that are aligned to shareholder’s interests;

(2) Long-term orientation: To motivate employees to drive sustainable long-term growth;

(3) Simplicity: To ensure that the structure is easy to understand and communicate to stakeholders; and

(4) Synergy: To facilitate talent mobility and enhance collaboration across businesses.

The revised total remuneration structure comprises two key components; that is, annual fixed cash and annual performance bonus. The annual fixed cash component comprises the annual basic salary plus any other fixed allowances, which the Company benchmarks with the relevant industry market median. The size of the annual performance bonus pot is determined by the Group’s financial performance and the Company’s performance, and is distributed to employees based on individual performance. A portion of the annual performance bonus is granted in the form of deferred shares that are awarded under the Share Plans of Keppel Corporation Limited (KCL).

Accountability and AuditThe Board, previously supported by the AC and the BRC, is now supported by the ARC following the merger of the AC and the BRC on 1 March 2017, oversees the Group’s system of internal controls and risk management.

Audit and Risk CommitteeThe ARC’s primary role is to assist the Board to ensure the integrity of financial reporting, the adequacy and effectiveness of risk management and internal control systems, to oversee risk management in the Group and to ensure that a robust risk management system is maintained.

The ARC is kept abreast of changes to accounting and governance standards and issues which have a direct impact

on financial statements through quarterly updates and discussion with the external auditors. The ARC also reviews and guides Management in the formulation of risk policies and processes to identify, evaluate and manage significant risks, to safeguard shareholder’s interests and the Company’s assets. In addition, the ARC discusses risk management strategies with Management and the Board and makes visits to the Company’s project sites and discusses the risk mitigation actions and issues that the Group faces in the various markets.

The ARC is guided by the following terms of reference:

(1) Review financial statements and review significant financial reporting issues and judgements contained in them, for better assurance of the integrity of such statements;

(2) Review and report to the Board at least annually the adequacy and effectiveness of the Group’s risk management and internal controls systems, including financial, operational, compliance and information technology controls (such review can be carried out internally or with the assistance of any competent third parties);

(3) Review audit plans and reports of the external auditors and internal auditors, and consider the effectiveness of actions or policies taken by Management on the recommendations and observations;

(4) Review the independence and objectivity of the external auditors;

(5) Meet with the external auditors and internal auditors, without the presence of Management, at least annually;

(6) Receive all whistle-blower reports pertaining to the Company from the Receiving Officer, immediately upon receipt of a complaint. The ARC shall provide oversight, under expressed authority from the Board and the KCL Whistle-Blower Committee and receive the final report upon the completion of such investigations. On a quarterly basis, the ARC shall also receive an update on the whistle-blower reports received during the quarter and the status of any such pending investigations;

(7) Review the adequacy and effectiveness of the Company’s internal audit function, at least annually;

(8) Receive, as and when appropriate, reports and recommendations from Management on risk tolerance and strategy, and recommend to the Board for its determination the nature and extent of significant risks which the Group overall may take

in achieving its strategic objectives and the overall Group’s levels of risk tolerance and risk policies;

(9) Review and discuss, as and when appropriate, with Management the Group’s risk governance structure and framework, including risk policies, risk mitigation and monitoring processes and procedures;

(10) Receive and review quarterly reports from Management on major risk exposures and the steps taken to monitor, control and mitigate such risks;

(11) Review the Group’s capability to identify and manage new risk types;

(12) Review and monitor Management’s responsiveness to the findings and recommendations of the risk management department;

(13) Investigate any matters within the ARC’s purview, whenever it deems necessary or as may be directed by KCL;

(14) Report to the Board on material matters, findings and recommendations;

(15) Provide timely input to the Board on critical risk and compliance issues;

(16) Review the ARC’s terms of reference annually and, after consultation with KCL Audit Committee and Board Risk Committee, recommend any proposed changes to the Board for approval;

(17) Perform such other functions as the Board may determine;

(18) Sub-delegate any of its powers within its terms of reference as listed above from time to time as the ARC may deem fit;

(19) Receive and review updates from Management to assess the adequacy and effectiveness of the Group’s compliance framework in line with relevant laws, regulations and best practices;

(20) Through interactions with the Compliance Lead who has a direct reporting line to the Committee, review and oversee performance of the Group’s implementation of compliance programmes; and

(21) Review and monitor the Group’s approach to ensuring compliance with regulatory commitments, including progress of remedial actions where applicable.

During the year, the ARC reviewed the internal and external auditors’ plans and findings to ensure that they are sufficient to assess the adequacy and effectiveness of the Company’s significant internal controls, including financial, operational, compliance and information technology controls and management of risks of fraud and other irregularities. The ARC also reviewed the effectiveness of the actions taken by Management on the recommendations made by the internal and external auditors in this respect.

Overview

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The ARC also performed independent reviews of the financial statements of the Company. The ARC has explicit authority to investigate any matter within its terms of reference, full access to and cooperation by Management and full discretion to invite any Director or executive officer to attend its meetings, and has reasonable resources to enable it to discharge its functions properly.

Prior to 1 March 2017, the AC held two meetings during the year. After the merger of the AC and the BRC to form the ARC on 1 March 2017, the ARC held three meetings during the year. The Company’s internal and external auditors reported their audit findings and recommendations independently to the ARC. The ARC also met with the internal and external auditors, without the presence of Management. At the meetings, the external auditors briefed the members of the ARC on the latest developments in accounting and governance standards and practices. In addition, the ARC reviewed the independence and objectivity of the external auditors through discussions with the external auditors.

The ARC comprises three directors, of which two are non-executive and External Directors.

Board Risk CommitteeThe BRC held one meeting prior to 1 March 2017. On 1 March 2017, the BRC was merged with the AC and the functions and responsibilities of the BRC are now undertaken by the ARC.

Risk Management and Internal ControlsThe Company’s approach to risk management is set out in the “Risk Management” section on pages 23 to 25. The Company is guided by a set of Risk Tolerance Guiding Principles as disclosed on page 23.

The Group also has in place a Risk Management Assessment Framework to facilitate the Board’s assessment on the adequacy and effectiveness of the Group’s risk management system. The Framework lays out the governing policies, processes and systems pertaining to each of the key risk areas of the Group, and assessments are made on the adequacy and effectiveness of such policies, processes and systems in managing each of these key risk areas every quarter.

The Group also has in place the Keppel Land’s System of Management Controls Framework (Framework) outlining the Group’s internal

control and risk management processes and procedures. The Framework comprises three Lines of Defence towards ensuring the adequacy and effectiveness of the Group’s system of internal controls and risk management.

Under the first Line of Defence, Management is required to ensure good corporate governance through the implementation and management of policies and procedures relevant to the Group’s business scope and environment. Under the second Line of Defence, significant business units are required to conduct self-assessment exercise on an annual basis; this is bolstered by second line independent monitoring by centralised functions such as Control Assurance, Risk & Compliance, Information Systems and Health, Safety & Security. Under the third Line of Defence, to assist the Company to ascertain the adequacy and effectiveness of the Group’s internal controls, business units are required to provide the Company with written assurances as to the adequacy and effectiveness of their system of internal controls and risk management. The Company’s internal and external auditors provide an added independent assessment of the overall control environment.

Keppel Land's System of Management Controls

Syst

em

s

Policies

People

Pro

cesse

s

Board Oversight Board of Directors

Assurance3 Business Unit Representation

Internal Audit

External Audit

Management & Assurance Frameworks2 Self-Assessment

ProcessEnterprise Risk Management

IT Governance Framework

Regulatory Compliance

Business Governance/ Rules of Governance1

Policy Management

Compliance Governance

Financial Governance

Operational Governance

Core Values, Corporate & Employee Conduct

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Employee Code of ConductTo build a culture of high integrity as well as reinforce ethical business practices, the Company has in place an Employee Code of Conduct (Code).

The Code addresses, at the employee level, the standards of acceptable and unacceptable behaviour and personal decorum as well as issues of workplace harassment. On the business front, the policy addresses standards of ethical business behaviour including anti-corruption, the offering and receiving of gifts, hospitality and promotional expenditures, dealings with third party associates as well as conflicts of interest. The rules require business to be conducted with integrity, fairly, impartially, in an ethical and proper manner, and in compliance with all applicable laws and regulations.

The Code also requires all staff to avoid any conflict between their own interests and the interests of the Company in dealing with its suppliers, customers and other third parties.

Relevant anti-corruption rules are also spelled out to protect the business, resources and reputation of the Company. Employees must under no circumstances offer or authorise the giving, directly or through third parties, of any bribe, kickback, illicit payment, or any benefit-in-kind or any other advantage to any government official or government entity, private sector customer, supplier, contractor or any other person or entity, as an inducement or reward for an improper performance or non-performance of a function or activity. Similarly, employees must not under any circumstances solicit or accept illicit payment, directly or indirectly, from any government official or government entity, private sector customer, supplier, contractor or any other person or entity that is intended to induce or reward an improper performance or non-performance of a function or activity.

The Code is published on the Company’s intranet which is accessible by all employees. On an annual basis, all employees are required to acknowledge the Code and undergo annual training and assessments to ensure awareness.

Supplier Code of ConductThe Company is committed to conducting our businesses ethically and responsibly. The Company’s core values of integrity and accountability are fundamental to the way it does businesses, including how it manages its supply chain and the impact of the Company’s business activities beyond its direct operations. In this regard, the Company has in place a Supplier Code of Conduct (Supplier Code).


The Supplier Code sets out the standards of conduct to which the Company’s suppliers and their parent entities, subsidiaries or affiliate entities and employees, are expected to adhere. Suppliers are required to conduct their business operations with the highest standards of integrity, fairness and impartiality, in an ethical and proper manner. Suppliers are expected to observe and comply with all applicable laws and regulations in relation to anti-corruption, fair competition, human rights, safety and health, and environment management, in their respective countries of operations.

Suppliers are required to acknowledge that they understand the Supplier Code and to communicate the requirements of the Supplier Code to their own suppliers and subcontractors and secure their compliance.

Whistle-Blower Protection PolicyThe Company has a Whistle-Blower Protection Policy to encourage the reporting in good faith of suspected reportable conduct, violations of the Code or applicable laws (including the U.S FCPA, U.K. Bribery Act 2010, the Singapore Prevention of Corruption Act, the anti-bribery legislation of the People’s Republic of China and other applicable anti-bribery laws) by establishing clearly defined processes through which such reports may be made with the confidence that employees and other persons making such reports to the employees’ supervisors, ARC Chairman or Receiving Officer will be treated fairly and, to the extent possible, protected from reprisal.

The ARC Chairman is kept informed of all cases reported. Every Protected Report received (whether oral or written, and anonymous or otherwise) will be assessed by the Receiving Officer, who will review the information disclosed, interview the whistle-blower when required and if contactable and, in consultation with the Whistle-Blower Committee, make recommendations to the ARC as to whether the circumstances warrant an investigation. The ARC will also ensure that any disciplinary, civil and/or criminal action that is initiated following completion of an investigation, is appropriate, balanced, and fair. The ARC will also monitor the actions taken to correct the weaknesses in the existing system of internal processes and policies which resulted in or may cause the perpetration of the fraud and/or misconduct, to prevent any recurrence.

Briefings for all staff on the Code and Whistle-Blower Protection Policy were held when the policies were introduced. New employees are briefed on the

policies when they join the Company’s orientation programme. Subsequently, to maintain awareness, all employees are required to acknowledge the policies annually. Any revisions are highlighted to them when they perform the annual acknowledgements.

Board Safety CommitteeThe Company’s BSC guides Management to enhance the Group’s commitment to work safely in all workplaces and foster a positive safety culture in the Company. The BSC is supported by the Management Safety Committee (MSC). The BSC meets quarterly to discuss safety issues and provide guidance and direction to chart safety milestones. The BSC makes regular field visits to project sites in Singapore and overseas to enforce the Board’s commitment to safety.

The MSC members comprise nominated senior personnel from each of the Company’s business units. The MSC meets quarterly to discuss safety issues and makes regular visits to project sites in Singapore and overseas, ensuring that contractors are complying with the local regulations and industry’s best practices.

The BSC and the MSC are supported by the Workplace Safety and Health (WSH) Department. The WSH Department, headed by the General Manager, Workplace Safety and Health, and a team of safety professionals from various engineering disciplines, conducts regular site safety inspections and audits on all the active projects in Singapore and overseas.

The BSC is guided by the following terms of reference:

(1) Establish the health and safety (H&S) policies;

(2) Monitor the Company’s compliance with the approved H&S policies by:(a) Assessing the adequacy of H&S

standards prepared by the MSC;(b) Assessing the operations of the

Company and recommendations of the MSC on training, safety audits, elimination, control and minimisation of H&S risks; and

(c) Assessing the compliance of the Company with applicable legislation;

(3) Recommend the adoption of acceptable H&S practices in the industries in which the Company operates;

(4) Receive reports concerning H&S incidents within the Company; and

(5) Consider H&S issues that may have strategic, business and reputational implications for the Company.

The BSC held four meetings during the year.

Overview

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Risk Management

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1.Keppel Land is committed to enhance its operational resilience and conducts regular simulations to respond effectively to potential crises.

Robust Risk Management FrameworkRisk management is an integral part of strategic, operational and financial decision-making processes at all levels of the Keppel Group. The Keppel Group’s holistic approach to identifying and managing risks instils a strong risk ownership across the Company and reduces uncertainties associated with executing our strategies, allowing us to seize opportunities with agility.

Keppel Land’s Board of Directors (the Board) is responsible for governing risks and ensuring that the management maintains a sound system of risk management and internal controls to safeguard stakeholders’ interests and the Company’s assets. The Board is assisted by the Audit and Risk Committee (ARC), which was formed on 1 March 2017 following the merger of the Audit Committee and the Board Risk Committee.

Comprising three Directors, the ARC held quarterly meetings in 2017. During the year, the ARC also visited various ongoing projects in Johor Bahru, Malaysia, and Ho Chi Minh City, Vietnam, to better understand and review the risks that may affect Keppel Land.

Since 2013, Keppel Land has adopted three risk tolerance guiding principles which determine the nature and extent of the

significant risks that the Board will take to achieve its strategic objectives.

These guiding principles which are reviewed yearly are:

1. Risk taken should be carefully evaluated, commensurate with rewards and in line with Keppel Land Group’s (the Group) core strengths and strategic objectives.

2. No risk arising from a single area of operation, investment or undertaking should be so huge as to endanger the entire Group.

3. The Group does not condone safety breaches or lapses, non-compliance with laws and regulations as well as acts such as fraud, bribery and corruption.

Ongoing improvements are made to strengthen the existing risk governance framework. Our risk governance framework is set out on page 21. In 2017, the Board has assessed that the risk management system is adequate and effective in addressing the key risks of the Company.

The enterprise risk management framework, a component of Keppel’s System of Management Controls, provides the Group with a holistic and systematic approach in risk management. It outlines the reporting structure, monitoring mechanisms, specific risk management processes and tools in

addressing key risks as well as the Group’s policies and limits.

The Group’s five-step risk management process consists of risk identification, risk assessment, formulation of risk mitigation measures, communication and implementation as well as monitoring and reviews. The assessment process takes into account both the likelihood and impact on the financial, operational and reputational aspects.

A set of key risk indicators, which are closely monitored by business units and risk owners, serves as early warning signals. Risk plans and key risk indicators are regularly reviewed to ensure risks identified remain relevant and mitigating actions continue to be adequate, timely and effective.

The risk registers of the individual business units and functional departments are reviewed regularly to ensure the risks identified and accompanying mitigating measures remain relevant in view of the dynamic business environment.

As a Group, Keppel Land adopts a balanced approach to risk management, recognising that not all risks can be eliminated. The Company will undertake appropriate and well-considered risks to optimise returns for the Group.

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Step 1 Step 2 Step 3 Step 4 Step 5

IdentifyUnderstand the strategy, identify value drivers and risk factors.

AssessPrioritise risk factors by assessing their potential impact and likelihood of occurrence.

MitigateDevelop action plans to mitigate risks and identify key risk indicators (KRI) to monitor risks.

ImplementCommunicate and implement action plans.

MonitorMonitor mitigation results and KRI.

Five-Step Risk Management Process

Risk Management

Bolstering Operational ReadinessKeppel Land is committed to enhance its operational resilience through the establishment of a robust business continuity management (BCM) framework that will allow it to respond effectively to potential crises and external threats while minimising any impact on its people, operations and assets. In response to rising terrorism risks, a security unit reporting to the Property Management team has been set up at Keppel Land’s headquarters to coordinate and oversee the implementation of security initiatives across the Company’s developments in Singapore and overseas.

Led by the BCM committee, business units in various locations conduct a range of simulations under a broad spectrum of disruptions such as severe air pollution, flood, earthquake, pandemic disease, fire and civil unrest, to enhance their operational preparedness. These BCM plans are tested and refined to ensure responses are practical, executable and effective while critical business functions continue to operate smoothly.

A Risk-Centric CultureEffective risk management hinges equally on mindsets and attitudes as well as systems and processes. Management is committed to foster a strong risk-centric culture in the Group, which encourages prudent risk-taking in decision-making and business processes.

Risk management and training workshops are conducted to enhance risk management

competency and staff awareness. The Group also seeks to enhance staff accountability for risk management through the performance evaluation process.

Proactive Risk ManagementKeppel Land will continue to review and refine its risk management methodology, systems and processes to ensure its adequacy and effectiveness. The Group will continue to leverage its training initiatives to raise employees’ risk management awareness and capabilities as well as enhance sharing of key lessons learned.

Regulatory ComplianceWe place significant emphasis on ensuring we operate in an ethical and proper manner, and in compliance with all applicable laws and regulations.

Regulatory Compliance Framework and Governance StructureThe Group has a defined framework and continues to work towards strengthening its policies and processes surrounding regulatory compliance. The framework deals with the structure, people, policies and activities required for management to identify, assess, mitigate and monitor key compliance risks.

Keppel Land’s Regulatory Compliance Governance Structure comprises the Regulatory Compliance Management Committee (RCMC), chaired by the CEO, and key members including business unit heads. The RCMC is supported by the

respective country’s Regulatory Compliance Working Teams to drive the implementation of the Employee Code of Conduct and regulatory compliance programs.

Policies and ProceduresKeppel has a strict Employee Code of Conduct which guides employees in carrying out their duties and responsibilities to the highest standards of personal and corporate integrity when dealing with suppliers, customers and other third parties. It covers areas such as conduct in the workplace, business conduct, including anti-corruption and conflict of interests. We expect our business partners and associates, including individuals or entities that provide services, or engage in business activities, on behalf of the Group, to apply the same regulatory compliance principles and standards.

Training and CommunicationsTraining is a key component within our regulatory compliance framework and we continue to refine our compliance training programmes and curriculum for new and existing employees. Training programmes are tailored to the audience and we leverage Group-wide platforms to reiterate key compliance messages. Employees are also required to complete mandatory annual e-training and assessment programmes, covering key policies and to acknowledge that they have read and understood the policies including declaration of any potential conflicts of interest.

Overview

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Managing Key RisksThe key risks identified and appropriate mitigating actions undertaken by Keppel Land in 2017 are as follows:

1. Business Strategy Risks• The Group’s strategic direction and

business strategies are reviewed by the Board and senior management. Factors including laws and regulations, market conditions and competitive landscape within each market are considered carefully. Keppel Land continues to look into matters relating to technology, innovation and solutions as part of its strategy to develop alternative business products and innovative solutions.

2. Concentration Exposure Risks• There is an established concentration

risk management policy that governs the exposure limits of each market and project to manage concentration exposure risk.

• Exposure to all countries and projects are monitored regularly to ensure the Group is not overly exposed to any single project or market.

3. Investment/Divestment Risks• Guided by investment parameters, all

major investments are subjected to due diligence processes and evaluated by

the Board.• All investment and divestment proposals

submitted for approval have to be accompanied by a completed set of risk assessment template.

4. Exposure to Financial Market Risks• Keppel Land hedges against foreign

exchange and interest rate risks through the utilisation of various financial instruments, where appropriate.

• The Group ensures that adequate funding resources are available for investments and cash flows are actively managed.

5. Misstatement of Financial Statements

• The Group ensures that the consolidated financial statements have been prepared in accordance with the Singapore Financial Reporting Standards.

• Internal and external audits are conducted to provide reasonable assurance on the accuracy of financial statements.

6. Project Management Risks• Project management processes are

reviewed regularly by the Project Management and Sustainable Design department. Through these processes, the Group adopts good industry practices to deliver quality projects on time and on budget.

• Trainings are conducted for project managers to increase their familiarisation and ensure their compliance with the processes.

7. Human Resources Risks • Keppel Land leverages leadership

development and local graduate programmes to identify and develop its talent pipeline.

• Succession planning for key executive positions is reviewed regularly and rigorously to ensure relevance.

8. Information Technology Risks • The Information Technology (IT)

department has established the IT Security Framework to address IT security risks. Various measures such as intrusion prevention, detection systems and firewalls are put in place to protect confidential information.

• Reviews are carried out annually to ensure alignment to IT policies and procedures.

• The IT Disaster Recovery Plan is reviewed and tested regularly to ensure the robustness of the IT system. IT audits are also carried out. Policies governing end-user computing as well as the safeguarding and backing up of information have been put in place.

9. Business Continuity Risks• Business units continually review

and test their business continuity plans to ensure effective response to disruptive events.

• Critical business functions are determined and alternative processes, resource requirements and interdependencies are identified to support operations at times of disruption.

• A security strategic framework has been established to coordinate security measures for Keppel Land’s assets. The framework adopts a systematic approach based on the strategic thrusts of deterrence, detection and response, which guides the development of Keppel Land’s security initiatives.

10. Fraud/Corruption Risks• Keppel Land has put in place an

enhanced Employee Code of Conduct, insider trading, Whistle-Blower Protection Policy, gift and hospitality policy, agent fees policy as well as financial authority limits and control self-assessment tools to mitigate the risk of fraud, corruption and misconduct by staff.

• Internal and external audits are conducted regularly to prevent, detect and mitigate fraud risks.

11. Quality of Deliverables• The Group has put in place the Quality

Assurance/Quality Control procedures and the Keppel Quality Standards to ensure excellence in project deliveries.

• To encapsulate Keppel Land’s efforts to deliver the best standards in the design of its projects, a set of Responsible Design Values was developed and has been adopted for all new developments in Singapore and overseas. To ensure customer satisfaction of products delivered, Keppel Land has established a standard operating procedure for defects management and handover of units.

12. Health and Safety Risks• Keppel Land has put in place a health

and safety policy to raise staff awareness on the importance of workplace health and safety.

• Various initiatives and policies are implemented via the Workplace Safety and Health department which ensures that a strong safety culture is inculcated in all employees.

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Brighter Economic Outlook Though Downside Risks Remain The global economy expanded 3.7% in 2017, the strongest pace of expansion since the rebound from the global financial crisis in 2010. The International Monetary Fund expects this broad-based cyclical upturn to be sustained, led by the advanced economies, and has revised global growth to 3.9% in 2018 and 2019.

The Singapore economy grew 3.6% in 2017 compared to the 2.4% growth in 2016. Growth is mainly driven by the manufacturing and services sectors and this is expected to continue in 2018.

Since April 2016, the Monetary Authority of Singapore has maintained its neutral policy stance on the zero appreciation of the Singapore dollar against the currencies of key trading partners. However, strengthening growth in the global economy could lead to an impending rise in imported inflation. Tighter monetary policy may be expected in 2018. Against this macro backdrop, the Ministry of Trade and Industry expects the Singapore economy to grow at a modest pace of between 1.5% and 3.5% in 2018.

In 2017, Keppel Land and Wing Tai Land jointly secured a prime residential site in Serangoon North Avenue 1. The 1.7-hectare (ha) site will yield over 600 quality homes in an attractive and mature residential estate.

Keppel Land sold a total of about 380 residential units in Singapore in 2017, comparable with the number of units sold in 2016. About 70% of the sales came from Highline Residences, which has since been fully sold, and The Glades, which was fully sold out in August 2017, ahead of its additional buyer’s stamp duty deadline.

Keppel Land will continue to time residential launches and adjust its marketing strategy according to market conditions as well as activate its existing landbank to seize opportunities on the back of positive market sentiments.

CONDOMINIUMSHighline ResidencesLocation: Tiong BahruTotal no. of units: 500GFA: 473,218 sfCompletion: 2018

Located at the fringe of the central business district (CBD), Highline Residences is nestled within a nostalgic and trendy neighbourhood, part of which has been earmarked as a Heritage Conservation Area by the Urban Redevelopment Authority (URA). Highline Residences is situated close to the Tiong Bahru MRT station and Tiong Bahru Plaza, providing future residents easy access to a host of retail and lifestyle amenities. About 90% of the 500 units have been sold as at end-2017.

The GladesLocation: Tanah MerahTotal no. of units: 726GFA: 549,082 sfCompletion: 2016

Located within an established private residential estate, The Glades is situated close to the Tanah Merah MRT station. The Changi Business Park and the Singapore University of Technology and Design campus are also in the vicinity. Residents will benefit from the development of Project Jewel at the Changi Airport, a new 3.5-ha integrated development with retail and world-class attractions. All 726 residential units have been sold as at end-2017.

Reflections at Keppel BayLocation: Keppel Bay ViewTotal no. of units: 1,129GFA: 2,081,738 sfCompletion: 2011

Reflections at Keppel Bay is an iconic and award-winning condominium designed by master architect Daniel Libeskind. Situated at Singapore’s southern waterfront, the condominium development features six glass towers and 11 villa apartment blocks comprising 1,129 luxury homes with commanding views of the waterfront,

golf course, parks and lush greenery. About 88% of the 1,129 units have been sold as at end-2017.

Corals at Keppel BayLocation: Keppel Bay DriveTotal no. of units: 366GFA: 509,998 sfCompletion: 2016

Located adjacent to the historic King’s Dock and designed by world-renowned architect Daniel Libeskind, Corals at Keppel Bay offers homeowners a waterfront lifestyle at Singapore’s vibrant southern shores. The iconic condominium comprises 366 prime waterfront homes in 11 low-to medium–rise blocks. The blocks cascade towards the waterfront, offering residents panoramic views of the sea and the lush central garden. About 73% of the 366 units have been sold as at end-2017.

The Garden ResidencesLocation: Serangoon NorthTotal no. of units: 613GFA: 462,561 sfCompletion: 2020

The Garden Residences is located in the established Serangoon Gardens neighbourhood, which is sought after

for its lifestyle offerings and laid-back charm. Future residents can enjoy myriad recreational and dining amenities within the vicinity, including MyVillage at Serangoon Gardens, Chomp Chomp Food Centre, and Serangoon Gardens Country Club. The NEX shopping mall is also just a short drive away. Families with school-going children will appreciate the site’s proximity to reputable educational institutions including Rosyth School, Nanyang Junior College and Lycee Francais de Singapour (French School of Singapore). The development is expected to be launched in 2018.

New Phases at Keppel BayLocation: Keppel BayTotal no. of units: 320GFA: 570,492 sf

Keppel Bay is a 32-ha exclusive waterfront precinct in Singapore’s vibrant southern waterfront. It is a mere five-minute drive to the CBD and is close to Resorts World Sentosa, VivoCity and the HarbourFront Office Park. Residents can enjoy a waterfront lifestyle as well as a wide array of retail and recreational options, including those at the award-winning Marina at Keppel Bay.

Keppel Land has two remaining land plots at the precinct, one of which is located on the private Keppel Island. The timing of their developments is subject to market conditions.

Redevelopment of Nassim WoodsLocation: Nassim RoadTotal no. of units: 106GFA: 99,600 sf

Nassim Woods is a 35-unit luxurious condominium located in the prime residential area of Nassim Hill. The development is located near foreign embassies, a country club and the Singapore Botanic Gardens, a UNESCO World Heritage Site.

Keppel Land is studying the redevelopment of Nassim Woods which could yield about 106 units.

COMMERCIALKeppel Bay TowerLocation: HarbourFront AvenueGFA: 450,377 sfCompletion: 2002

The 18-storey office building is conveniently located within a five-minute drive from the CBD and offers excellent connectivity via the HabourFront MRT station, major roads and expressways. Tenants enjoy a wide array of dining and lifestyle choices with the office building in close proximity to VivoCity and Resorts World Sentosa. Keppel Bay Tower is 97% committed as at end-2017.

Singapore

Keppel Land will continue to pursue opportunities in residential, commercial and mixed-use developments.

1.Highline Residences is located in the trendy estate of Tiong Bahru which has been named one of the coolest neighbourhoods in the world.

Major Developments in 2017

Jointly acquired a residential site in the Serangoon Gardens neighbourhood with Wing Tai Land to develop over 600 homes.

Sold about 380 homes, mostly from Highline Residences and The Glades.

Focus for 2018

Activate existing landbank to seize opportunities on the back of positive market sentiments.

Explore opportunities to monetise and recycle assets for new investments.

1


26 27


Operations and Market ReviewSingapore

I12 KatongLocation: East Coast RoadGFA: 282,103 sfCompletion: 2011

Strategically located at the junction of East Coast Road and Joo Chiat Road, I12 Katong is a six-storey lifestyle mall with a net lettable area of about 207,000 square feet (sf). Major tenants include Katong Market Place, Golden Village and Tim Ho Wan. The mall is currently undergoing asset enhancement works which is expected to be completed by August 2018.

Redevelopment of Keppel Towers and Keppel Towers 2Location: Tanjong Pagar Road/

Hoe Chiang Road

The freehold site, located close to the Tanjong Pagar MRT station, currently houses two office buildings, Keppel Towers and Keppel Towers 2.

Subject to market conditions, Keppel Land plans to redevelop the site into a mixed-use development comprising homes and more than 30,000 sm of prime office space. This is in tandem with the transformation of the area into a premium waterfront precinct with residential, hotels and lifestyle amenities.

Market ReviewUpturn in Private Residential Market In March 2017, the Government slightly eased some residential property measures relating to the seller’s stamp duty (SSD) as well as the total debt servicing ratio (TDSR) framework. The calibrated adjustments helped to improve new home sales as homebuyers no longer have to pay SSD if they sell a residential property more than three years after the date of purchase on or after 11 March 2017. The 60% TDSR threshold also no longer applies to mortgage equity withdrawal loans with loan-to-value ratios of 50% and below, hence incentivising buyers to invest in new properties. These measures helped move the residential market sales slightly as they gave positive vibes to the market and signalled that the market could be bottoming, which in turn attracted more buyers.

New private home sales in 2017 were the strongest in four years, reflecting the upbeat demand that is supporting recovery in the residential market. Developers sold a total of 10,566 homes (excluding executive condominiums), surpassing the 7,972 units sold in 2016 and a yearly average of 7,576 units from 2014 to 2016. Strong home buying sentiments and buoyant demand also led to a turnaround in prices, with prices increasing by 1.1% for the whole of 2017 compared with the 3.1% decline in 2016.

1.Keppel Bay Tower offers tenants a wide array of dining and lifestyle choices with its close proximity to VivoCity and Resorts World Sentosa.

In 2017, there was strong participation in the government land sales programme with aggressive bid prices. There was a surge in collective sales in 2017, with 30 sites sold with a total value of around $8.7 billion, compared to just three en bloc transactions with a total value of $1 billion in 2016. The en bloc sales have fuelled demand for replacement units while providing developers with the opportunity to replenish their landbank.

For the first half of 2018, government land sales supply can potentially yield about 8,045 private residential units. This is comparable to the land supply of 8,125 units in the government land sales slate in the second half of 2017.

In February 2018, the top marginal buyer’s stamp duty rate for residential properties was raised from 3% to 4%. The new top marginal rate of 4% will apply to the portion of residential property value which is in excess of $1 million, for properties acquired from 20 February 2018. The hike is expected to weigh more heavily on large-ticket properties and land as well as en bloc purchases.

Singapore’s property market is expected to be positive in 2018 given the growth in Singapore’s Gross Domestic Product and strong pick-up in residential demand, which in turn will support the recovery of private home prices.

Recovery in the Office SectorThe office sector ended 2017 on a strong note with robust leasing activity in the last quarter, as both existing and some pipeline projects enjoyed notable increases in commitment levels. Demand for office space was led by firms in the technology, media and telecommunications sector, with information technology and internet-based companies being the most active. Another source of demand came from co-office operators, which are aggressively expanding to offices in the CBD fringe.

According to CBRE, net absorption in the office market was about 2.1 million sf for the whole of 2017, while islandwide vacancy dropped in 4Q 2017 to 6.1%, compared to 7.4% in the previous quarter. Grade A core CBD rents continued to recover, with average rents in 2017 recording a 3.3% year-on-year increase to $9.40 per sf per month. Stronger rental performance may emerge as the market enters a period of lower new supply of 0.7 million sf annually over 2018 to 2020.

The general outlook for the office market remains positive, underpinned by stronger economic fundamentals and lower new supply entering the market over the medium term.

1

Private Residential Supply, Demand and Price Index

Units Index

12,500 200

10,000 160

7,500 120

5,000 80

2,500 40

0 0

2014 2015 2016 2017

Unit launched 7,693 7,056 7,877 6,020

Units sold 7,316 7,440 7,972 10,566

URA price index 147.0 141.6 137.2 138.7

Source: URA

Office Supply and Demand

Million sf

2.5 98

2.0 96

1.5 94

1.0 92

0.5 90

0 88

-0.5 86

2014 2015 2016 2017

Annual net supply (million sf) 1.32 0.15 1.52 2.27

Annual net demand (million sf) 1.11 (0.31) 1.15 2.07

Islandwide occupancy (%) 95.3 94.5 94.0 93.89

Core CBD occupancy (%) 95.7 95.1 95.8 93.76

Sources: URA, CBRE

Average Office Rents

$ psf / month

15

12

9

6

3

0

2014 2015 2016 2017

Grade A 11.20 10.40 9.10 9.40

Grade B (Core CBD) 8.55 8.20 7.35 7.45

Sources: URA, CBRE

Upcoming Core CBD Office Supply (2018-2021)

Expected Completion Developments Location Net Floor Area1 (sf)

2018 18 Robinson Robinson Road 145,000

Frasers Tower Cecil Street 663,000

2020 79 Robinson Road (formerly CPF Building)

Robinson Road 500,000

Afro-Asia Building Redevelopment

Robinson Road 153,526

2021 CapitaSpring Raffles Place 635,000

Sources : URA, CBREList includes only projects which are under construction or have obtained provisional or written permission, as at end-2017. New space is considered as space under construction, additions/extensions and total refurbishment of existing space.1 The Net Floor Area is an estimation, based on the assumption of 85% of gross floor area.


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Keppel Corporation consolidated its interests in the Group’s asset management business under Keppel Capital Holdings Pte Ltd (Keppel Capital) in 2016. This includes Keppel Land’s interests in Keppel REIT Management Limited and Alpha.

As at end-2017, Keppel Land holds approximately 44% interest in Keppel REIT and the Company is an investor in several funds managed by Alpha. Together, both Keppel REIT and Alpha have total assets under management of approximately $22 billion as at end-2017, on a fully-leveraged and fully-invested basis.

Keppel REIT and Alpha will continue to manage their portfolios through proactive asset management and value creation initiatives as well as seek strategic acquisitions and opportunistic divestments.

Market Review and OutlookThe Singapore Real Estate Investment Trust (S-REIT) sector in Singapore continues to grow, indicating the attractiveness of the investment product due to its high yielding nature and recurring passive income. As of 4Q 2017, the aggregate market capitalisation of the 41 listed S-REITs and Property Trusts were in excess of $80 billion.

The United States (US) Federal Reserve is expected to continue with interest rate hikes in 2018, raising concerns in the market as ramifications on the REIT market performance are uncertain. However, the move to raise interest rates stems from a general confidence in the US economy

and possibly, the global economy at large.On the back of labour market growth and an overall uptick of the economy, business fundamentals could see potential improvements, translating into greater demand for real estate and higher occupancy rates, catalysing the growth in demand for office space. This may potentially boost future REIT earnings and dividends. Nonetheless, in a bid to reduce the volatility from interest rates movements, more REITs have restructured their loan structure from a floating to a fixed interest rate framework. Looking ahead, S-REITs are projected to perform favourably and weather the gradual interest rate rise. The characteristics of REITs having competitive long-term returns as well as the ability to hedge against inflation, will continue to place REITs as an attractive financial product. On private funds, PERE, in its 2017 full year fundraising report, stated that 168 funds had a final close in 2017, attracting a total of US$93 billion. There was a general slowdown in fundraising for close-ended private real estate funds and a decrease in the total amount raised by vehicles holding a final close for the second year in a row.

Keppel REIT 2017 was an eventful year for the Singapore office sector. The office market recovered gradually, especially towards the latter half of 2017, resulting in overall positive absorption in office space in Singapore’s central business district and steadily improving rental rates.

Keppel REIT Management, as Manager of Keppel REIT, remained focused on providing stable and sustainable distributions to Unitholders. The Manager continued its drive for operational excellence, adopting a disciplined approach towards portfolio management, exercising prudent capital management as well as upholding a meticulous and strategic stance towards investments.

Unitholder return was 29.1%1 for FY 2017, and approximately 10.0%2 per annum since Keppel REIT’s listing in 2006. This reflects the long term value creation for Unitholders.

The Manager’s proactive leasing strategy enabled the REIT to maintain a high portfolio committed occupancy of 99.7% as at end-December 2017, and a portfolio tenant retention rate of 95% for FY 2017.

Riding on the attractive prospects of Australia’s office market, and following the divestment of the approximately 40-year-old 77 King Street development in Sydney in 2016, in July 2017, Keppel REIT acquired a 50% interest in a premium office tower to be developed at 311 Spencer Street. This is Keppel REIT’s second asset in the fast-growing city of Melbourne. When completed in 4Q 2019, the new office tower will be the headquarters for

the Victoria Police. The addition of a triple-A rated tenant on a 30-year long lease will extend the REIT’s portfolio weighted average lease expiry and provide a sustainable income stream. Construction of the freehold Grade A development is on track, with piling works completed as at end-2017.

Looking ahead, notwithstanding an improving economic outlook for Asia and the pick-up in global growth momentum, Keppel REIT continues to face a challenging operating environment as sufficient lead time is required to transit expiring rents to achieve optimal rent levels.

The Manager will continue to leverage Keppel REIT’s best-in-class properties and its active tenant-centric leasing strategy to pursue opportunities to capture the expected uplift in the office market.

Alpha Investment PartnersAlpha registered strong fundraising efforts for its private funds in 2017. The ADCF closed during the year at US$1.0 billion, double the initial target size, while the AAMTF III raised approximately US$560 million.

The ADCF is among the first few unlisted funds of its kind in Asia. Riding on the expertise and strong track record of


Keppel REIT acquired a 50% interest in a new office tower that is currently under development at 311 Spencer Street in Melbourne, Australia.

Alpha Investment Partners (Alpha) raised US$1 billion for the Alpha Data Centre Fund (ADCF) and approximately US$560 million for the Alpha Asia Macro Trends Fund (AAMTF) III.

Alpha invested over US$910 million worth of assets during the year as well as divested 11 assets worth over US$880 million, generating good returns for investors.

Focus for 2018/19

Continue to deliver long-term value and seek growth opportunities, while maintaining a proactive and innovative asset management approach.

Maintain a long and healthy lease expiry profile for Keppel REIT.

Continue to adopt a prudent and proactive capital management strategy.

1.Data centre utilisation trends in Singapore are expected to remain robust. Pictured here is Keppel DC Singapore 4, which the Alpha Data Centre Fund owns a 70% stake.1

Investments

Keppel Land is a sponsor of Keppel REIT and an investor in several funds managed by Alpha Investment Partners.

1 Based on the Unit prices as at the respective year-ends and distributions declared for FY 2017.

2 Based on the Unit prices as at the respective year-ends and distributions declared since Keppel REIT’s listing on 28 April 2006, and assuming that Unitholders participated in all three rights issue exercises in 2008, 2009 and 2011.

Keppel Telecommunications & Transportation, the fund offers investors the opportunity to participate in the fast-growing data centre sector. When fully leveraged and invested, the fund will potentially have assets under management of approximately US$2.3 billion.

The AAMTF III is the third in the AAMTF series, which was first launched in 2007 to ride on mega trends, including rising urbanisation and consumerism, which are driving long-term growth in the Asia Pacific.

In 2017, the funds under Alpha invested over US$910 million worth of real estate and data centre assets, and captured value through the divestment of 11 assets worth over US$880 million.


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Strengthening Retail PresenceKeppel Land Retail Management offers a full range of professional real estate solutions in Asia, encompassing retail consultancy and development, marketing and leasing as well as asset and property management services.

Keppel Land Retail Management commenced asset enhancement works for I12 Katong in December 2017 and this is expected to be completed by August 2018. To further strengthen the mall’s positioning as a premier lifestyle and dining destination in the eastern region of Singapore, construction works on a new double volume space of eight metres high is being carried out to house a host of trendy food and beverage outlets at level four of the mall.

In China, Keppel Land Mall Management Shanghai is the retail manager and consultant for the planning, positioning and pre-leasing of K-Plaza which was acquired in 2016. Located in the south of Malu Town in Jiading District, K-Plaza is a newly built shopping mall with a total gross floor area of about 40,900 square metres (sm). It is highly accessible via the Metro Line 11 Malu station and Malu Bus Terminal.

Positioned as a community retail centre, the mall will serve the needs of residents, in particular, young couples and families, in the immediate and neighbouring precincts. K-Plaza is undergoing renovation and asset enhancement works. The retail mall is expected to commence operations in the second half of 2018.

In Vietnam, Estella Place is a five-storey retail podium at Estella Heights, a condominium located in the prime District 2 of HCMC. Situated along the Hanoi Highway and adjacent to two upcoming metro stations, Estella Place is slated to open in 4Q 2018, offering 37,000 sm of prime retail space.

With a plethora of retail, lifestyle and dining options, Estella Place is well-positioned to become a one-stop shopping hub. Keppel Land Mall Management Vietnam has been appointed retail consultant and mall manager. It is in the midst of pre-leasing the retail spaces as well as reviewing and managing the layout and configuration of shops.


Launched KLOUD serviced co-offices in Singapore, Vietnam and Myanmar, bringing Keppel Land’s total regional serviced co-office footprint to about 60,000 square feet (sf).

Focus for 2018

Expand serviced co-office footprint to other overseas markets.

Retail Management

Keppel Land will harness the strengths of its retail management arm to bolster its commercial portfolio.


Commenced asset enhancement works for I12 Katong in Singapore in December 2017.

Commenced renovation and interior design works as well as pre-leasing of spaces for K-Plaza in Shanghai, China.

Successfully secured key anchor tenants for Estella Place in Ho Chi Minh City (HCMC), Vietnam.

Focus for 2018

Continue development management consultancy, trade-mix planning, pre-leasing of spaces and centre management team resourcing for Keppel Land’s existing retail assets which will open from 3Q 2018 onwards.

Consolidate and optimise resources as well as marketing intelligence in managing retail properties in the various geographical locations.

Serviced Co-office

Leveraging the rising demand of quality shared workspace globally, Keppel Land has launched KLOUD, a new generation serviced co-office, in Singapore, Vietnam and Myanmar.

The demand for co-working spaces has been fuelled by increased funding for start-up companies, multinational corporations looking for flexible workspaces as well as companies looking to attract the millennial workforce. Technology has also changed the way companies function as the workforce becomes increasingly mobile. Many traditional serviced offices are redesigning their spaces to enhance collaboration and interaction.

Leveraging the rising demand for quality shared workspace globally, Keppel Land launched KLOUD, a new generation serviced co-office to cater to users looking for flexible space solutions.

As both landlord and operator of KLOUD, Keppel Land is able to meet supplemental space requirements of existing building tenants as well as incubate new growth businesses before they take up permanent and possibly, longer leases at its office towers.

KLOUD combines the benefits of serviced offices and co-working spaces. Its flexible shared office space ranges from fully-furnished office suites to hot-desks, which are available for short- or long-term leases.

KLOUD is targeted at start-up companies, small and medium-size enterprises, entrepreneurs as well as solopreneurs. It has attracted tenants from a diverse mix of industries such as fast-moving consumer goods, media companies, marine surveyors, wholesale businesses, information technology service providers, education services and investment companies.

Through a secure smart office mobile application, users of KLOUD can access the serviced co-office and individual office suites round-the-clock, book facilities as well as manage their guest lists. Users will also be able to enjoy other lifestyle offerings by Keppel Land, including rental of serviced apartments as well as gain access to amenities and facilities in other countries where KLOUD has presence in.

The flagship KLOUD centre is located at Keppel Bay Tower spanning 18,000 sf and offers panoramic sea views.

Besides Singapore, KLOUD is also available in Ho Chi Minh City (HCMC), Vietnam, and Yangon, Myanmar. This brings Keppel Land’s total regional serviced co-office footprint to about 60,000 sf.

KLOUD Saigon Centre Tower 2 is housed within Keppel Land’s landmark mixed-use development, Saigon Centre. It is strategically located along Le Loi Boulevard in the heart of HCMC’s central business district (CBD) in the prime District 1. Occupying 20,000 sf, KLOUD Saigon Centre Tower 2 commenced operations in November 2017.

KLOUD Junction City Tower, also spanning 20,000 sf, began operations in January 2018. It is situated in the heart of Yangon’s CBD, with easy access to key landmarks and transportation nodes in the city.

Looking ahead, Keppel Land plans to operate a KLOUD centre in each of the markets where it operates.

Keppel Land Retail Management’s Portfolio

GFA (sm)

Singapore I12 Katong 26,208

Wisteria Mall 10,931

China K-Plaza, Shanghai 40,903

Park Avenue Central, Shanghai

33,000

Retail component in Sheshan Riviera, Shanghai

6,603

Seasons City, Tianjin 80,564

Vietnam Estella Place, Ho Chi Minh City

37,000

Taiwan TaiMall Shopping Centre, Taoyuan

94,951

Total 330,160


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Keppel Land Hospitality Management, the hospitality arm of Keppel Land, operates a portfolio of hotels, serviced apartments, golf courses and marinas across Asia.

Tourism OutlookAccording to the United Nations World Tourism Organisation Barometer, international travel grew 7% year-on-year (y-o-y) in 2017, the highest in seven years. Asia and the Pacific recorded a 6% growth y-o-y with 324 million international tourist arrivals in 2017.

The current strong momentum is expected to continue in 2018 with the Pacific Asia Travel Association forecasting international visitor demand into the Asia Pacific region to grow at an average rate of 5% each year to reach about 758 million by 2021. Intra-regional flow within Asia is forecast to remain strong, increasing its share from 82.6% in 2016 to about 94% by 2021.

SingaporeVisitor arrivals into Singapore increased by 6.2% y-o-y in 2017 to reach 17.4 million, according to the Singapore Tourism Board. Tourist arrivals from mainland China contributed 18.5% of total visitor arrivals, making the country the largest source market for tourism in Singapore.

Corporate leasing at Residences at Reflections saw a reduction in occupancy rate due to the sale of units previously reserved for leasing. As of end-2017, 57 of the 153 units have been sold.

Marina at Keppel Bay enjoyed a strong berthing occupancy rate of 97% as at end-2017. Revenue was 10% higher at $4.95 million y-o-y in 2017 as compared to $4.5 million in 2016. The line-up of super yachts in 2018 will continue to boost the marina’s revenue.

ChinaIn 2017, despite intense competition and the ongoing curbing of government luxury spending, golf rounds at Eco-City International Country Club (ECICC) in Tianjin increased by 11% y-o-y while golf rounds at Spring City Golf & Lake Resort in Kunming remained flat y-o-y.

ECICC has implemented mobile application, WeChat, as a payment gateway and marketing tool, providing added convenience for visitors.

VietnamTotal international visitor arrivals reached about 13 million in 2017, an increase of 29% y-o-y. Visitors from China continue to lead in the total international arrivals with an increase of 48% to reach four million in 2017. China represented 31% of all international visitors, followed by South Korea with 2.4 million travellers, and Japan with about 798,000 arrivals.

Sedona Suites HCMC Orchid Tower maintained a stable occupancy of 85.3% as at December 2017, amid temporary suspension of facilities due to the construction of Saigon Centre Phase 2 development as well as stiff competition from new hospitality developments.

Sedona Suites HCMC Grand Tower commenced operations in February 2018, adding another 195 luxury serviced apartments.

IndonesiaTotal visitor arrivals into Bintan in 2017 was more than 898,000, surpassing the total arrivals of 677,000 in 2016. According to a report by Bintan Resort, locals made up about 32% of the visitor arrivals with Singaporeans at 31%. To meet the needs of golfers and tourists, Ria Bintan Golf Club completed upgrading works on its nine-hole Forest Course in 2017 which included the replacement of compacted sands with new sands and upgrading of the bunkers. With an effective sales and marketing campaign, Ria Bintan Golf Club achieved 20,091 golf rounds in 2017, a 26% increase y-o-y.

MyanmarAccording to the Ministry for Hotels and Tourism, Myanmar saw an 18% increase in visitor arrivals to reach 3.4 million in 2017 as compared to 2.9 million in 2016. The government continues to promote cultural and community-based tourism in Yangon and will be actively seeking new destinations to boost tourism.

With a growing tourism industry and an increase of international flights to Myanmar, there has been an increase in demand for high-quality accommodation and numerous international brands have entered the Myanmar hotel industry. As a result, supply of hotel rooms has outstripped the increase in foreign tourist and business arrivals. The increased competition has prompted significant cuts in room rates across the hospitality sector among the mid-range and high-end operators.

Nonetheless, Sedona Hotel Yangon has maintained its position as the accommodation of choice for business and leisure travellers. Despite stiff competition, occupancy rate improved to 56.3% as at end-2017 compared to 40.8% in end-2016.

In May 2017, Keppel Land entered into an agreement with the Shwe Taung Group to manage Sedona Suites Junction City upon its completion. Sedona Suites Junction City comprises 260 serviced apartments and is under Junction City Phase 2 development. Following the divestment of Sedona Hotel Mandalay in July 2017, Keppel Land Hospitality Management ceased its management service of the hotel from September 2017.

Keppel Land’s Hospitality Portfolio

Country Property Name Location Description

Singapore Residences at Reflections Singapore 96 apartments1

Marina at Keppel Bay Singapore 168 berths

China Spring City Golf & Lake Resort Kunming Two 18-hole golf courses, 73 guest rooms and 530 resort homes

Eco-City International Country Club Sino-Singapore Tianjin Eco-City 18-hole golf course

Vietnam Sedona Suites Ho Chi Minh City2 Ho Chi Minh City 284 serviced apartments

Indonesia Ria Bintan Golf Club Bintan 9- and 18-hole golf courses and 31 rooms

Club Med Ria Bintan3 Bintan 302 rooms

Nongsa Point Marina and Resort3 Batam 65 berths and 192 rooms

Myanmar Sedona Hotel Yangon Yangon 797 rooms

Sedona Suites Junction City4 Yangon 260 serviced apartments

1 Includes 43 units commited to buyers under a deferred payment scheme.2 Orchid Tower (89 apartments) is targeted to close for upgrading by Q2/early Q3 2018.3 Keppel Land has equity stakes in these properties which are not managed by Keppel Land Hospitality Management.4 Operations are expected to commence in 2023.

1.Sedona Hotel Yangon has maintained its position as the accommodation of choice for business and leisure travellers.

Hospitality Management

Keppel Land’s hospitality portfolio has grown in repute for its offerings of thoughtful experiences.


Entered into an agreement with Shwe Taung Group to manage Sedona Suites Junction City in Yangon, Myanmar.

Completed the upgrading of Ria Bintan Golf Club’s Forest Course in Indonesia.

Focus for 2018

Commence operations at Sedona Suites Ho Chi Minh City (HCMC) Grand Tower under Phase 2 of Saigon Centre in Vietnam.

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Growing PresenceChina is one of Keppel Land’s core markets and the Group is committed to scale up in high-growth cities, with a focus on Shanghai, Beijing, Tianjin, Chengdu and Wuxi.

Keppel Land has been building its reputation and track record as a choice home developer in China for over two decades, and has completed a total of about 33,500 units in more than 10 cities.

As at end-2017, China accounted for about 42% of Keppel Land’s total assets, more than double the 20% in 2010 when Keppel Land China was established. Keppel Land has presence in close to 10 cities in China, with over 20 projects and a pipeline of over 31,000 homes.

Keppel Land sold 3,725 homes in China in 2017, accounting for about 68% of total sales. Home sales volume achieved in China were marginally lower than the 3,800 homes sold in 2016, due to property tightening measures in China. In 2017, Keppel Land proactively recycled assets to achieve higher returns and successfully monetised assets such as Waterfront Residences, a residential project in Nantong as well as completed the divestment of two township developments, The Botanica in Chengdu and Central Park City in Wuxi. This is equivalent to about 2,030 homes sold en bloc. Keppel Land also announced the sale of its stake in Keppel Cove in Zhongshan. The divestment has since been completed.

Keppel Land has a healthy pipeline of about 5,300 launch-ready units in China from 2018 to 2020 and is poised to capture the pent-up and new demand for quality homes as the market recovers.

In line with Keppel Land’s strategy to expand in its cities of focus, Keppel Land acquired a prime 18-ha residential site in Wuxi as well as a 30% stake in Trinity Tower (formerly known as SOHO Hongkou), in the Hongkou District in Shanghai, in a joint venture led by Alpha.

Stable Economic GrowthChina’s economy grew 6.9% year-on-year (y-o-y) in 2017, compared with 6.7% in 2016. Strength in exports, retail sales and a resilient property market were the main drivers of this growth. The service sector accounted for about half of China’s Gross Domestic Product (GDP) in 2017. Internet technology, the sharing economy, e-commerce and tourism have become major driving forces behind the service sector.

China has set its GDP growth target at around 6.5% for 2018, as the government takes steps to avoid an asset bubble and a build-up of non-performing loans in the economy. Continuing property market cooling measures will curb prices and keep growth in check.

Urbanisation plays an important role in China’s economic transformation and the central government is reforming its hukou system to facilitate the urbanisation process. China’s urban population is forecast to grow by another 240 million between 2015 and 2030 as the urbanisation rate increases

from 55.6% to 68.7%. This translates to an average annual increase of 16 million urbanites. Based on China’s official average household size of three persons, there will be a demand for about 5.3 million new urban dwellings annually.

ShanghaiShanghai’s GDP grew 6.9% y-o-y to RMB 3 trillion in 2017. Growth was mainly led by the financial and information technology sectors.

Home prices increased 25.8% y-o-y in 2017. New market supply fell 52.8% y-o-y to 3.79 million square metres (sm) in the same period. In view of the limited supply and cooling measures, transaction volume is expected to remain subdued in 2018.

Meanwhile, the Grade A office market enjoyed steady growth in rents in 2017. This trend is expected to continue into 2018 with financial institutions and the technology, media and telecommunications sectors leading demand. High profile co-working space operators are also expanding into multiple locations in the central business district (CBD).

Shanghai’s retail market remains healthy. Rents are likely to increase with low vacancy rates at well-managed malls in prime locations. Underpinned by the government’s efforts to boost domestic consumption, retail rental growth will continue to be driven by well-located malls with experienced operators and balanced tenant profiles.

The SpringdaleLocation: Xinchang Town, Pudong DistrictDevelopment type: High-and low-rise apartments and terrace homesTotal no. of units: 2,596GFA: 328,792 smCompletion: 2015

Located in Xinchang Town, Pudong District, The Springdale comprises 2,596 units of high-and low-rise apartments and terrace houses. It is a five-minute drive from the Xinchang Town metro station and a 15-minute drive from Shanghai Disneyland. All units have been fully sold as at end-2017.

Sheshan RivieraLocation: Sheshan, Songjiang DistrictDevelopment type: Landed homesTotal no. of units: 217GFA: 83,174 smCompletion: 2018 (Phase 1)

Located within Shanghai’s luxury villa enclave, Sheshan Riviera is situated at the boundary of Sheshan National Forest Park and is well-served by leisure amenities. It is close to the Metro Line 9 Sheshan station, about 20 kilometres (km) from the Shanghai Hongqiao International Airport and a 45-minute drive from the city centre. The development will yield 217 landed homes with an auxiliary retail component. About 36% of the 53 launched units under Phase 1 have been sold as at end-2017.

1.Sheshan Riviera, comprising 217 landed homes, is located within Shanghai’s luxury villa enclave in the Songjiang District.1

China

China is one of Keppel Land’s core markets where it will continue to deepen its presence in key focus cities.


Sold 3,725 homes.

Jointly acquired Trinity Tower mixed-use development in Shanghai with Alpha Investment Partners (Alpha) and Allianz Real Estate.

Acquired an 18-hectare (ha) residential site in Wuxi.

Divested Waterfront Residences in Nantong.

Announced the divestment of Keppel Cove in Zhongshan.

Focus for 2018

Continue to focus on five cities – Shanghai, Beijing, Tianjin, Chengdu and Wuxi.

Grow commercial presence in Tier 1 cities.

Monitor residential market closely to launch new projects and phases.


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Keppel Land China holds 100% interest in a 36.6-ha site located in the Start-Up Area (SUA) of Sino-Singapore Tianjin Eco-City. Development is carried out in phases and is expected to yield 4,297 homes, offices and retail outlets.

Seasons Park is the first project in the four-phase residential development in the SUA. Comprising 1,672 homes, it was completed in 2012 and all units have been fully sold. Phase 2, Seasons Garden, comprises 1,190 apartments. Almost all units have been sold as at end-2017, with completion expected in 2020. Phase 3, Seasons Residences, comprises 918 apartments. Launched in November 2017, about 62% of the 380 launched units have been sold as at end-2017.

The last phase of development, Seasons Heights, comprises 372 apartments and 145 commercial units. All 124 launched units have been sold as at end-2017. Construction is expected to be fully completed in 2020.

Seasons City, the commercial sub-centre, will feature three office towers and retail premises with a combined gross floor area (GFA) of about 162,000 sm. Phase 1 will feature an office tower and a retail complex with total above-ground GFA of 81,497 sm. Construction has

commenced and Phase 1 is targeted for completion in 2020.

Serenity VillasLocation: Sino-Singapore Tianjin Eco-CityDevelopment type: Landed homesTotal no. of units: 340GFA: 80,000 smCompletion: 2014

Located at Ying Cheng South Island, Hangu District, within the Sino-Singapore Tianjin Eco-City, Serenity Villas comprises 340 eco-apartments, villas and semi-detached houses. Around 73% of the 340 units have been sold as at end-2017.

Waterfront ResidencesLocation: Sino-Singapore Tianjin Eco-CityDevelopment type: Landed homesTotal no. of units: 341GFA: 63,235 smCompletion: 2017 (Phase 3)

Situated within the SUA and close to the future city centre of the Sino-Singapore Tianjin Eco-City, Waterfront Residences comprises 341 terrace and semi-detached houses. Targeted at the upper-middle income segment, Phases 1 and 2 developments were completed in 2016 while Phase 3 development was completed in 2017. Almost all of the 341 units have been sold as at end-2017.

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Operations and Market ReviewChina

8 Park AvenueLocation: Jing’an, Jinan DistrictDevelopment type: High-rise apartmentsTotal no. of units: 918GFA: 133,393 smCompletion:2015

The Park Avenue precinct comprises three projects – One Park Avenue, 8 Park Avenue and Park Avenue Central. Located in downtown Shanghai, in the prime Jing’an District, Park Avenue is highly accessible via expressways and the Jing’an Metro Line 7.

The 1,118-unit One Park Avenue is fully sold. 8 Park Avenue comprises 10 residential towers with 918 high-rise apartments. The development is about 97% sold as at end-2017. An office-cum-retail development is planned for Park Avenue Central.

Seasons ResidencesLocation: Nanxiang, Jiading DistrictDevelopment type: High-rise apartmentsTotal no. of units: 1,102GFA: 128,918 smCompletion: 2016

Situated in a mature satellite town in Nanxiang, Jiading District, Seasons Residences comprises 1,102 high-rise apartments. It is a 30-minute drive from the People’s Square and is well-connected to Shanghai’s city centre via Metro Line 11 and the expressway. About 95% of the 1,102 units have been sold as at end-2017.

of leasable area has been occupied with tenants including Panasonic and China Pacific Insurance.

BeijingBeijing continued to achieve steady economic growth with GDP reaching RMB 2.8 trillion in 2017, up 6.7% y-o-y. Growth was mainly led by the finance, real estate, information technology and communications as well as software industries.

Demand in the Grade A office market remained strong, driven primarily by the financial, investment, insurance and high-tech industries. Market rents maintained a moderate upward trend in 2017 with a y-o-y growth rate of 1.6%. There were 821,062 sm of new Grade A office space in 2017. Overall demand for Grade A office space is expected to remain robust in 2018. However, the increase in Grade A office supply is expected to cause a slight dip in average rent.

Commercial DevelopmentLocation: CBD, Chaoyang DistrictDevelopment type: Mixed-use GFA: 104,800 smCompletion: 2020

The site is centrally located in Beijing’s CBD in Chaoyang District and slated for the development of three Grade A office towers and retail premises. Given its prime location and quality specifications, the development is expected to attract state-owned enterprises and multinational corporations when completed.

1

TianjinTianjin’s GDP grew 3.6% y-o-y to reach RMB 1.86 trillion in 2017. The announcement by the Chinese government to develop the Xiong An New Area within the Beijing-Tianjin-Hebei cluster has accelerated the integration process. Tianjin and Hebei Provinces have signed a series of strategic agreements to support the construction and development of the Xiong An New Area.

The Tianjin government had introduced property market cooling measures since 2016, which include an increase in downpayment as well as purchase and selling restrictions. These cooling measures are expected to continue into 2018.

Sino-Singapore Tianjin Eco-City Location: Tianjin Binhai New AreaDevelopment type: Eco-townshipTotal no. of units (36.6-ha within SUA): 4,297GFA: 624,416 sm (Residential and commercial)Completion: 2019 (Seasons Garden Plot 9, Seasons Residences Phase 3A) 2020 (Seasons Garden Plot 8, Seasons Heights, Seasons City Phase 1)

The Keppel Group leads the Singapore consortium in the 30-square km Sino-Singapore Tianjin Eco-City project, which is now in its 10th year of development.

K-PlazaLocation: Malu, Jiading DistrictDevelopment type: Retail mallGFA: 40,903 smCompletion: 2016

Located in the south of Malu Town, Jiading District, K-Plaza has a total net lettable area of about 27,000 sm. It is highly accessible with direct connection to Metro Line 11 Malu station and the Malu Bus Terminal.

Positioned as a community retail centre, K-Plaza is undergoing renovation and is expected to commence operations in the second half of 2018. The strata-titled shops were launched in May 2017 and 59% of the 120 launched units have been sold as at end-2017.

Trinity TowerLocation: Hongkou DistrictDevelopment type: Mixed-useGFA: 70,042 smCompletion: 2015

Trinity Tower, formerly known as SOHO Hongkou, is located at the fringe of the North Sichuan Road CBD, in close proximity to the North Bund CBD, Lujiazui Financial District and People’s Square in Puxi. It is within walking distance to Metro Lines 4 and 10 as well as major roads and cross-river tunnels.

Designed by leading architect Kengo Kuma, Trinity Tower was completed in 2015 and boasts an eye-catching structure and facade. As at December 2017, 99% of the 48,600 sm

1.K-Plaza, a community retail centre located in the Jiading New City Core Area in Shanghai, is expected to commence operations in the second half of 2018.

2.Almost all of the 1,190 apartments at Seasons Garden in the Sino-Singapore Tianjin Eco-City have been sold.


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Operations and Market ReviewChina

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2

1.Park Avenue Heights in Chengdu, comprising 1,535 high-rise apartments, received positive response with 96% of the units sold as at end-2017.

2.Waterfront Residences is located in Wuxi’s Binhu District and comprises 1,481 units of villas, terrace houses and mid-rise apartments as well as 686 commercial units.

Chengdu Chengdu, the provincial capital of Sichuan, is the economic hub of Western China. Its GDP grew 8.1% y-o-y to RMB 1.39 trillion in 2017. The city continues to enjoy rapid growth as economic activities shift to Western China and multinational corporations establish their presence in Chengdu. Chengdu is the fourth largest city in China with a total population of nearly 14 million.

Chengdu experienced moderate increase in home prices in 2017. To stabilise the property market, new housing policies were introduced by the government. Residential supply reduced by 53% y-o-y to 3.3 million sm. Average selling prices increased by 20% y-o-y to RMB 13,903 per sm. Demand for homes is expected to remain strong in 2018.

Park Avenue HeightsLocation: Jinjiang DistrictDevelopment type: High-rise apartmentsTotal no. of units: 1,535GFA: 203,129 sm Completion: 2017

Park Avenue Heights is a prime residential project located in the city centre, along the Second Ring Road, close to Dongdajie Financial District and about a 10-minute walk to the metro station. About 96% of the 1,535 units have been sold as at end-2017.

Hill Crest Villas Location: Mumashan, Xinjin CountyDevelopment type: Landed homesTotal no. of units: 274GFA: 163,147 smCompletion: 2020 (Phase 2)

Situated in an established low-density residential enclave in Mumashan, southwest of Chengdu, Hill Crest Villas will feature 274 landed homes targeted at the upper-middle income segment. The project is located about 20 km from the city centre and 10 km from Chengdu’s Shuang Liu International Airport. It is close to Tianfu New City, earmarked to be Chengdu’s software town and the future CBD. Some 53 units under Phase 1 are launch-ready.

Serenity Villas Location: Mumashan, Xinjin CountyDevelopment type: Landed homesTotal no. of units: 573GFA: 233,862 smCompletion: 2020 (Phase 2)

Located adjacent to Hill Crest Villas, Serenity Villas will comprise 573 landed homes. The two landed developments will cater to different segments of buyers within the middle- to upper-income segment. Phase 1 of Serenity Villas, comprising 84 units, is launch-ready.

V City Location: Pi CountyDevelopment type: High-rise apartmentsTotal no. of units: 5,399GFA: 557,962 smCompletion: 2018 (Phases 2 & 3) 2019 (Phase 4)

V City is the second collaboration between Keppel Land and China Vanke, following their joint venture on a residential project in Singapore.

Located adjacent to Bai Cao Road station of the Metro Line 2, the 16.7-ha land plot will yield 5,399 apartment units when completed. Launched in phases, almost all of the 4,507 launched units have been sold with construction ongoing.

Wuxi Wuxi’s GDP expanded 7.4% y-o-y to RMB 1.05 trillion in 2017, mainly due to strong growth in the manufacturing and service sectors.

The outlook for Wuxi’s economy is positive with GDP growth forecast to remain stable in 2018. Increased foreign investments, rising affluence and greater transport integration with other Chinese cities will sustain its strong economic growth.

Waterfront ResidencesLocation: Shanshui, Binhu DistrictDevelopment type: Mixed-useTotal no. of units: 2,167GFA: 306,962 smCompletion: 2018 (Phases 2 & 3A)

Located in Shanshui, Binhu District, Waterfront Residences comprises 1,481 units of villas, terrace houses and mid-rise apartments as well as 686 commercial units. Fronting the scenic Li Lake, the development is surrounded by a 260-ha national wetland park. It is located near the Metro Line 1 station and is a 15-minute drive from the city centre.

Targeted at the upper-income segment, about 90% of the 381 launched units have been sold as at end-2017.

Park Avenue HeightsLocation: Liangxi DistrictDevelopment type: Mixed-useTotal no. of units: 1,742GFA: 171,593 smCompletion: 2018 (Phases 1 & 2)

Situated in Liangxi District, at the junction of Jianghai Road and Xicheng Road as

well as near the city centre, the mixed-use development will comprise 1,291 units of high-rise apartments and 451 commercial units.

Park Avenue Heights is located next to the Metro Line 1 station. Well-connected via major roads, the development will enjoy convenient access to numerous amenities and facilities such as educational institutions, supermarkets and shopping malls.

Targeted at the upper-middle income segment, Phase 1 comprises 328 units and about 80% of the 128 launched units have been sold as at end-2017. The remaining units are expected to be launched in the first half of 2018.

Seasons ResidencesLocation: Xinwu DistrictDevelopment type: Low-rise, mid-rise and high-rise apartmentsTotal no. of units: 2,755GFA: 360,500 sm

Situated in a mature residential precinct within the Xinwu district, the 18-ha site will yield 2,053 high-rise, 456 mid-rise and 246 low-rise apartments. Located only five km away from Wuxi’s downtown area, the site is in close proximity to the Sunan Shuofang International Airport and Wuxi railway station.

The site is also highly accessible via six bus routes and the future Metro Line 3 station, which is currently under construction. It is also well-supported by a host of amenities in the vicinity such as the R&F Commercial Street, Shin Shopping Mall and Ren De Hospital.


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Continued Strong MomentumVietnam achieved a robust Gross Domestic Product (GDP) growth rate of 6.8% in 2017, up from 6.2% in 2016. This was underpinned by a record foreign direct investment (FDI) registered, overseas remittance and a surging manufacturing sector. Inflation remained moderate at 3.5%.

In 2017, Vietnam attracted US$35.9 billion pledged FDI, the highest amount since 2009, while disbursed FDI reached US$17.5 billion, a growth of 10.8% year-on-year (y-o-y). Exports rose by 21.1% y-o-y to US$213.8 billion while imports expanded by 20.8% y-o-y to US$211.1 billion, resulting in a trade surplus of US$2.7 billion in 2017. Retail and services turnover achieved US$172.6 billion in 2017, up 10.9% y-o-y.

In HCMC, demand outstripped supply in the residential market, which saw about 32,900 apartments sold, while 31,100 new units were launched in 2017. The high-end segment accounted for 20.5% of units sold, with average selling prices up by 4% y-o-y.

The southern (District 7) and the eastern (Districts 2, 9 and Binh Thanh) regions of HCMC continued to lead in terms of residential supply and demand due to improving infrastructure and connectivity, which bodes well for Keppel Land’s projects in these districts.

Two Grade A office buildings were completed in 2017, providing the market with 61,200 square metres (sm) of net lettable area. Despite new office supply coming on-stream in the last two quarters

of 2017, average Grade A occupancy rate remained high at 91.8%. Grade A office rents enjoyed a healthy increase of 4.8% y-o-y and this upward trajectory is expected to continue in 2018 and 2019 due to the lack of new supply in the near term.

In the retail sector, major international brands have recently expanded into Vietnam’s market, such as H&M, Zara, Desigual, Trendiano and Coach. Limited supply of prime retail space will continue to boost both occupancy and rental rates. Favourable macroeconomic factors such as Vietnam’s young population, rising incomes and increasing international arrivals, are expected to continue to drive the retail market in the country.

Keppel Land has 20 licensed projects across Vietnam and a pipeline of more than 20,000 homes, mostly located in HCMC. The Company will continue to leverage its strong reputation as one of the largest and pioneer foreign real estate developers in Vietnam to meet the robust demand for homes and commercial developments.

CONDOMINIUMSHo Chi Minh CityEstella HeightsLocation: District 2Total no. of units: 872GFA: 160,785 smCompletion: 2017 (Phase 1)

2018 (Phase 2)

Estella Heights is located in An Phu Ward, District 2, a popular residential enclave for the affluent. It is a short 15-minute drive

to the central business district (CBD) via Mai Chi Tho Boulevard and the Thu Thiem Tunnel. Residents will enjoy greater connectivity to the city when the An Phu metro station, which is within walking distance from the development, is operational in 2020. Estella Heights is also in close proximity to a number of reputable international schools such as the British International School, International School HCMC and Australian International School.

The development is targeted at the upper-middle income segment. Phase 1, comprising 496 units, is fully sold and was handed over to homebuyers in September 2017. Phase 2, the Signature Collection, comprising 376 units, is 98% sold as at end-2017. Phase 2 sits atop Estella Place, a retail podium with 37,000 sm of gross floor area spanning across five storeys. Estella Place, which is scheduled to open by end-2018, is positioned as an eco-friendly mall, offering a host of specialty stores, food and beverage outlets as well as educational and enrichment centres.

Riviera PointLocation: District 7Total no. of units: 2,400GFA: 437,944 smCompletion: 2014 (Phase 1A)

2019 (Phase 1B, The View)

Located on an 8.9-hectare (ha) site with a 500-metre (m) frontage of the Ca Cam River, Riviera Point, towering at 40 storeys, is the tallest development in District 7 offering unobstructed views of the Saigon River and the CBD. The site is highly accessible

and is within a 25-minute drive to the CBD. With the completion of the Phu Thuan Bridge and Ca Cam Bridge, residents enjoy easy access to facilities such as international schools, hospitals as well as retail and leisure amenities in the commercial centre of the adjacent township, Phu My Hung.

Targeted at the upper-middle income segment, the development will feature 2,400 waterfront apartments when fully completed. Phase 1A, comprising 549 units, was completed in 2014 and is fully sold. Phase 1B, The View, comprising 518 units, is 77% sold as at end-2017. It is currently under construction and is expected to be completed in 2019.

Future Residential DevelopmentLocation: Saigon SouthTotal no. of units: 1,247GFA: 283,749 smCompletion: 2021

The 12.6-ha site is located in Saigon South of HCMC, in a highly populated and established upper mid-end residential area. With easy access to HCMC’s CBD, the site will yield 1,247 landed and high-rise condominium units when completed.

VILLASHo Chi Minh CityRiviera CoveLocation: District 9Total no. of units: 96GFA: 34,711 smCompletion: 2012

Located in District 9 of HCMC, Riviera Cove is a gated waterfront villa development

1.Keppel Land has fully sold all units at Estella Heights Phase 1 and all 496 units have been handed over to homebuyers in 2017.

Vietnam

Keppel Land will continue to build on its reputation as a choice developer, leveraging its more than 20 years of experience in Vietnam.


Sold more than 1,110 homes, mostly from Estella Heights, Palm Heights, The View, Linden Residences and Tilia Residences.

Increased stake in Saigon Centre.

Commenced operations at Saigon Centre Phase 2 office tower in July.

Signed conditional sales and purchase agreements to acquire two prime residential sites which will yield about 1,550 homes.

Sold two land plots at Palm City.

Focus for 2018

Commence operations at Sedona Suites Ho Chi Minh City (HCMC) Grand Tower under Saigon Centre Phase 2.

Launch Phase 1 of Saigon Sports City, Phase 2 of Palm City, Phase 3 of Empire City and Phase 1C of Riviera Point.

Complete Phase 2 of Estella Heights and commence operations at Estella Place retail mall.

located about a 30-minute drive from the CBD. Travelling time to the city centre has been significantly shortened with the completion of the first stage of the Inner Ring Road and the opening of the HCMC-Long Thanh–Dau Giay Expressway. Residents of the 96 resort-style villas can enjoy waterfront views with the development’s 280-m frontage to the Rach Chiec River. All villas have been sold. The development was completed and handed over to homebuyers in 2012.

Future Villa DevelopmentLocation: District 9Total no. of units: 310GFA: 54,908 smCompletion: 2020

The 5.6-ha site is located in District 9 and borders the affluent residential enclave of District 2. It enjoys easy access to HCMC’s CBD and the future CBD in the Thu Thiem New Urban Area. The site will yield more than 300 landed homes when completed. TOWNSHIPSHo Chi Minh CityPalm CityLocation: District 2Total no. of units: 3,666GFA: 521,416 smCompletion: 2017 (Palm Residence) 2019 (Palm Heights)

The multi-phased integrated waterfront development is situated in the tranquil An Phu Ward of District 2, HCMC. The township enjoys easy accessibility to other parts of HCMC via Mai Chi Tho

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Operations and Market ReviewVietnam

Boulevard and the Thu Thiem Tunnel. It is also located just a 15-minute drive from the CBD as well as within a five-minute drive to the Thu Thiem New Urban Area, the up-and-coming business district in HCMC. Its strategic location allows future residents easy connectivity to other provinces including Dong Nai, Vung Tau and Phan Thiet as well as to the future Long Thanh International Airport via the HCMC-Long Thanh–Dau Giay Expressway. With a 2.7-kilometre (km) frontage to the Giong Ong To River and Muong Kinh River, the development will offer residents a green living environment supported by a full range of services including retail, medical and educational amenities.

Phase 1 comprises Palm Residence and Palm Heights which were launched in July and October 2016, respectively. The 135 landed homes at Palm Residence have been fully sold. The project was completed and handed over to homebuyers in December 2017. Palm Heights, comprising 816 high-rise apartments, is about 99% sold as at end-2017. Palm Heights is currently under construction and is expected to be completed in the second half of 2019. Phase 2, Palm Garden, comprising about 900 residential units, is slated for launch in 2018.

Saigon Sports CityLocation: District 2Total no. of units: 4,293GFA: 724,000 smCompletion: 2022 (Phase 1, Velona)

The 64-ha Saigon Sports City township is strategically located in the prime An Phu Ward of District 2, where there is a growing

middle-class and increasing demand for high-quality urban spaces. The project is developed in collaboration with Keppel Urban Solutions, which is a new business unit under Keppel Corporation and an end-to-end master developer of urban developments.

Saigon Sports City is envisaged to be a bustling hub, combining high-quality urban living with vibrant and healthy lifestyles, which can be a model for other urban developments in Asia. The township will include iconic features such as a waterfront boulevard, an open public plaza and Vietnam’s first one-stop lifestyle hub with comprehensive facilities for sports, entertainment, shopping and dining. Biophilic design principles will be incorporated into the development, such as natural lighting and ventilation, a linear park, vertical greenery and picturesque water features with natural filtration, to create a green and sustainable environment.

The development will be empowered by Azure, Microsoft’s intelligent and trusted cloud, to enable essential services such as security and access control, remote monitoring and control of smart infrastructure as well as monitoring of community vitals such as air quality. An integrated mobile application which will deliver convenient lifestyle, transport and other value-adding services to residents and businesses in Saigon Sports City, will also be available.

Phase 1 of the development, Velona, is expected to be launched in the second half of 2018.

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2

Developed in several phases, Phase 1 was completed in 1996 and comprises a 25-storey mixed-use development which includes Grade A office space, retail and luxury serviced apartments. Phase 1 of Saigon Centre has established itself as the preferred business and residential address in HCMC. As at end-2017, Tower 1 office under Phase 1 is about 94% leased to diplomats and multinational corporations as well as banking and financial institutions. The 89 serviced apartments under Sedona Suites are 85% leased.

Phase 2 of Saigon Centre comprises 55,000 sm of prime retail space, 44,000 sm of premium Grade A office space and 195 luxury serviced apartments. The retail mall is fully leased with over 400 international and local brands, including leading Japanese department store, Takashimaya, as its anchor tenant. Since its opening in August 2016, the mall has received close to 14 million visitors as at end-2017.

Tower 2 office under Phase 2 development commenced operations in July 2017. As at end-2017, the office is about 81% leased to multinational corporations and well-established local companies such as AIA, Lazada, Garena,Shopee, Techbase and Toyota Finance. Sedona Suites HCMC Grand Tower commenced operations in February 2018.

Empire CityLocation: District 2Total no. of units: 3,000GFA: 661,000 smCompletion: 2020 (Phase 1, Linden Residences, Phase 2, Tilia Residences)

The 14.6-ha waterfront development is situated in the Thu Thiem New Urban Area, the future CBD of HCMC. Overlooking the Saigon River, the site is about a five-minute drive to the city centre via the East-West Highway and the Thu Thiem Tunnel. The Thu Thiem New Urban Area is to be developed into HCMC’s largest economic, commercial and financial centre, offering cultural, entertainment and recreational activities. Thu Thiem Bridge 1 and Thu Thiem Tunnel have begun operations in 2017. Other key transport infrastructure such as the Metro Line and four other bridges within the Thu Thiem New Urban Area are under development, which will shorten travelling time to neighbouring districts by about 15 minutes.

Empire City will yield about 3,000 luxury high-rise residences, Grade A office space, prime retail space as well as an iconic 88-storey integrated mixed-use tower complex. Phase 1, Linden Residences, comprising 510 units, is about 99% sold as at end-2017. Phase 2, Tilia Residences, comprising 472 units, was launched in July 2017 and about 96% of the units have been sold as at end-2017.

Dong NaiDong Nai Waterfront CityLocation: Dong NaiTotal no. of units: 7,850GFA: 2,100,000 smCompletion: 2023 (Phase 1)

The township development is within a 45-minute drive from HCMC’s CBD with easy accessibility via the Hanoi Highway and the HCMC-Long Thanh-Dau Giay Expressway. The development is also located in close proximity to the Big-C hypermart, the Saigon Hi-Tech Park and the future international airport in Long Thanh, providing added convenience to future residents. The township development will offer residents a tranquil living environment with a 1.5-km frontage to the Dong Nai River and its tributaries.

When completed, the township will feature 7,850 homes comprising terraces, villas and mid-rise apartments with a variety of commercial facilities.

MIXED-USEHo Chi Minh CitySaigon CentreLocation: District 1, Le Loi BoulevardGFA (Phase 2): 55,000 sm (Retail Podium) 44,000 sm (Office) 195 units (Serviced Apartments)Completion: 2018 (Phase 2, Serviced Apartments)

Saigon Centre is strategically located on Le Loi Boulevard, one of the city’s main thoroughfares and within proximity to the HCMC People’s Committee, Ben Thanh Market, Opera House, the Dong Khoi shopping belt and prominent hotels.

1.With a 2.7-kilometre frontage to the Giong Ong To River and Muong Kinh River, Palm City will offer residents a green living environment with a wide range of amenities.

2.Empire City will yield about 3,000 luxury high-rise residences, Grade A office space, prime retail space as well as an 88-storey integrated mixed-use tower complex.


44 45



Market Affected by Slower GrowthIndonesia’s economy grew about 5% in 2017, supported by rising commodity exports. At the same time, fiscal stimulus for infrastructure projects also encouraged more investments.

Indonesia’s Gross Domestic Product is expected to average between 5.1% and 6.0% per annum from 2018-2020 due to rising investments, increase in fiscal stimulus as well as growing exports on the back of the strengthening global economy.

In Jakarta, the large supply of newly completed apartments and relatively lukewarm market sentiments have resulted in tepid residential demand in 2017. Notwithstanding government regulations, residential developments in the CBD, including luxury apartments, landed housing as well as land parcels, continued to attract demand from investors and homebuyers. Tangerang, where Keppel Land’s The Riviera at Puri project is located, will continue to be a popular residential area due to its good connectivity and amenities.

Although occupancy in the office sector remained low due to the large office supply in 2017, enquiries for office space in the CBD have started to increase due to relocation and expansion of companies such as those in the e-commerce, information technology and telecommunication industries as well as a growing number of start-up companies and the emergence of co-working businesses. By 2020, office occupancy and rental rates in the CBD are expected to see a

rebound in anticipation of improvements in the economy and infrastructure connectivity as well as lower supply of office space.

CONDOMINIUMSJakartaWest Vista at PuriLocation: West JakartaTotal no. of units: 2,855GFA: 153,464 smCompletion: 2018 (Phase 1) 2022 (Phase 2)

Located along the Jakarta Outer Ring Road and close to West Jakarta’s CBD, West Vista at Puri is a high-rise condominium development with ancillary shophouses targeted at the middle-income segment.

Future residents can enjoy excellent connectivity to the airport, key business districts and various lifestyle and entertainment facilities. Close to 60% of the 424 launched units have been sold as at end-2017.

Future Residential DevelopmentLocation: Jakarta CBDTotal no. of units: 408GFA: 36,113 smCompletion: 2022

Strategically located along the main thoroughfare of Jalan Jenderal Sudirman and adjacent to International Financial Centre Jakarta, the high-rise residential development will meet the needs of the growing expatriate and local business community seeking well-located and

well-appointed luxury apartments in the heart of Jakarta’s CBD. The site is located within the city’s golden triangle zone comprising shopping, dining and recreational amenities, and enjoys excellent accessibility via key transport nodes, such as the future Setiabudi mass rapid transit station which is expected to be fully operational in 2019.

Future Residential DevelopmentLocation: West JakartaTotal no. of units: 4,523GFA: 226,800 smCompletion: 2026

Located adjacent to West Vista at Puri, the development will comprise more than 4,500 residential units with ancillary shophouses and shop units. The development will enjoy good connectivity to the western and eastern parts of Jakarta when the future Jakarta Inner Toll Road is completed in 2019.

LANDED HOMESGreater JakartaThe Riviera at PuriLocation: TangerangTotal no. of units: 493GFA: 71,241 smCompletion: 2019 (Phase 1) 2021 (Phases 2 & 3)

The Riviera at Puri sits on a 12-ha land plot situated adjacent to Metland Cyber City. It is strategically located near the Karang Tengah access to the Jakarta Merak Toll Road, which provides excellent connectivity

to Jakarta’s city centre and other key districts in Greater Jakarta. The development is situated within close proximity to the Puri Indah CBD in West Jakarta while the Soekarno-Hatta International Airport is just a 30-minute drive away. As at end-2017, almost all of the 164 launched units have been sold.

COMMERCIALJakartaInternational Financial Centre JakartaLocation: Jalan Jenderal SudirmanGFA: 92,500 sm (Tower 1)

61,300 sm (Tower 2)Completion: 2016 (Tower 2) 2023 (Tower 1)

Located in the heart of Jakarta’s financial district and within the golden triangle zone in the Sudirman CBD, International Financial Centre Jakarta enjoys excellent accessibility via key transport nodes such as the Transjakarta busway. Connectivity will be further enhanced with the future Setiabudi mass rapid transit station.

Completed in May 2016, Tower 2 offers about 50,200 square metres (sm) of net leasable area, meeting the growing demand for prime office space from local and multinational corporations. Tenants secured include Servcorp, Tokio Marine, Shinhan Bank, Grant Thornton, Rintis and Ithaca Resources.

The existing Tower 1 will be redeveloped into a 56-storey office tower offering about 73,000 sm of quality office space.

1

1.Keppel Land will develop a premium high-rise residential tower adjacent to the International Financial Centre Jakarta (pictured).

Indonesia

Indonesia is one of Keppel Land’s key growth markets where the Company will continue to deepen its presence, with a focus on Greater Jakarta.


Divested 80% effective stake in PT Sentral Tunjungan Perkasa which holds a site along Jalan Tunjungan in the prime shopping belt of Surabaya.

Acquired an 83,000 square feet (sf) prime site in Jakarta’s central business district (CBD) which can yield about 400 luxury apartments.

Divested a 20.5-hectare (ha) site in West Bali’s Tanah Lot district.

Focus for 2018

Invest strategically with a focus on Greater Jakarta.

Recycle assets to unlock value in existing investments.

Launch Phase 2 of landed housing development, The Riviera at Puri, and the luxury residential project adjacent to International Financial Centre Jakarta.


46 47



1

1.Phase 2 of Junction City will house the first Sedona Suites in Myanmar comprising about 260 serviced apartments.

2.The expanded retail mall of the SM-KL project in Metro Manila, The Podium, opened its doors in end-October 2017.

Myanmar’s Gross Domestic Product (GDP) is expected to grow at an average of 7.3% per annum from 2018 to 2022. Economic growth will be spurred by large projects funded by foreign investors in sectors such as infrastructure as well as oil and gas exploration.

New demand for office space is expected to come from the financial services, infocommunications, infrastructure and energy sectors, all of which are undergoing important legislative changes which are primed to attract more multinational corporations.

COMMERCIALYangonJunction City TowerLocation: Junction of Shwedagon Pagoda Road and Bogyoke Aung San RoadGFA: 53,100 sm (Phase 1)

50,000 sm (Phase 2)Completion: 2017 (Phase 1)

2021 (Phase 2)

Strategically located in Yangon’s central business district (CBD), the 23-storey office tower is part of Phase 1 of Junction City, a mixed-use development which comprises the five-star Pan Pacific Hotel, a shopping centre and serviced residences. It houses Yangon’s largest car parking facility, offering more than 1,500 car park spaces.

Junction City Tower offers a net leasable area of about 33,400 square metres (sm) of Grade A office space which will meet the demand from multinational corporations seeking quality office space in Yangon. Tenants secured include Allen & Gledhill, Wong Partnership, Samsung and the British Chamber of Commerce.

Phase 2 of Junction City will house the first Sedona Suites in Myanmar comprising about 260 serviced apartments sited above a retail podium and a convention centre as well as an office component, offering a total gross floor area of about 50,000 sm. Construction of Phase 2 is expected to commence in the second half of 2018.

MyanmarCONDOMINIUMSManilaPalmdale HeightsLocation: Pasig CityTotal no. of units: 828GFA: 47,063 sm (Phases 1 & 2)Completion: 2004 (Phases 1 & 2)

With easy access to Makati and Ortigas’ CBDs, Palmdale Heights offers homeowners a convenient lifestyle with modern amenities.

Some 99% of the 828 units in the first two phases have been sold as at end-2017. The remaining five hectares will be jointly developed with Phinma Property Holdings Corporation.

MIXED-USEManilaSM-KL ProjectLocation: Mandaluyong CityGFA: About 70,800 sm (Retail)

About 110,100 sm (Office)Completion: 2017 (Phase 2 Retail) 2019 (Phase 2 Office)

Located in the heart of Ortigas’ CBD, The Podium under Phase 1 of the SM-KL project offers a good mix of specialty stores featuring well-known international and local brands.

Phase 2 development comprises a 42-storey office tower sited above the extension of The Podium retail mall. The expanded five-storey retail mall was opened in October 2017 and features a mix of gourmet dining restaurants, high fashion stores as well as wellness and entertainment establishments. Phases 1 and 2 have a total leasable area of approximately 50,000 sm.

The office tower offers a net leasable area of over 89,000 sm. When completed in 2019, it will cater to the growing demand for quality office space from multinational corporations and business process outsourcing companies.

The Philippines

The Philippine economy grew by 6.7% in 2017. The economy is expected to grow between 5.7% and 6.3% per annum from 2018 to 2022.

Demand for office space remained robust in 2017, driven mainly by offshore gaming and business process outsourcing operators. In the retail sector, rental rate growth in the Makati and Ortigas’ CBDs are expected to moderate between 1% and 2% over the next three years from 2018 to 2020. However, the country’s high disposable income per capita will support retail demand.


48

2

In 2017, Thailand recorded a healthy GDP growth of 3.9%, driven mainly by exports, tourism and infrastructure investments.

The residential market in Bangkok, especially the luxury condominium segment, remained stable and continued to be well sought-after by the upper-middle income locals and foreigners. With limited new launches, the residential market within key nodes of the downtown region is expected to enjoy moderate price growth with sales volume remaining healthy for well-located quality developments.

CONDOMINIUMSBangkokSHAA ASOKELocation: Sukhumvit Road, Soi 19Total no. of units: 140GFA: 14,500 smCompletion: 2022

Located in a prime residential enclave along Sukhumvit Road on Soi 19, the 1,600 sm site is within close proximity to the Asoke commercial area. It will be developed into a 24-storey high-rise condominium, comprising about 140 homes with a net saleable area of about 8,000 sm.

Prominent landmarks in the vicinity include Grade A office developments such as the Exchange Tower and Interchange Tower, the Terminal 21 shopping mall and five-star hotels including Westin Grande Sukhumvit, Sheraton Grande Sukhumvit and Grande Centre Point Terminal 21.

Thailand

Malaysia

India

India’s economy is projected to expand by 7.2% in 2018, making India one of the fastest growing economies in the world. Low interest rates is expected to boost growth and provide a fillip to the real estate sector.

Although Bangalore’s residential sales in 2017 was lower than in 2016, demand is picking up. Buyers are gaining more confidence after the implementation of the Real Estate Regulation and Development Act which seeks to regulate the residential and commercial real estate sectors as well as attract more investments. Rents and capital values remained stable in 2017 as developers focused on clearing unsold units.

CONDOMINIUMSBangaloreProvident Park SquareLocation: Kanakapura RoadTotal no. of units: 2,082GFA: 167,517 smCompletion: 2021

Provident Park Square, a high-rise condominium development located off Kanakapura Road and close to the Peripheral Ring Road, has direct access to the major Information Technology hubs as well as Electronic City and Bannerghatta Road. The development is conceptualised to be a self-sustained community with residential, retail and leisure components as well as support services. Phase 1, comprising about 660 apartment units, was launched in January 2018.

Malaysia’s economy grew by 5.9% year-on-year in 2017 on the back of strong private consumption and increased government spending, investment and exports. The implementation of infrastructure projects, possible early elections as well as the associated pre-election spending, are expected to boost Malaysia’s economy in 2018.

Housing affordability remains a key issue in Malaysia, particularly in the capital and key cities, as prices have been trending upwards since 2010. With an oversupply of residential properties and stringent bank lending regulations, the residential property market is expected to continue to moderate in 2018.

TOWNSHIPJohor BahruTaman Sutera and Taman Sutera UtamaLocation: Skudai, Johor BahruTotal no. of units (completed): 3,706 residential units, 343 shop offices and a retail mallGFA (completed units): 111,815 smCompletion: In phases from 2003

Taman Sutera and Taman Sutera Utama is an integrated township strategically located within the Iskandar Malaysia region. The township development features over 12,000 units of residential and commercial properties, a vibrant shopping mall, Sutera Mall as well as an educational hub.

A majority of the 4,049 units of residential and commercial properties launched have been sold as at end-2017. Sutera Mall, with 63,906 sm of leasable area, continued to maintain a high occupancy rate. Planning is underway for the next phase of expansion.

Future Residential DevelopmentLocation: Sukhumvit Road, Soi 28Total no. of units: 265GFA: 30,000 smCompletion: 2022

The 3,200 sm site is located in a well-established residential district along Sukhumvit Road on Soi 28. It will be developed into a condominium that will yield about 265 units spread across approximately 30 floors, with a net saleable area of about 16,000 sm. The site is situated within close proximity to the popular EmQuartier and Emporium shopping malls.

49



1

1.The Residences at 200 East 59 is a 35-storey condominium development located within an established residential neighbourhood in Manhattan.

The US is expected to continue its economic growth trajectory, although core inflation rate remains below the US Federal Reserve’s target rate of 2%. It is also widely expected that the US Federal Reserve will continue with the gradual pace of rate hikes in 2018, a positive indication for the US and global economies.

New York’s labour market remains healthy with continued improvement in the unemployment rate, supporting demand for apartments in the Manhattan area, particularly in the more affordably-priced submarkets. Meanwhile, demand for homes in the luxury sector remains tepid due to an expanding inventory of high-end apartments.

CONDOMINIUMSNew YorkThe Residences at 200 East 59Location: Upper East Side / Midtown EastTotal no. of units: 68GFA: 18,170 smCompletion: 2018

The Residences at 200 East 59 is a 35-storey development project located in Manhattan. Nestled within an established residential neighbourhood, the prime residential development is conveniently located within walking distance to the 59th Street subway station. The development is in close proximity to a myriad of dining and shopping options, renowned cultural institutions, Central Park and the Midtown business district.

Construction is ongoing for the development which comprises 68 condominium units and a retail podium.

United States United Kingdom

Real estate investment activity in the United Kingdom (UK) remained robust in 2017, higher than the previous year. Looking ahead, investment activity is expected to hold up, although buyers’ expectations could be tempered by the government’s Autumn Budget announcement in November 2017, which will see disposal of investment properties in the UK by non-residents subject to capital gains tax with effect from 1 April 2019. Further pressure on rents is also expected as economic growth remains moderate while the uncertainty surrounding the outcome of the Brexit negotiations persists.

Office take-up in London remained resilient during the year, contributed by strong expansion of serviced offices and co-working operators. Net absorption of office space could remain low for some time as the Brexit negotiations continue.

COMMERCIALLondon75 King William StreetLocation: City Core, Central LondonGFA: 11,935 smCompletion: 1989

Situated in central London’s city core location, the nine-storey freehold office building is close to the city’s historic and financial centre where the Bank of England and other prominent financial institutions are located. The office building is less than five minutes away from the Bank tube station, Monument and Cannon Street stations.

The property comprises two lower ground and nine upper floors. Occupancy rate for the building was 85% as at end-2017.


50

Property Portfolio

Group Properties (Singapore)

Description Held by % Owned Site Area (sm)

EstimatedGross FloorArea (sm)

Estimated Net LettableArea (sm) (Commercial)/ No. of Units (Residential)

Year of Completion

Tenure

Completed Properties

Keppel Bay Tower

an 18-storey office building at HarbourFront Avenue

HarbourFront One

100% 17,267 41,841 36,015 2002 99-year leasehold

Marina Bay Financial Centre (Phase 1) (a)

two office towers of 33 storeys and 50 storeys with ancillary retail space at Marina Bay

Keppel REIT 14.6% 32,978 189,000 161,459 2010 99-year leasehold

Marina Bay Financial Centre(Phase 2) (a)

a 46-storey office tower with retail podium at Marina Bay


Ocean Financial Centre (a)

a 43-storey office building with ancillary retail spaces at Raffles Place


Bugis Junction Towers (a)

a 15-storey office tower at Bugis Junction

Keppel REIT 43.8% - 28,525 22,722 1995 99-year leasehold

One Raffles Quay (a)

two office towers of 50 storeys and 29 storeys with a basement retail link at Marina Bay


Keppel Towers and Keppel Towers 2

two office towersat Hoe Chiang Road

MansfieldDevelopment

100% 9,127 52,946 39,958 1991/1993 Freehold

Reflections at Keppel Bay

a 1,129-unit waterfront condominium development at Keppel Bay

Keppel Bay 100% 83,538 193,400 1,129residential units

2011 99-yearleasehold

Corals at Keppel Bay

a 366-unit waterfront condominum development at Keppel Bay

Keppel Bay 100% 38,830 47,380 366residential units

2016 99-year leasehold

Highline Residences

a 500-unit condominium development at Kim Tian Road

HarvestlandDevelopment

100% 10,991 43,963 500residential units


Nassim Woods

a 35-unit luxurious condominium development in the exclusive Nassim Road enclave

Parksville Development

100% 5,785 9,256 35residential units



51

Property Portfolio

Group Properties (Singapore) (continued)

Description Held by % Owned Site Area (sm)

EstimatedGross FloorArea (sm)


Year of Completion

Tenure

Completed Properties (continued)

I12 Katong

a six-storey shopping mall at the junction ofEast Coast Road and Joo Chiat Road

DC REIT Holdings

22.4% 7,261 26,208 19,245 2011 99-year leasehold

Joo Chiat Shophouses conservation shophouses in Joo Chiat

Keppel Land Realty

100% 686 - 1,139 1996 Freehold

Keppel DC Singapore 3

a data centre buildingat Tampines Street 92

Keppel Data Centres Holding

3.0% 5,000 12,438 - 2014 30-year leasehold with option for another 30 years

Marina at Keppel Bay

a marina development at Keppel Bay

Keppel Bay 100% 38,863(includesforeshorearea)

3,000 1,586 2007 99-year leasehold (foreshore area:30-year leasehold)

Keppel DC Singapore 4

a data centre building at Tampines Street 92

Alpha Data Centre Fund & Keppel Data CentresHolding

9.0% 6,805 17,012 - 2017 30-year leasehold with option for another 30 years

Properties Under Development

The Garden Residences

A 613-unit condominium development atSerangoon North Avenue 1

GardensDevelopment

60.0% 17,189 42,973 613residential units

2020 99-yearleasehold

Landbank

Keppel Bay Plot 6

a 86-unit waterfront condominium development at Keppel Bay

Keppel Bay 100% 43,701 21,000 86residential units

- 99-year leasehold

HarbourFront Avenue (Plot 4)

a 234-unit waterfront condominium development at HarbourFront Avenue

HarbourFront Three


- 99-year leasehold


52

Group Properties (Overseas)

Description Location Held by % Owned Site Area (sm)

Estimated Gross FloorArea (sm)


Year of Tenure

Completed Properties

Australia

275 George Street (a)

a Grade A office building located in CBD

Brisbane Keppel REIT

21.9% 3,655 - 41,749 2009 Freehold

8 Chifley Square (a)

a premium office building located in CBD

Sydney Keppel REIT

21.9% 1,581 - 19,349 2013 99 yearslease

8 Exhibition Street (a)

a Grade A office building with ancillary retail unitslocated in CBD

Melbourne Keppel REIT

21.9% 4,329 - 45,699 2005 Freehold

David Malcolm Justice Centre (a)

a 33-storey Grade A office tower located in CBD

Perth Keppel REIT

21.9% 2,947 - 31,175 2015 99 yearslease

China

Office Units

office units inChang Ning District

Shanghai Evergro Properties

100% - 635 635 2004 50 years lease

8 Park Avenue

a 918-unit residential development in Park Avenue precinct

Shanghai Shanghai Pasir Panjang Land


2015 70 years lease

The Springdale

a 2,596-unit residential development with commercial facilitiesin Pudong District

Shanghai Shanghai HongdaProperty Development

99.4% 264,090 328,792 2,596residential units

2015 70 years lease(residential)40 years lease(commercial)

Seasons Residences

a 1,102-unit residential development in Nanxiang, Jiading District

Shanghai Shanghai Ji Xiang Land

100% 71,621 128,918 1,102residential units

2016 70 years lease

K-Plaza

a retail mall in Malu, Jiading District

Shanghai Shanghai Jilu Land

99.4% 32,959 40,903 27,045 2016 40 years lease


53

Group Properties (Overseas) (continued)




Year of Tenure


Trinity Tower

a mixed-use development comprising office and retail units in Hongkou District, Shanghai

Shanghai Shanghai Xusheng Property Investment

30.0% 16,427 70,042 48,568 2015 50 years lease(office)40 years lease(retail)

Park Avenue Heights

a 1,535-unit residential development withcommercial facilities in Jinjiang District

Chengdu Chengdu HillstreetDevelopment

100% 50,782 203,129 1,535residential units

2017 70 years lease(residential)40 years lease(commercial)

Serenity Villas

a 340-unit residential development within Sino-Singapore Tianjin Eco-City

Tianjin Tianjin Fushi Property Development

100% 128,685 80,000 28 bungalows 96 semi-detached houses, 216 apartments

2014 70 years lease

Waterfront Residences

a 341-unit landed home development withinSino-Singapore Tianjin Eco-City

Tianjin TianjinFulong Property Development

100% 103,683 63,235 341 residential units

2017 (Phase 3)

70 yearslease

Eco-City International Country Club

a golf course development in South Island

Tianjin Tianjin Pearl Beach International Country Club

100% 787,405 - 18-hole golf course

2006 40 years lease

Spring City Golf & Lake Resort

an integrated resort comprising golf courses, resort homes and resort facilities

Kunming

Spring City Golf and Lake Resort

68.8%

2,578,705

- Two 18-hole golf courses, 73 guest rooms and 530 resort homes

1998 70 years lease(residential)50 years lease(golf course)

Property Portfolio


54





Year of Tenure


Germany

Keppel DC Frankurt 1

a two-storey data centre facility located in theAm Martinzehnten Industrial Park

Frankfurt Alpha Data Centre Fund & Keppel Data CentresHolding

12.0% 38,445 20,000 - 2009 Freehold

Indonesia

Club Med Ria Bintan

a beachfront hotel at Ria Bintan Resort

Bintan PT Straits – CM Village

39.0% 200,000 34,340 302 rooms 1997 30 years lease withoption for another 50 years

Ria Bintan (Phase 1)

a golf course Bintan PT Ria Bintan

45.9% 1,467,000 - 9- and 18-hole golf courses with a 31-room golf lodge

1998 30 years lease withoption for another 50 years

Nongsa Point Marina and Resort

a waterfront resort with a marina and hotel-style chalets

Batam PT Nongsa Point Marina

16.8% 107,383 - 192 rooms/chaletsand 65 berths

1995 30 years lease with option for another 50 years

International Financial Centre Jakarta Tower 1

a prime office development in CBD

Jakarta PT Kepland Investama

100% 10,428 (b) 33,180 27,933 1985 20 years lease with option for another 20 years

International Financial Centre Jakarta Tower 2

a Grade A office development in Jakarta CBD

Jakarta PT Kepland Investama

100% 10,428 (b) 61,300 50,200 2016 20 years lease with option for another 20 years


55





Year of Tenure


Malaysia

Taman Sutera andTaman Sutera Utama

a township comprising residential units, commercial space and recreational facilities in Skudai

Johor Bahru

Tanah Sutera Development

18.0% 2,018,390 111,815(completed units)

3,706 residential units,343 shop offices anda 63,906 sm retail mall

2003-2017

Freehold

Myanmar

Junction City Tower

a 23-storey Grade A office building within a mixed-use development in CBD and oppositethe famous Bogyoke Market

Yangon City Square Office

40.0% 26,406(for entire mixed-use development)

53,100 33,400 2017 50 years Build-Operate-Transfer with option for another two 10-year extensions

Sedona Hotel Yangon

a five-star hotel fronting the famous Inya Lake

Yangon Straits Greenfield

100% 32,000 85,057 797 rooms 1997 (Garden Wing) 2016 (Inya Wing)

50 years Build-Operate-Transfer with option for another two 10-year extensions

Netherlands

Almere Data Centre 2

a high-specification data centre

Almere Keppel Data Centres Holding

30.0% 9,300 12,842 2015 Freehold

The Philippines

SM-KL Project (Phase 1)

a five-storeyretail mall, The Podium,in Ortigas CBD

Mandaluyong City

SMKeppel Land

27.4% 7,068 24,481 16,301 2001 Freehold

Property Portfolio


56





Year of Tenure


SM-KL Project(Phase 2) - Retail

Extension of five-storey retail mall, The Podium, in Ortigas CBD

Mandaluyong City

SM Keppel Land

27.4% 12,932 46,323 30,340 2017 Freehold

Palmdale Heights (Phases 1 & 2)

a residential development

Pasig City Buena Homes(Sandoval)

35.0% 22,978 47,063 828residentialunits

2004 Freehold

United Kingdom

75 King William Street

a nine-storey office building

London First King Properties

100% 1,947 11,935 11,731 1989 Freehold

United States

TCB Building

a 12-storey office building in the prestigious Galleria area

Houston, Texas

Keppel Houston GroupPartnership

30.0% 13,015 27,323 26,858 1982 Freehold

Vietnam

Vietcombank Tower

a 22-storey office development at Tran Quang Khai Street

Hanoi Vietcombank Tower 198

6.0% 1,986 30,239 20,000 2001 40 years lease

Saigon Centre (Phase 1)

a 25-storey office, retail cum serviced apartment development at 65 Le Loi Boulevard in District 1

Ho Chi Minh City

Keppel LandWatco I

61.3% 2,730 34,143 10,626 (office), and 89 serviced apartments

1996 50 years lease

Riviera Cove

a gated villa developmentin District 9

Ho Chi Minh City

Riviera Cove Joint Venture

100% 97,000 34,711 96 villas 2012 50 years lease

PetroVietnam Towers

a 10-storey office development

Vung Tau Petro Tower 12.9% 6,191 17,026 12,465 1997 40 years lease


57





Expected Year of Completion

Tenure

Properties Under Development

Australia

311 Spencer Street (a)

a Grade A office building located in CBD

Melbourne Keppel REIT 21.9% 5,136 65,648 2019 Freehold

China

Park Avenue Central

an office and retail development in Park Avenue precinct

Shanghai Shanghai Floraville Land

99.0% 28,488 115,900 ** 2022 40 years lease (retail)50 years lease (office)

Sheshan Riviera

a 217-unit landed development in Sheshan

Shanghai Shanghai Jinju Real EstateDevelopment

99.4% 175,191 83,174 112 landed homes(Phase 1)

2018(Phase 1)

70 years lease

Hill Crest Villas

a 274-unit landed developmentin Xinjin County

Chengdu Chengdu HilltopDevelopment

100% 249,330 163,147 45 landed homes(Phase 2)

2020(Phase 2)

70 years lease

Serenity Villas

a 573-unit landed developmentin Xinjin County

Chengdu Chengdu Shengshi Jingwei Real Estate Investment

100% 286,667 233,862 97 landed homes(Phase 2)

2020(Phase 2)

70 years lease

V City

a 5,399-unit residential development withretail facilities

Chengdu Chengdu Taixin Real Estate Development

35.0% 167,000 557,962 1,495 residential units (Phase 2) 1,298 residential units (Phase 3)1,172 residential units (Phase 4)

2018 (Phases 2 & 3 )2019 (Phase 4)

70 years lease (residential) 40 years lease (commercial)

Spring City Golf & Lake Resort

an integrated resort comprising golf courses, resort homes and resort facilities

Kunming Spring City Golf and Lake Resort

68.8% 2,419,701 16,819(Hill Crest ResidencesPhase 2B)

97 residential units(Hill Crest Residences Phase 2B)

2020(Hill Crest Residences Phase 2B)

70 years lease

Property Portfolio


58






Tenure

Properties Under Development (continued)

Waterfront Residences

a 1,481-unit residential development with commercial and SOHO facilities in Binhu District

Wuxi Keppel Lakefront (Wuxi) Property Development

100% 215,230 306,962 236 residential units(Phase 2)83 landed homes(Phase 3A)

2018(Phases 2 & 3A)

70 years lease (residential) 40 years lease(commercial)

Park Avenue Heights

a mixed-use development with 1,291 residential unitsand commercial facilities in Liangxi District

Wuxi Keppel Heights (Wuxi)Property Development

100% 66,010 171,593 328 residential units (Phase 1)348 residential units (Phase 2)

2018 (Phases 1 & 2)

70 years lease (residential) 40 years lease (commercial)

Seasons Residences

a 2,755-unit residential development in Xinwu District with integrated facilities

Wuxi Keppel Seasons ResidencesProperty Development (Wuxi)

100% 180,258 360,500 *** *** 70 years lease (residential) 40 years lease (commercial)

The Seasons (Remaining Phases)

a 2,794-unit residential township withintegrated facilities in Shenbei New District

Shenyang Keppel Township Development(Shenyang)

100% 348,312 *** *** *** 50 years lease (residential) 40 years lease (commercial)

Hunnan Township Development

a residential township with integrated facilities in Hunnan New District

Shenyang Keppel Bay Property Development (Shenyang)

99.8% *** *** *** *** 50 years lease (residential) 40 years lease (commercial)

Mixed-use Development

a mixed-use development in North Island within Sino-Singapore Tianjin Eco-City

Tianjin Tianjin Fushi Property Development

100% *** *** *** *** 70 years lease (residential) 40 years lease (commercial)


59






Tenure


Mixed-use Development

a mixed-use development in North Island within Sino-Singapore Tianjin Eco-City

Tianjin Tianjin Fulong Property Development

100% *** *** *** *** 70 years lease (residential) 40 years lease (commercial)

Development in Sino-Singapore Tianjin Eco-City

a 4,297-unit residential development with retail space

Tianjin Keppel Hong Da (Tianjin Eco-City) Property Development

100% 313,265 462,616 356 residential units(Seasons Garden Plot 9) 354 residential units(Seasons Garden Plot 8) 572 residential units(Seasons Residences Phase 3A) 372 residential units(Seasons Heights)

2019(Seasons Garden Plot 9, Seasons Residences Phase 3A) 2020(Seasons Garden Plot 8,Seasons Heights)

70 years lease(residential)40 years lease (commercial)

Seasons City in Sino-Singapore Tianjin Eco-City

commercial sub-centre comprising three office towers and a retail complex

Tianjin Keppel Hong Yuan (Tianjin Eco-City)Property Development Keppel Hong Tai (Tianjin Eco-City) Property Development Keppel Hong Teng (Tianjin Eco-City) Property Development

100% 40,451 161,800 56,229 (Seasons City Phase 1)

2020 (Seasons City Phase 1)

40 years lease (commercial)

Stamford City

a 1,470-unit residential development with commercial and SOHO facilities

Jiangyin Jiangyin Evergro Properties

99.4% 82,987 309,322 345 residential units(Phase 3D)

2021(Phase 3D)

70 years lease(residential)40 years lease (commercial)

Property Portfolio


60






Tenure


Commercial Development

an office and retail development in Chaoyang District

Beijing Beijing Aether Property Development

51.0% 26,081 104,800 89,000 2020 40 years/ 50 years lease

India

Provident Park Square

a 2,082-unit residential developmentoff Kanakapura Road

Bangalore Keppel Puravankara

51.0% 79,927 167,517 2,082 residential units

2021 Freehold

Indonesia

West Vista at Puri

a 2,855-residential developmentwith ancillary shophouses in West Jakarta

Jakarta PT Harapan Global Niaga

100% 28,851 153,464 1,404 residential units(Phase 1)1,451 residential units(Phase 2)

2018 (Phase 1)2022 (Phase 2)

30 years lease with option for another 20 years

The Riviera at Puri

a 493-unit landed housing development located within the Metland Puri township

Greater Jakarta

PT Sukses Manis Indonesia

50.0% 120,568 71,241 164 landed houses(Phase 1)329 landed houses(Phases 2 & 3)

2019(Phase 1)2021 (Phases 2 & 3)

30 years lease with option for another20years

Future Residential Development

a 4,523-unit residential development in West Jakarta

Jakarta PT Puri Land Development

100% 46,291 226,800 4,523 residential units

2026 30 years lease withoption for another20 years

Pasadenia Garden

a residential development withinPulomas residential district

Jakarta PT Pulomas Gemala Misori

25.0% 77,100 83,723 160 residential units (Phase 1C)

2018/2019 30 years lease with option for another 20 years

Ria Bintan(Phase 2 onwards)

an integrated resort with golf courses, a Club Med Village and resort homes

Bintan PT Ria Bintan

45.9% 2,803,000 *** *** *** 30 years lease with option for another 50 years


61






Tenure



a 408-unit residential development located adjacent to the International Financial Centre Jakarta

Jakarta PT Sukses Manis Tangguh

100% 7,721 36,113 408 residential units

2022 20 years lease with option for another 20 years

Malaysia

Taman Sutera andTaman Sutera Utama

a township comprising residential units, commercial space and recreational facilities in Skudai

Johor Bahru

Tanah Sutera Development

18.0% 2,018,390 - - - Freehold

Myanmar

Junction City (Phase 2)

within a mixed-use developmentin CBD andopposite the famous Bogyoke Market

Yangon City Square Tower

40.0% 26,406(for entire mixed-usedevelopment)

50,000 ** 2021 50 years

The Philippines

SM-KL Project (Phase 2) - Office

an office development, The Podium West Tower,located above the retail extension of The Podium in Ortigas CBD

Mandaluyong City

SM Keppel Land

27.4% 12,932 110,123 89,279 2019 Freehold

Thailand

SHAA ASOKE

Luxury condominium project along Sukhumvit Road, soi 19 in central Bangkok

Bangkok KPN-Keppel Alliance(SK19)

49.0% 1,600 14,500 140 residential units

2022 Freehold


Luxury condominium project along Sukhumvit Road, soi 28 in central Bangkok

Bangkok KPN-Keppel Alliance (SK28)

49.0% 3,200 30,000 265 residential units

2022 Freehold

Property Portfolio


62






Tenure


United States

The Residences at 200 East 59

a residential and retail development at Upper East Side in Manhattan

New York MIP 59th and Third Development

82.6% 636 18,170 68 residential units

2018 Freehold

Vietnam

Saigon Centre (Phases 2 & 3)

a prime office, retail cum serviced apartment development at 67 Le Loi Boulevard in District 1

Ho Chi Minh City

Keppel Land Watco II & III

61.3% 8,355 100,274 37,600 sm (Phases 1 & 2 retail)34,000 sm (office) and 195 serviced apartments

2016 (retail)2017 (office)2018 (serviced apartment)

50 years lease

Saigon Centre(Phases 4 & 5)

a prime office, retail cum hotel developmentat 92-94 Nam Ky Khoi Nghia Streetin District 1

Ho Chi Minh City

Keppel Land Watco IV & V

84.0% 8,623 103,477 82,744 2023 50 years lease

Tamarind Park

a 20-storey apartment with recreationalfacilities in District 1

Ho Chi Minh City

Keppel Land Agtex

60.0% 2,808 26,181 173residential untis

*** 45 yearslease

Saigon Sports City

a township with about 4,300 apartments,commercial complexesand public sports facilities in District 2

Ho Chi Minh City

Saigon Sports City

90.0% 640,477 724,000 1,233 residential units(Phase 1, Velona)

2022(Phase 1)

50 years lease

Estella Heights

a 872-unit residential development with commercial spacein An Phu Ward, District 2

Ho Chi Minh City

Estella Joint Venture

98.0% 25,393 160,785 496 residential units (Phase 1) 376 residential units (Phase 2)

2017 (Phase 1)2018 (Phase 2)

50 years lease


63






Tenure


Palm City

a residential township with about 3,670 units and commercial space atSouth Rach Chiec in District 2

Ho Chi Minh City

South Rach Chiec

42.0% 289,365 521,416 135 landed homes (Phase 1, Palm Residence) 816 apartments (Phase 1, Palm Heights)

2017 (Phase 1, Palm Residence) 2019(Phase 1, Palm Heights)

50 years lease

Empire City

a residential development with about 3,000 units and commercial space at Thu Thiem New Urban Area in District 2

Ho Chi Minh City

Empire City LLC

40.0% 146,000 661,000 510 residential units(Phase 1, Linden Residences)472 residential units(Phase 2, Tilia Residences)

2020(Phases 1 & 2)

50 years lease

Prime 4.8 hectare site

a residential development with about 1,550 unitsand commercial space at Thu Thiem New Urban Area in District 2

Ho Chi Minh City

Quoc Loc Phat JSC

45.0% 48,000 415,000 625 residential units(Phase 1)

2020(Phase 1)

50 years lease

Riviera Point

a 2,400-unit residentialdevelopment with commercial space in District 7

Ho Chi Minh City

Riviera Point

75.0% 89,727 437,944 549 residential units (Phase 1A)518 residential units (Phase 1B, The View)

2014(Phase 1A)2019(Phase 1B)

50 years lease

Dong Nai Waterfront City

a 7,850-unit residential township with commercial spacein Long Thanh District

Dong Nai Province

Dong NaiWaterfront City

50.0% 3,667,127 2,100,000 300 landed houses(Phase 1)

2023(Phase 1)

50 yearslease

(a) Assets owned by Keppel REIT in which the Group has a 43.8% stake.(b) For entire site which includes International Financial Centre Jakarta Towers 1 and 2.** Under planning stage*** Plans are under review in accordance to market conditions

Property Portfolio


64

Keppel Land Limited(Incorporated in the Republic of Singapore)230 Victoria Street #15-05 Bugis Junction TowersSingapore 188024

Tel: (65) 6338 8111Fax: (65) 6337 7168www.keppelland.com

Co Reg No: 189000001G

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