Annual Report 2012 - singapore land limited

ANNUAL REPORT 2012

CONTENTS
1 Group Financial Highlights
2 Chairman’s Statement
4 Board of Directors
8 Corporate Governance Report
20 Corporate Data
21 Management Review
29 Human Resource
30 Property Activities Summary
33 Financial Report
97 Five Year Summary
99 Statistics of Shareholdings
102 Notice of Annual General Meeting
107 Proxy Form Artist’s impression of Mon Jervois (cover and above picture)

Singapore Land Limited - Annual Report 2012
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GROUP FINANCIAL HIGHLIGHTS
($’million) 2008 2009 2010 2011 2012
(restated) (restated) (restated) (restated)
Revenue 355 397 527 615 581
Net profi t from operations 146 213 205 215 219
Net fair value (loss)/gain on investment properties (335) (592) 562 139 188
Attributable (loss)/profi t (190) (379) 767 354 407
Total assets 5,729 5,134 5,673 6,032 6,446
Shareholders’ equity 4,306 3,844 4,526 4,809 5,122
REVENUE
ATTRIBUTABLE (LOSS)/PROFIT
($’million)
($’million)
767
615
581
397
527
407
355
354
(190) (379)
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
TOTAL ASSETS
SHAREHOLDERS’ EQUITY
($’million)
($’million)
5,122
6,446
4,809
5,729
5,673
6,032
4,306
3,844
4,526
5,134
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
Certain prior years’ fi gures have been restated following the adoption of Financial Reporting Standard 12- Deferred Tax:
Recovery of Underlying Assets.

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Singapore Land Limited - Annual Report 2012
CHAIRMAN’S STATEMENT
2012 OVERVIEW
With the continued uncertainties in the global economy,
Singapore’s GDP grew at 1.3% in 2012. The slower than
expected growth was due to the weak US recovery and
the eurozone crisis.
Notwithstanding the weak global sentiments, the offi ce
market showed some resilience and recorded smaller
decline in offi ce rents. The residential market was buoyant
in 2012 with pent up demand, high liquidity and low
interest rates leading to record sales volume.
PERFORMANCE REVIEW AND DIVIDEND
The Group’s revenue for the fi nancial year 2012 was
$580.6 million, 6% lower than the $615.3 million achieved
in 2011. The weaker performance was attributed to lower
contribution from Pan Pacifi c Singapore which was closed
for renovation from April to August 2012. Revenue from
Pan Pacifi c Singapore decreased by $55.8 million (46%)
to $65.5 million. However, sales of trading properties
improved by $19.0 million (8%) to reach $269.7 million
due to revenue recognition of The Excellency (Chengdu)
residential property project, which was completed in
June 2012, and continued progressive revenue from The
Trizon, completed in May 2012, at a lower amount. Gross
rental income from the Group’s commercial buildings
remained stable, coming in at $236.8 million, compared
to $237.0 million in the previous year.
Despite the lower revenue, net profi t from operations
increased marginally by $3.9 million (2%) to $218.6
million due mainly to the higher profi t margin of trading
property sales.
Based on valuation by professional valuers at the end
of the year, the fair value gain on investment properties
for 2012 amounted to $188.5 million compared to
$138.8 million in 2011, as capital values increased by 4%.
Consequently, the Group’s net profi t for the fi nancial year
under review amounted to $407.1 million, 15% higher than
the year before.
Upon adoption of the amendment to the Financial
Reporting Standard 12 which came into effect on
1 January 2012, the Group’s deferred income tax provision
of $434.4 million as at 31 December 2011 was no longer
required and was therefore written back retrospectively.
Consequently, the net attributable profi t for 2011 was
restated to $353.6 million, an increase of $22.9 million.
Net asset value increased by $0.76 to $12.42 per share
in 2012.
The Board recommends a fi rst and fi nal tax-exempt (onetier)
dividend of 20.0 cents (2011: 20.0 cents) per share in
respect of the fi nancial year ended 31 December 2012.
The total dividend to be paid out amounts to $82.5 million
(2011: $ 82.5 million).
SINGAPORE OFFICE AND RETAIL
PROPERTIES, HOTELS
During the year, the Group’s offi ce buildings, Singapore
Land Tower, Clifford Centre, SGX Centre, The Gateway,
Abacus Plaza and Tampines Plaza, achieved an average
occupancy of 98%. Gross rental income improved to
$163 million compared to $161.7 million achieved in 2011.
The Marina Square Shopping Mall continued to attract
major international brands. It won the “Best Retail Event
2012” award given by the Singapore Retailers Association
for its 3-Dimensional Balloon Sculpture.
Marina Square hotels, Marina Mandarin Singapore and
Mandarin Oriental Singapore benefi ted from the increased
tourist arrivals into Singapore and recorded strong
occupancies and rate growth. The Pan Pacifi c Singapore
underwent a multi-million dollar transformation and was

Singapore Land Limited - Annual Report 2012
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re-opened in September 2012. The renovated hotel with a
spectacular lobby, more luxurious guest rooms and new
restaurants will be well placed to reposition itself as the
premier hotel of choice for discerning business and leisure
guests in the Marina Bay hub.
West Mall which is strategically connected to the Bukit
Batok MRT station continued to be a vibrant destination
for shopping and dining, catering to a wide catchment
of residents living in the West. During the year, the
Mall achieved 99% occupancy rate and visitor traffi c of
more than 12 million. Rental revenue increased by 2% to
$31.1 million.
Novena Square in which the Group owns a 20% interest
continued to strengthen its brand image as a sports cum
lifestyle shopping and dining destination. Several new
innovative sports events were successfully organised,
creating buzz and drawing strong shopper traffi c.
During the year, the development, including Velocity@
Novena Square as well as offi ce Towers A and B, enjoyed
99% occupancy.
SINGAPORE RESIDENTIAL PROJECTS
During the year, the Group acquired three prime residential
sites through public tenders at Jervois Road, Farrer Drive
and Alexandra Road. The three sites are close to Orchard
Road and the Central Business District and enjoy easy
access to amenities such as top schools and MRT stations.
In addition, the Group jointly acquired a site at Bright
Hill Drive off Upper Thomson Road, with UOL Group on a
50:50 basis. This site is located very close to a designated
MRT station. All four sites are expected to be launched for
sale in 2013.
Archipelago, our 50:50 joint venture with UOL Group,
was fully sold as at end December 2012. Located in
Bedok Reservoir Road and close to Bedok Reservoir, the
development comprises 553 apartments and 24 stratahouses.
TOP is expected to be obtained in 2016.
The Trizon, our freehold condominium in Mount Sinai,
obtained the Certifi cate of Statutory Completion in
November 2012. The 289-unit project is 94% sold as at
the end of January 2013.
OVERSEAS INVESTMENTS
The Group’s wholly-owned project in China, The
Excellency, in Chengdu, Sichuan province was completed
in the second quarter of 2012. The development comprises
two 51-storey residential blocks and 3,300 square metres
of retail space. 74% of the residential units had been sold
as at end December 2012.
In Shanghai, construction of the Shanghai Chang Feng
project is expected to commence in the second quarter
of 2013. The project is jointly developed by a consortium
comprising Singland China Holdings Pte. Ltd. (a whollyowned
subsidiary), UOL Capital Investments Pte. Ltd.
(a subsidiary of UOL Group Limited) and Peak Star Pte. Ltd.
(a subsidiary of Kheng Leong Company (Private) Limited)
with shareholdings of 30%, 40% and 30% respectively.
The mixed development project comprises 398 residential
units and 8,000 square metre retail component.
The Beijing Landmark Towers, a mixed-use development,
in which the Group holds a 19.95% stake, was able to
register high occupancy rates for its hotel, apartments
and offi ces despite stiff competition. For the year ended
December 2012, the Group received $2.1 million of
dividend from this investment.
OUTLOOK FOR 2013
The Singapore GDP is forecast to grow at a slow pace
of 1% to 3% in 2013. With substantial offi ce space in
newly completed buildings not fully leased yet, rentals will
be impacted.
In January 2013, the Government implemented another
round of cooling measures to moderate escalating housing
prices. The new measure is likely to reduce transaction
volume. However price correction would be moderated
by low interest rate and high employment.
With higher operating costs arising from the tight labour
market coupled with cautious sentiment over the global
economy, retail rental is likely to remain subdued. The
hotel industry is expected to register moderate growth as
visitor arrivals is expected to grow at a slower pace in 2013.
Increased operating costs due to the tight labour market
will remain the biggest challenge for the hotel industry.
ACKNOWLEDGEMENT
On behalf of the Board of Directors, I would like to thank
shareholders, business partners, customers and tenants
for their support during the year. I would also like to
express my appreciation to the staff and management
for their commitment and hard work without which the
Group’s success would not have been possible.
The Board would like to thank Mr Alvin Yeo for serving as
interim Chairman of the Audit Committee. Mr Yang Soo
Suan, an Independent Director, was appointed as the
Chairman of the Audit Committee on 2 January 2013.
Finally I would like to thank members of the Board for their
guidance and wise counsel.
Wee Cho Yaw
February 2013

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Singapore Land Limited - Annual Report 2012
BOARD OF DIRECTORS
WEE CHO YAW
JOHN GOKONGWEI, JR.
WEE CHO YAW
Chairman
Dr Wee Cho Yaw was appointed a Director and Deputy
Chairman of Singapore Land Limited (“SingLand”) in 1992.
He became the Chairman of SingLand with effect from 16
January 1996. He has more than 50 years of experience
in the banking industry. He is the Chairman of the United
Overseas Bank Limited, Far Eastern Bank Ltd, United
Overseas Insurance Ltd, United International Securities
Ltd, UOL Group Limited, Haw Par Corporation Limited,
Pan Pacifi c Hotels Group Limited, United Industrial
Corporation Limited and Marina Centre Holdings Private
Limited. He is also the Chairman of the Wee Foundation.
Dr Wee received Chinese high school education. He is
the Honorary President of the Singapore Federation of
Chinese Clan Associations, Singapore Chinese Chamber
of Commerce and Industry and Singapore Hokkien Huay
Kuan. He was appointed Pro-Chancellor of Nanyang
Technological University in 2004 and was conferred
Honorary Doctor of Letters by the National University of
Singapore in 2008.
Dr Wee was conferred the Businessman Of The Year award
twice at the Singapore Business Awards in 2001 and 1990.
In 2006, he received the inaugural Credit Suisse-Ernst &
Young Lifetime Achievement Award for his outstanding
achievements in the Singapore business community. In
2009, he was conferred the Lifetime Achievement Award
by The Asian Banker.
In 2011, Dr Wee was awarded the Distinguished Service
Order, the highest National Day award, by the Government
for his contributions towards the community and education
in Singapore.
JOHN GOKONGWEI, JR.
Deputy Chairman
Dr John Gokongwei, Jr. was appointed a Director and
Deputy Chairman of SingLand in 1999. As of January 2002,
he is the Chairman Emeritus of JG Summit Holdings, Inc.,
a company incorporated in the Philippines and listed on
the Philippines Stock Exchange Inc., since its formation in
1990. He is also a Director and Deputy Chairman of United
Industrial Corporation Limited, Director of Marina Centre
Holdings Private Limited, Universal Robina Corporation,
Robinsons Land Corporation, Oriental Petroleum and
Minerals Corporation and Anscor Phils.
Dr Gokongwei received a Master in Business Administration
from the De la Salle University in the Philippines, and
attended the Advanced Management Program at Harvard
University, Boston, Massachusetts, USA.

Singapore Land Limited - Annual Report 2012
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JAMES L. GO
LIM HOCK SAN
GWEE LIAN KHENG
JAMES L. GO
Mr James L. Go was appointed a Director of SingLand in
1999. He is the Chairman and Chief Executive Offi cer of
JG Summit Holdings, Inc., Robinsons, Inc. and Oriental
Petroleum and Minerals Corporation. He is the Chairman
of Universal Robina Corporation, Robinsons Land
Corporation and JG Summit Petrochemical Corporation.
He is also the President and a Trustee of the Gokongwei
Brothers Foundation, Inc. He also sits as a director of
Cebu Air, Inc., United Industrial Corporation Limited,
Marina Centre Holdings Private Limited and Hotel Marina
City Private Limited. He was elected as a director of the
Philippine Long Distance Telephone Company (PLDT)
on November 3, 2011 and was appointed a member of
PLDT’s Technology Strategy Committee.
Mr Go graduated with a Bachelor of Science and Master
of Science, Chemical Engineering from Massachusetts
Institute of Technology, USA.
LIM HOCK SAN
President and CEO
Mr Lim Hock San, the President and Chief Executive
Offi cer, was appointed a Director of SingLand in 1992. Mr
Lim is also the President and Chief Executive Offi cer of
United Industrial Corporation Limited and the Chairman
of the National Council On Problem Gambling.
Mr Lim graduated with a Bachelor of Accountancy from
the University of Singapore. He obtained a Master of
Science in Management from the Massachusetts Institute
of Technology, and attended the Advanced Management
Program at Harvard Business School. He is a Fellow of
the Chartered Institute of Management Accountants (UK)
and a Fellow and past President of the Institute of Certifi ed
Public Accountants of Singapore.
GWEE LIAN KHENG
Mr Gwee Lian Kheng was appointed a Director of SingLand
in 1999. He is the Group Chief Executive of UOL and its
listed subsidiary Pan Pacifi c Hotels Group Limited. Mr
Gwee has been with the UOL Group since 1973. He also
sits on the board of United Industrial Corporation Limited.
Mr Gwee graduated with a Bachelor degree in
Accountancy (Honours) from the University of Singapore.
He is a Fellow Member of the Chartered Institute of
Management Accountants, Association of Chartered
Certifi ed Accountants and the Institute of Certifi ed Public
Accountants of Singapore.

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Singapore Land Limited - Annual Report 2012
BOARD OF DIRECTORS
HWANG SOO JIN
YANG SOO SUAN
ALVIN YEO KHIRN HAI
HWANG SOO JIN
Mr Hwang Soo Jin was appointed a Director of SingLand
in January 2003 and is currently the Chairman of the
Nominating Committee. He is a Chartered Insurer qualifi ed
in the United Kingdom, and has more than 50 years’
business experience.
Mr Hwang is currently the Chairman Emeritus and Director
of Singapore Reinsurance Corporation Ltd and also sits on
the boards of directors of United Overseas Insurance Ltd,
Haw Par Corporation Ltd and United Industrial Corporation
Limited, among others. He is the former Chairman of
Singapore Reinsurance Corporation Ltd.
Mr Hwang is an Associate of the Chartered Insurance
Institute, United Kingdom.
ALVIN YEO KHIRN HAI
Mr Alvin Yeo Khirn Hai was appointed a Director of
SingLand in 2002 and is currently the Chairman of the
Remuneration Committee. He is a lawyer in private practice
and the Senior Partner of WongPartnership LLP. Mr Yeo
was appointed Senior Counsel of the Supreme Court of
Singapore in January 2000. He is the Chairman of the Audit
Committee of the Law Society of Singapore, and a member
of the Appeals Advisory Panel of the Monetary Authority of
Singapore, the Singapore International Arbitration Centre’s
Council of Advisors, and a Fellow of the Singapore Institute
of Arbitrators. He is also a Director of United Industrial
Corporation Limited and Keppel Corporation Ltd. Mr Yeo
is a Member of Parliament.
Mr Yeo graduated with a Bachelor of Laws (Honours) from
King’s College, University of London, and is a Barrister-at-
Law (Gray’s Inn).
YANG SOO SUAN
Mr Yang Soo Suan was appointed a Director of SingLand
on 27 April 2012 and is currently the Chairman of the Audit
Committee. He is an architect by training and has more
than 48 years of professional practice experience.
He is a Director of United Overseas Insurance Limited and
United International Securities Ltd. He is a Life Fellow of
the Singapore Institute of Architects, a Fellow Member
of the Singapore Society of Project Managers, and a
member of the Singapore Institute of Directors. He is the
former Chairman of Architects 61 Pte Ltd and National Fire
Prevention Council. He is also the former board member
of the Housing and Development Board and the Board of
Architects, a former President of the Singapore Institute of
Architects and currently a member of the Appeals Board
(Land Acquisition).
Mr Yang holds a Bachelor of Architecture (Honours) in
Design, Town Planning and Building (1961) from Melbourne
University, Australia and was awarded the Bintang Bakti
Masyarakat (Public Service Star, Singapore) in 1996.

Singapore Land Limited - Annual Report 2012
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WEE EE LIM
ROBERTO R. ROMULO
LANCE Y. GOKONGWEI
ROBERTO R. ROMULO
Mr Roberto R. Romulo was appointed a Director
of SingLand in January 2003. He is the Chairman of
Chartis Philippines Insurance Inc. (formerly AIU Insurance
(Philippines) Company, Inc.), PETNET, Inc, Medilink
Network Inc., and Romulo Asia Pacifi c Advisory. He is
a board member of A. Soriano Corporation, Equicom
Savings Bank, Philippine Long Distance Telephone Co
and MIH Ltd. (South Africa). He was a board member of
United Industrial Corporation Limited from January 2003
to April 2010. He is a Member of the Board of Counselors
of McLarty Associates (formerly Kissinger McLarty
Associates).
He is also the Chairman of several non-profi t organizations
namely Zuellig Family Foundation, Carlos P. Romulo
Foundation for Peace and Development, Foundation for
Information Technology Education and Development and
Asia Europe Foundation of the Philippines.
Mr Romulo graduated with a Bachelor of Arts in Political
Science from Georgetown University, Washington, D.C.
and a Bachelor of Laws from Ateneo de Manila University.
WEE EE LIM
Mr Wee Ee Lim was appointed a Director of SingLand in
1999. He is presently the President and Chief Executive
Offi cer of Haw Par Corporation Limited. In addition, he sits
on the board of directors of United Industrial Corporation
Limited as well as UOL Group Limited, Pan Pacifi c Hotels
Group Limited, Hua Han Bio-Pharmaceutical Holdings
Limited (a company listed on the Hong Kong Stock
Exchange) and Wee Foundation.
Mr Wee graduated with a Bachelor of Arts (Economics)
from Clark University, USA.
LANCE Y. GOKONGWEI
Mr Lance Y. Gokongwei was appointed a Director of
SingLand in 1999. He is the President and Chief Operating
Offi cer and a Director of JG Summit Holdings, Inc., Universal
Robina Corporation and JG Summit Petrochemical
Corporation. He is also the Vice Chairman and Deputy
Chief Executive Offi cer of Robinsons Land Corporation.
He is the President and Chief Executive Offi cer of Cebu
Air, Inc. He is also the Chairman of Robinsons Bank, Vice
Chairman of JG Summit Capital Markets Corporation and
a Director of Oriental Petroleum and Minerals Corporation
and United Industrial Corporation Limited. He is also
a trustee, secretary and treasurer of the Gokongwei
Brothers Foundation, Inc. He served as a Director of
Digital Telecommunications Phils. Inc. from May 1994 up
to October 2011.
Mr Gokongwei graduated with a Bachelor of Science
(Applied Science) from Pennsylvania Engineering School
and a Bachelor of Science (Finance) from Wharton School,
USA. He also attended the management and technology
program at the University of Pennsylvania.

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Singapore Land Limited - Annual Report 2012
CORPORATE GOVERNANCE REPORT
The Company is committed to maintaining high standards of corporate governance and this report outlines the
Company’s corporate governance practices with reference to the principles and guidelines of the Singapore Code of
Corporate Governance (“Code”).
BOARD MATTERS
Board’s Conduct of its Affairs
The principal functions of the Board are to: (a) provide entrepreneurial leadership, set strategic objectives and commitments,
review recommendations of the Nominating Committee (“NC”), Remuneration Committee (“RC”) and Audit Committee
(“AC”) and ensure that the necessary fi nancial and human resources are in place for the Company to meet its objectives;
(b) establish a framework of prudent and effective controls which enables risk to be assessed and managed, including
safeguarding of shareholders’ interest and the Company’s assets; (c) review the business results of the Company and
monitor the performance of Management; (d) identify the key stakeholder groups and recognize that their perceptions
affect the Company’s reputation; (e) set the Company’s values and standards (including ethical standards), and ensure
that obligations to shareholders and other stakeholders are understood and met; (f) consider the sustainability issues,
e.g. environmental and social factors, as part of its strategic formulation, and (g) assume responsibility for corporate
governance.
The Board delegates certain functions to the NC, RC and AC. Each committee has its own written terms of reference.
The Board meets on a quarterly basis and as and when warranted by circumstances. Telephonic conferences at Board
meetings are permitted by the Company’s Articles of Association (“Articles”). The number of Board and Board Committee
meetings held in 2012, as well as the attendance of each Board member at these meetings, are disclosed below:
Attendance
at 9 Audit
Committee
Meetings
Attendance
at 2
Nominating
Committee
Meetings
Attendance
at 2
Remuneration
Committee
Meetings
Attendance
at 4
Name
Board Meetings
Wee Cho Yaw 4 n/a 2 2
John Gokongwei, Jr. 4 n/a n/a n/a
Lim Hock San 4 n/a n/a n/a
James L. Go 4 9 2 2
Lance Y. Gokongwei 4 n/a n/a n/a
Gwee Lian Kheng 4 n/a n/a n/a
Hwang Soo Jin 4 n/a 2 2
Roberto R. Romulo 3 n/a 2 2
Tan Boon Teik * 1 2 1 n/a
Wee Ee Lim 4 n/a n/a n/a
Alvin Yeo Khirn Hai ** 2 8 n/a 1
Yang Soo Suan *** 2 5 1 n/a
* Tan Boon Teik passed away on 10 March 2012
** Alvin Yeo appointed as Chairman of AC from 19 March 2012 to 1 January 2013
*** Yang Soo Suan appointed as Director, member of AC and NC on 27 April 2012 and Chairman of AC on 2 January 2013

Singapore Land Limited - Annual Report 2012
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CORPORATE GOVERNANCE REPORT
The Company has adopted internal guidelines and fi nancial authority limits structure setting forth matters that require
Board approval. Under the guidelines, Board approval is required for material commitments and payments of operating
and capital expenditure.
A formal letter setting out the Director’s duties and obligations is provided to each Director upon his appointment. The
Company funds training programmes for the Directors, and has an orientation programme for incoming Directors to
familiarize them with the Company’s business and governance practices.
BOARD’S COMPOSITION AND GUIDANCE
The Board comprises eleven Directors, of whom four, namely, M/s Hwang Soo Jin, Roberto R. Romulo, Alvin Yeo Khirn
Hai and Yang Soo Suan (appointed on 27 April 2012) are considered independent directors. The independence of
each Director is reviewed annually by the NC. Following the NC’s review, the Board is of the view that the independent
directors make up at least one-third of the Board and that the current Board size is appropriate, taking into account
the nature and scope of the Company’s operations. No individual or small group of individuals dominates the Board’s
decision-making process.
The Board consists of high calibre members with a wealth of knowledge, expertise and experience. As a group, the
Directors contribute valuable direction and insight, drawing from their vast experience in matters relating to accounting,
fi nance, legal, banking, business, management, property and general corporate matters. Brief description on the
background of each Director is set out in the “Board of Directors” section of this Annual Report.
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
To ensure an appropriate balance of power, increased accountability and a greater capacity of the Board for independent
decision-making, the Company has a clear division of responsibilities at the top management level. Such division of
responsibilities is established and agreed by the Board. The non-executive Chairman and the CEO have separate roles
and they are not related to each other. The Chairman’s responsibilities include: (a) leading the Board; (b) setting the
agenda and ensuring that adequate time is available for discussion of all agenda items, in particular strategic issues; (c)
promoting a culture of openness and debate at the Board; (d) ensuring that the Directors receive complete, accurate and
timely information; (e) ensuring effective communication with shareholders; (f) encouraging constructive relations within
the Board and between the Board and Management; (g) facilitating the effective contribution of non-executive Directors
in particular; and, (h) promoting high standards of corporate governance.

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Singapore Land Limited - Annual Report 2012
CORPORATE GOVERNANCE REPORT
BOARD MEMBERSHIP
Nominating Committee
The NC comprises fi ve Directors, namely, M/s Hwang Soo Jin (Chairman), Wee Cho Yaw, James L. Go, Roberto R.
Romulo and Yang Soo Suan (appointed on 27 April 2012), of whom three, including the Chairman are independent.
The main Terms of Reference of the NC are: (a) reviewing the Board’s succession plans for Directors, in particular, the
Chairman and CEO; (b) developing the process for the evaluation of the performance of the Board, its Board Committees
and Directors; (c) reviewing the training and professional development programmes for the Board; (d) recommending all
new Board appointments and re-appointments to the Board; (e) reviewing skills required by the Board; (f) reviewing the
size of the Board; (g) determining annually the independence of each Director, and ensuring that independent directors
form one-third of the Board; (h) deciding whether a Director with multiple Board representations is able to and has
been adequately carrying out his duties as a Director; (i) deciding how the performance of the Board, its Committees
and Directors may be evaluated and proposing objective performance criteria to assess the effectiveness of the Board
and Board Committees as a whole and the contribution of each Director; and (j) carrying out annual assessment of the
effectiveness of the Board, its Board Committees and individual Directors.
In the nomination and selection process for a new Director, the NC identifi es key attributes of an incoming Director based
on the requirements of the Group and recommends to the Board the appointment of the new Director. The NC conducts
a yearly review of the re-appointment of Directors. The Directors submit themselves for re-election on regular intervals
of at least once every three years in accordance with the Articles. In its deliberations on the re-appointment of existing
Directors, the NC takes into consideration the Director’s contribution and performance.
Directors are given opportunities to attend courses and talks on corporate governance and other matters relevant to the
business of the Company.
The external auditor would brief the AC members of changes to the accounting standards and of issues which have a
direct impact on fi nancial statements.
The NC is also responsible for determining annually, the independence of Directors. The NC assessed M/s Hwang
Soo Jin, Roberto R. Romulo, Alvin Yeo Khirn Hai and Yang Soo Suan to be independent directors as they have acted
independently and objectively at all times in the interest of the Company and its shareholders. The NC scrutinised in
particular the independence of Mr Alvin Yeo Khirn Hai (11 years), Mr Hwang Soo Jin (10 years) and Mr Roberto R. Romulo
(10 years) who have served more than nine years each. The NC is satisfi ed that their long service has not compromised
their ability to exercise independent business judgement.
The NC further noted that Mr Alvin Yeo Khirn Hai is a partner of WongPartnership LLP, which has provided legal services
to the Company and its subsidiaries for the year 2012, for total fees of below $200,000. The NC was informed that Mr
Yeo was not involved in providing the legal services and did not involve himself in the selection or appointment of legal
counsel by the Company.
The NC considered the multiple board representations of the Directors and is satisfi ed that notwithstanding their multiple
directorships, each Director has been able to commit time and effort to the affairs of the Company. A Director who
is unable to attend meetings in person may give his views, if any, in writing to the Chairman of the Board and/or
Board Committee.

Singapore Land Limited - Annual Report 2012
11
CORPORATE GOVERNANCE REPORT
The Board is of the view, that as different companies have different complexities and directors have different capabilities,
it is best to leave each Director to evaluate his own ability to commit time to the Company. For this reason, the Board has
not prescribed the maximum number of directorships a Director may hold.
The information on independent, executive and non-executive Directors, including the year of initial appointment, last reelection
and membership on Board Committees is set out in the section of this Annual Report entitled “Corporate Data”.
As alternate directors should be appointed only in exceptional cases and for limited periods only, Mr Patrick O. Ng
(alternate director to Mr Lance Y. Gokongwei) and Mr Frederick D. Go (alternate director to Dr John Gokongwei, Jr.) have
relinquished their roles with effect from 7 November 2012.
BOARD PERFORMANCE
With the Board’s approval, the NC has adopted objective performance criteria for assessing the effectiveness of the
Board as a whole, the Board Committees and individual directors. In evaluating the Board’s performance as a whole, the
NC has adopted the quantitative indicators which include, return on equity, return on assets, economic value added, the
Company’s share price performance over a fi ve year period vis-à-vis the Singapore Straits Times Index and a benchmark
index of industry peers. In addition, the NC also takes into consideration the qualitative criteria of the effectiveness of the
Board in monitoring Management’s performance and the success of Management in achieving strategic and budgetary
objectives set by the Board.
As part of the yearly assessment of contribution of each Director to the effectiveness of the Board, the Chairmen of
the NC and the Board would assess whether each Director has contributed effectively and discharged their duties
responsibly. The Board would then be informed of the results of the performance evaluation. The individual Director’s
performance criteria is in relation to their industry knowledge and/or functional expertise, contribution and workload
requirements, sense of independence and attendance at the Board and Board Committee meetings.
A formal assessment of the effectiveness of the Board as a whole and the contribution by each individual Director to the
effectiveness of the Board was duly carried out this year on the above basis.
ACCESS TO INFORMATION
To enable the Board to fulfi l its responsibilities, Directors are provided with complete, adequate and timely information
prior to Board and Board Committee meetings and on an on-going basis.
Management provides Directors with monthly management accounts. The Company Secretary attends all Board and
Board Committee meetings and ensures good information fl ow within the Board and its Committees and between
senior Management and non-executive Directors. The Directors have separate and independent access to the Company
Secretary and senior Management.
The Board takes independent professional advice as and when necessary to enable it to discharge its responsibilities
effectively. Subject to the approval of the Chairman, the Directors may seek and obtain separate and independent
professional advice to assist them in their duties.

12
Singapore Land Limited - Annual Report 2012
CORPORATE GOVERNANCE REPORT
PROCEDURES FOR DEVELOPING REMUNERATION POLICIES
Remuneration Committee
There is a formal and transparent procedure for developing policies on executive remuneration and for fi xing the
remuneration packages of individual Directors. The members of the RC are M/s Alvin Yeo Khirn Hai (Chairman), Wee
Cho Yaw, James L. Go, Hwang Soo Jin and Roberto R. Romulo. The RC is made up of non-executive Directors, the
majority of whom, including the Chairman are independent.
The RC’s main Terms of Reference are: (a) reviewing the existing benefi t and remuneration systems, including the
Performance or Variable Bonus Schemes and the Executive Share Option Scheme (“ESOS”) of its holding company,
United Industrial Corporation Limited (“UIC”) and proposing any amendment/update, where appropriate, to the Board for
approval; (b) approving the remuneration packages of the CEO and senior Management of the Group; (c) administering
the UIC ESOS, which was approved and extended by shareholders on 18 May 2001 and 27 April 2011 respectively,
including approving allocations of options to qualifying executives including executive Directors of the Company; and
(d) recommending appropriate fees for Directors taking into account their services and contributions on the various
Board Committees; (e) reviewing the Company’s obligations arising in the event of termination of executive director and
key management personnel’s contract of service to ensure that the contracts of service contain fair and reasonable
termination clauses that are not overly generous.
For consideration on the appropriate remuneration for its Directors and key management personnel, the RC is guided by
Key Performance Indicators (“KPIs”) of the Company which, includes profi tability and return on equity. The President’s/
CEO’s remuneration is decided by the RC and the President/CEO is not present in the discussion.
LEVEL AND MIX OF REMUNERATION
In determining the remuneration of Directors and Senior Management, the RC will take into account the Company’s
performance and the performance of Directors and Senior Management. The Board, with the RC’s input, periodically
reviews the Company’s remuneration policy to ensure that it is in line with market practices and that the level and
structure of remuneration is aligned with the long-term interest of the Company and is appropriate to attract, retain and
motivate Directors and key management personnel.
No member of the RC or any Director is involved in the deliberations in respect of any remuneration, compensation,
options or any form of benefi ts to be granted to him.
The Company’s remuneration packages for its key executives including the executive Director of the Company include
share options granted under the UIC Share Option Scheme. Details of the UIC ESOS are set out in the Directors’ Report
section of UIC’s Annual Report under Share Options and can also be found on the website www.uic.com.sg. The
non-executive Directors’ remuneration consist of directors’ fees and where applicable, additional fees for serving on
Board Committees.
To align remuneration with the Company’s performance and long term interest, the UIC share options are exercisable in
accordance with the vesting schedule. In the event of a participant’s misconduct, the RC may treat the options as lapsed
and null and void.
There are no special service contracts offered by the Company.

Singapore Land Limited - Annual Report 2012
13
CORPORATE GOVERNANCE REPORT
Remuneration of Directors For The Year Ended 31 December 2012 is as follows:
Remuneration Band and
Name of Director
$500,000 - $750,000
Base/
Fixed Salary
Variable or
Performance-
Related Income/
Bonuses
Directors
Fees
Share Options
Granted,
Allowances and
Other Benefits
Lim Hock San @ 54% 34% n/a 12%
Below $250,000
Wee Cho Yaw n/a n/a 100% n/a
John Gokongwei, Jr. n/a n/a 100% n/a
James L. Go n/a n/a 100% n/a
Lance Y. Gokongwei n/a n/a 100% n/a
Gwee Lian Kheng n/a n/a 100% n/a
Hwang Soo Jin n/a n/a 100% n/a
Roberto R. Romulo n/a n/a 100% n/a
Tan Boon Teik * n/a n/a 100% n/a
Wee Ee Lim n/a n/a 100% n/a
Alvin Yeo Khirn Hai n/a n/a 100% n/a
Yang Soo Suan ** n/a n/a 100% n/a
* passed away on 10 March 2012
** appointed Director on 27 April 2012
Remuneration of Key Executives (who are not also Directors) For The Year Ended 31 December 2012 is as follows:
Remuneration Band and
Name of Key Executive@
$250,000 - $500,000
Base/
Fixed Salary
Variable or
Performance-
Related Income/
Bonuses
Share Options Granted,
Allowances and Other
Benefits
Michael Ng Seng Tat 66% 21% 13%
Below $250,000
Han Chan Juan 63% 15% 22%
Loy Chee Chang 53% 13% 34%
Goh Poh Leng 52% 15% 33%
Susie Koh 59% 14% 27%
@
The remuneration of the executive director and key executives are apportioned between the Company and its holding company,
UIC. Their duties and responsibilities cover both companies. The above remuneration band represents the quantum borne by
the Company.
No employee of the Company and its subsidiaries was an immediate family member of a Director or the CEO and whose
remuneration exceeded $50,000 during the fi nancial year ended 31 December 2012.

14
Singapore Land Limited - Annual Report 2012
CORPORATE GOVERNANCE REPORT
INFORMATION ON KEY EXECUTIVES
Michael Ng Seng Tat
(Group General Manager)
Mr Michael Ng Seng Tat was Managing Director of Savills Singapore before joining the Group in October 2010. His other
previous appointments were Managing Director of Hamptons International; General Manager of the real estate arm of
COSCO Singapore where he handled investment and development projects in Singapore and China; and Associate
Director of investment sales at Richard Ellis. He was a member of the Strata Titles Board from 1999 to 2008.
He holds a Bachelor of Science (Estate Management) Honours degree from National University of Singapore. Mr Michael
Ng is in charge of property investments and development projects for the Group.
Han Chan Juan
(Senior General Manager, Asset Management)
Mr Han Chan Juan qualifi ed as a chartered accountant in 1980 and is a member of the Institute of Chartered Accountants
in England and Wales and the Institute of Certifi ed Public Accountants of Singapore. Prior to joining the Group in 2009,
he was Senior Vice President (Performance Management) of the Pan Pacifi c Hotels Group Limited. He has over 20 years
of experience in fi nancial and asset management of hotels.
Loy Chee Chang
(Senior Financial Controller)
Mr Loy Chee Chang graduated from the National University of Singapore in 1982 with a Bachelor of Accountancy degree
and worked in Pricewaterhouse, Singapore as an auditor from 1982 to 1991. He joined UIC in 1991 as its Financial
Controller. He is the Senior Financial Controller of both UIC and the Company.
Goh Poh Leng
(Senior General Manager, Marketing)
Ms Goh Poh Leng graduated with a Bachelor of Science (Estate Management)(Honours) from the National University
of Singapore in 1990 and subsequently obtained her Certifi ed Diploma in Accounting and Finance conducted by The
Association of Chartered Certifi ed Accountants, UK. Prior to joining the Company, Ms Goh worked in an international
property consultancy fi rm for two years. She joined in 1992 and held various positions until her appointment as Senior
General Manager, Marketing in January 2010.
Susie Koh
(Company Secretary/Legal Manager)
Mrs Susie Koh obtained her LLB. (Honours), University of London in 1976 and Barrister-at-Law (Gray’s Inn) in 1979. Mrs
Koh was in private legal practice in Singapore as an Advocate & Solicitor from 1985. She became an in-house corporate
lawyer and held the position of Company Secretary/General Manager (Legal) in Scotts Holding Ltd in 1991 until 1995
when she joined Sembawang Corporation Ltd as Senior Vice President, Group Legal/Group Company Secretary. She
was appointed Company Secretary and Legal Manager for both UIC and the Company in 2001. She is a member of the
Singapore Academy of Law.

Singapore Land Limited - Annual Report 2012
15
CORPORATE GOVERNANCE REPORT
ACCOUNTABILITY AND AUDIT
The Board provides shareholders with a balanced and understandable assessment of the Company’s performance,
position and prospects on a quarterly basis via quarterly announcements of results and other ad hoc announcements as
required by SGX-ST; and Management provides Directors with the management accounts on a monthly basis.
AUDIT COMMITTEE
The AC comprises three non-executive Directors, namely, M/s Yang Soo Suan (appointed member on 27 April 2012
and Chairman on 2 January 2013), James L. Go and Alvin Yeo Khirn Hai, the majority of whom, including the Chairman,
are independent.
The Terms of Reference of the AC are to: (a) review with the external auditor the scope and results of the audit report
and its cost effectiveness; (b) review the signifi cant fi nancial reporting issues and judgements made; (c) review the
adequacy and effectiveness of the Company’s material internal controls and risk management; (d) the effectiveness of
the internal audit function; (e) review the assistance given by the Company’s offi cers to the external and internal auditors;
(f) commission investigations into and review fi ndings likely to have a material impact on the Group’s operating results
or fi nancial position; (g) review interested person transactions; (h) meet with the external and internal auditors annually
without the presence of Management; (i) review the independence of external auditors annually; and (j) decide and award
major tender contracts.
The AC has explicit authority to investigate any matter within its Terms of Reference, full access to and co-operation by
Management and full discretion to invite any Director or executive Director to attend its meetings, and has reasonable
resources to enable it to discharge its functions properly. Management has put in place, with the AC’s endorsement,
arrangements by which staff of the Group may, in confi dence, raise concerns about possible improprieties in matters of
fi nancial reporting or other matters. A whistle-blowing policy was implemented in February 2004.
During the year, the AC held nine meetings. The announcements of the quarterly and full year results, and the fi nancial
statements of the Group and the Auditor’s Report thereon for the full year were reviewed by the AC prior to consideration
and approval of the Board. The AC has met with the external and internal auditors, without the presence of Management,
at least once during the year. For the fi nancial year 2012, the AC undertook a review of the fees and expenses of the
audit and non-audit services provided by the external auditor, PricewaterhouseCoopers LLP. For details of fees payable
in respect of audit and non-audit services, please refer to Note 7 to the Financial Statements. It assessed whether the
nature and extent of the non-audit services might prejudice the independence and objectivity of the auditor before
confi rming its re-nomination. The AC was satisfi ed that such services did not affect the independence of external auditor
and that the external auditor has the requisite resources and expertise to do their work.
The AC also reviewed the Company’s interested person transactions and the cost-effectiveness of the audit conducted
by the external auditor.
The Company confi rms that Rules 712 and 715 of the SGX-ST Listing Manual on the appointment of Auditors have been
complied with. Please refer to Note 34 to the Financial Statements.

16
Singapore Land Limited - Annual Report 2012
CORPORATE GOVERNANCE REPORT
INTERNAL CONTROLS
The Group maintains a sound system of internal controls and risk management for ensuring proper accounting records
and reliable fi nancial information as well as management of business risks with a view to safeguarding shareholders’
investments and the Company’s assets.
The Company has a Risk Management Committee to assist the AC and the Board to, inter alia, determine the Company’s
level of risk tolerance and risk policies, oversee Management in the design, implementation and monitoring the risk
management and internal control systems.
Based on the internal controls established and maintained by the Company, work performed by the internal and external
auditors, and reviews performed by management, the Audit Committee and the Board, the Board with the concurrence
of the Audit Committee is satisfi ed with the adequacy of the Company’s internal controls, addressing the fi nancial,
operational and compliance risks.
The system of internal controls and risk management established by the Company provides reasonable assurance
that the Company will not be materially affected by any event that can be reasonably foreseen. No system of internal
controls and risk management can provide absolute assurance against the occurrence of material errors, fraud or
other irregularities.
INTERNAL AUDIT
The Group maintains accountability through an internal audit function that is independent of the activities it audits. The
internal audit team is guided by the Standards of Professional Practice of internal auditing set by the Institute of Internal
Auditors, and it reports directly to the Chairman of the AC and, administratively, to the CEO.
The Company’s internal auditors review the effectiveness of the Company’s material internal controls, including fi nancial,
operational and compliance controls, and risk management. Any material non-compliance or failures in internal controls
and recommendations for improvements are reported to the AC. The internal audit team has unrestricted access
to all records, properties, functions and co-operation from Management and staff necessary to effectively discharge
its responsibilities.

Singapore Land Limited - Annual Report 2012
17
CORPORATE GOVERNANCE REPORT
COMMUNICATION WITH SHAREHOLDERS
The Board provides shareholders with a balanced and understandable assessment of the Company’s performance,
position and prospects on a quarterly basis via quarterly announcement of results and other ad hoc announcements as
required by SGX-ST.
The Company continues to keep shareholders and analysts informed of its corporate activities on a timely, consistent
and even-handed basis. The disclosures are made on an immediate basis as required under the Listing Manual of the
SGX-ST or as soon as possible where immediate disclosure is not practicable. Briefi ngs and meetings with analysts are
held upon request.
In the interest of transparency and broad dissemination, material announcements are posted on the Company’s website
at www.singland.com.sg.
To encourage shareholder participation, shareholders receive the Annual Report and notice of the Annual General
Meeting (“AGM”). Notice of AGM is also advertised in the main press and issued via SGXNET. At the AGM and immediately
thereafter, shareholders have the opportunity to communicate their views and discuss with Board members and
Management matters affecting the Company. The Chairman of each Board Committee, namely, the AC, NC and RC, and
the external auditor are present at the AGM to address shareholders’ queries, if any.
To ensure transparency in the voting process and better refl ect shareholders’ interest, the Company will conduct
electronic poll voting for shareholders/proxies present at the meeting for all the resolutions proposed at the AGM. Votes
cast, for or against, on each resolution will be tallied and displayed “live-on-screen” to shareholders immediately at the
AGM. The total number of votes cast for or against the resolutions will also be announced after the AGM via SGXNET.
GREATER SHAREHOLDER PARTICIPATION
The Company’s Articles allow a shareholder of the Company to appoint up to 2 proxies to attend and vote in his or her
place at general meetings. The Company also allows CPF Investors to attend general meetings as observers.
CODE ON SHARE DEALINGS
The Company has adopted Rule 1207(19) of the SGX-ST Listing Manual with respect to dealings in the Company’s
securities by its Directors and employees. Circulars are issued to all Directors and employees of the Company and its
subsidiaries to remind them of, inter alia, laws of insider trading and the importance of not dealing in the shares of the
Company and within the Group on short term consideration and during the “prohibitive periods”.

18
Singapore Land Limited - Annual Report 2012
CORPORATE GOVERNANCE REPORT
INTERESTED PERSON TRANSACTIONS POLICIES
The Company has adopted an internal policy in respect of any transaction with interested persons and has set out the
procedures for review and approval of the Company’s interested person transaction.
The Company’s disclosures according to Rule 907 of the SGX-ST Listing Manual in respect of interested person
transactions (“IPT”) for the fi nancial year ended 31 December 2012 are set out as follows:
Name of Interested Person
Aggregate value of all IPT during
the financial year under review
(excluding transactions less
than $100,000 and transactions
conducted under shareholders’
mandate pursuant to Rule 920 of
the SGX-ST Listing Manual)
S$’million
Aggregate value of all IPT
conducted under shareholders’
mandate pursuant to Rule 920 of the
SGX-ST Listing Manual (excluding
transactions less than $100,000)
S$’million
United Industrial Corporation Limited
Rental and service income from United
Industrial Corporation Limited
1.3 n/a
UOL Venture Investments Pte. Ltd.
Contribution of shareholder’s loan in United
Venture Development (Bedok) Pte. Ltd. for the
development of Archipelago
21.1 n/a
UOL Venture Investments Pte. Ltd.
Contribution of shareholder’s loan and equity
in UVD Pte. Ltd. for the development of
residential site at Bright Hill Drive
58.5 n/a
The above IPT were conducted on normal commercial terms. The AC was also of the view that the risks and rewards of
the aforementioned joint ventures were in proportion to the equity of each joint venture partner, and that the joint ventures
were not prejudicial to the interests of the Company and its minority shareholders.

Singapore Land Limited - Annual Report 2012
19
CORPORATE GOVERNANCE REPORT
MATERIAL CONTRACTS
There was no other material contracts of the Company or its subsidiaries involving the interests of the CEO, each Director
or controlling shareholder, either still subsisting at the end of the fi nancial year or if not then subsisting entered into since
the end of the previous fi nancial year except for:
(a)
the Company’s subsidiary, Singland China Holdings Pte. Ltd.’s joint venture with UOL Capital Investments Pte.
Ltd. and Peak Star Pte. Ltd., subsidiaries of UOL Group Limited and Kheng Leong Company (Private) Limited
respectively in Shanghai Jin Peng Realty Co Ltd for the acquisition and development of Parcel 11, Changfeng
District, Shanghai, PRC, into a mixed use development comprising residential units and retail component. The
purchase price of the land was RMB 2.06 billion.
The aforesaid transaction between the three parties was on normal commercial terms, the risks and rewards of the
joint consortium are in proportion to the equity of each joint venture partner (30: 40: 30 respectively).
(b)
the Company’s subsidiary, S.L. Development Pte Limited’s joint venture with UOL Venture Investments Pte. Ltd.
(a subsidiary of UOL Group Limited) in United Venture Development (Bedok) Pte. Ltd. for the acquisition and
development of Archipelago, a residential development at Bedok Reservoir Road. The purchase price of the land
was S$320 million.
The aforesaid transaction between the two parties was on normal commercial terms, the risks and rewards of the
joint consortium are in proportion to the equity of each joint venture partner (50:50).
(c)
the Company’s subsidiary, Singland Homes Pte. Ltd.’s joint venture with UOL Venture Investments Pte. Ltd. in UVD
Pte. Ltd. for the acquisition and development of land parcel at Bright Hill Drive. The purchase price of the land was
S$292 million.
The aforesaid transaction between the two parties was on normal commercial terms, the risks and rewards of the
joint consortium are in proportion to the equity of each joint venture partner (50:50).

20
Singapore Land Limited - Annual Report 2012
CORPORATE DATA
Date of
Date of
Initial
Last
Board of Directors Board Appointment Appointment Re-election
Wee Cho Yaw Non-Executive Chairman 24.07.92 27.04.12
John Gokongwei, Jr. Non-Executive Deputy Chairman 27.07.99 27.04.12
Lim Hock San President & Chief Executive Offi cer 01.04.92 27.04.12
James L. Go Non-Executive Director 28.05.99 27.04.12
Lance Y. Gokongwei Non-Executive Director 28.05.99 23.04.10
Gwee Lian Kheng Non-Executive Director 28.05.99 27.04.12
Hwang Soo Jin Non-Executive and Independent Director 31.01.03 27.04.12
Roberto R. Romulo Non-Executive and Independent Director 31.01.03 27.04.12
Wee Ee Lim Non-Executive Director 28.05.99 27.04.12
Yang Soo Suan Non-Executive and Independent Director 27.04.12 Not Applicable
Alvin Yeo Khirn Hai Non-Executive and Independent Director 11.09.02 27.04.11
Audit Committee
Auditors
Yang Soo Suan Chairman PricewaterhouseCoopers LLP
(appointed Chairman on
8 Cross Street #17-00 PWC Building
2 January 2013) Singapore 048424
James L. Go Member Audit Partner: Choo Eng Beng
Alvin Yeo Khirn Hai Member (appointed with effect from fi nancial year 2012)
Nominating Committee
Share Registrars
Hwang Soo Jin Chairman Tricor Barbinder Share Registration Services
Wee Cho Yaw Member 80 Robinson Road #02-00
James L. Go Member Singapore 068898
Roberto R. Romulo Member Telephone: 6236 3333
Yang Soo Suan Member Facsimile: 6236 4399
(appointed on 27 April 2012)
Remuneration Committee
Registered Office
Alvin Yeo Khirn Hai Chairman 24 Raffl es Place #22-01/06
Wee Cho Yaw Member Clifford Centre
James L. Go Member Singapore 048621
Hwang Soo Jin Member Telephone: 6222 9312
Roberto R. Romulo Member Facsimile: 6225 1004
Website: www.singland.com.sg
Company Secretary
Susie Koh
Company Registration Number
196300170C

Singapore Land Limited - Annual Report 2012
21
MANAGEMENT REVIEW
Singapore Land Tower
Clifford Centre
2012 OVERVIEW
Despite the weak economy, the offi ce rental market held
up better than expected, supported mainly by demand
from the non-fi nancial sectors. Residential property market
remained buoyant as it was supported by high liquidity and
low interest rates.
SINGAPORE COMMERCIAL OFFICE INVESTMENT
SINGAPORE LAND TOWER
The fl agship building continued to perform well in the year
under review. Notwithstanding strong competition from
new buildings within the Central Business District Core,
the building was able to maintain its average occupancy
at 98%. Rental revenue, however declined slightly by 2%
compared to the preceding year, due to market rents being
lower than expiry rents.
During the year, several improvement works were
undertaken to better meet tenants’ needs. These include
the installation of Electronic Parking System to improve
traffi c fl ow in the car park, upgrading of washrooms as
well as the installation of new cooling towers with energy
effi cient and water saving features.
CLIFFORD CENTRE
Despite being the oldest building in the Group, Clifford
Centre managed to improve its average occupancy by 3
percentage points to 99%. Rental revenue also improved
by 7% compared to the preceding year.
The retail premises, which formed 20% of the total lettable
area, contributed about 25% of the total rental revenue.
As part of our ongoing programme to help retail tenants
maintain healthy sales revenue, year-end marketing
promotions were organised during the festive season.
At Clifford Centre, entry and exit at the car park was made
smoother with the upgrading to Electronic Parking System.
Closed-Circuit Television system was installed in all lifts to
enhance the security system in the building.

22
Singapore Land Limited - Annual Report 2012
MANAGEMENT REVIEW
The Gateway

Singapore Land Limited - Annual Report 2012
23
SGX CENTRE
SGX Centre managed to maintain an average occupancy
of 98% during the year under review. However, rental
revenue declined slightly by 3% compared to preceding
year due to market rents being lower than expiry rents.
SGX Centre
The contract to serve as the managing agent for SGX
Centre was renewed for another 2 years.
THE GATEWAY
Despite 226,000 square feet of leases expiring during the
year, The Gateway performed well and improve its average
occupancy by 3 percentage points to 96%. Rental revenue
also improved compared to 2011.
The upgrading of the 32 lifts at The Gateway was
completed during the year, providing smoother and faster
rides for tenants. As part of the building’s ongoing energy
conservation programme, light fi ttings in staircases were
replaced with higher energy effi cient ones.
ABACUS PLAZA AND TAMPINES PLAZA
In the year under review, both Abacus Plaza and Tampines
Plaza achieved full occupancy. Rental revenue also
improved by 13% and 4% respectively compared to the
preceding year.
Abacus Plaza and Tampines Plaza
The Closed Circuit Television system was upgraded to
enhance the security of the twin buildings.

24
Singapore Land Limited - Annual Report 2012
MANAGEMENT REVIEW
Marina Square Shopping Mall
Mandarin Oriental Singapore
SINGAPORE COMMERCIAL RETAIL PROPERTIES
MARINA SQUARE SHOPPING MALL
With over 640,000 square feet of net lettable retail space,
Marina Square Shopping Mall offers a broad mix of
tenants offering a diverse selection of shopping, dining
and entertainment options. Adding to the array of major
international fashion brands like Zara, Mango, Desigual
and Massimo Dutti, is British label, Marks & Spencer which
opened a 20,000 square foot duplex store in September
2012. Another new addition to the mall is well-known bath
and beauty brand from Israel – Laline. The opening of these
international labels reinforces Marina Square Shopping
Mall’s position as a prime shopping destination within the
Marina Bay area.
The draw of food and beverage outlets in Marina Square
remains strong with Paradise Inn, making its entry.
Shoppers can look forward to even more enticing dining
options with a revamped Gourmet Zone which is slated for
completion in the second quarter of 2013.
During the year, the mall held several fun and exciting
promotional activities. In March, the mall displayed the
largest 3-Dimensional Balloon Sculpture at the atrium.
The balloon sculpture constructed in the shape of a robot,
measured 19 by 23 metres and used more than 79,854
balloons, was accorded the “Largest 3D Balloon Sculpture”
in the Guinness World Records and the “Largest Single
Sculpture Made of Balloons” in the Singapore Book of
Records. This event won Best Retail Event 2012 organised
by the Singapore Retailers Association.

Singapore Land Limited - Annual Report 2012
25
Marina Square Shopping Mall
Marina Square Shopping Mall
The lobby of Pan Pacifi c Singapore
MARINA SQUARE HOTELS
The Singapore hotel market has continued to remain
strong with high occupancies spurred by healthy arrival
statistics from both regional and long haul markets. Within
the Marina Bay area where the 3 Marina Square hotels
(Pan Pacifi c Singapore, Marina Mandarin Singapore and
Mandarin Oriental Singapore) are located, new tourist
attractions such as the Gardens by the Bay and Marina
Bay Sands, have successfully attracted an increased
number of visitors from around the world to this precinct.
Marina Mandarin and Mandarin Oriental benefi ted from
the strong visitor arrivals into Singapore, recording strong
occupancies and rate growth.
Pan Pacifi c Singapore embarked on a multi-million
dollar transformation in April 2012 and was re-opened in
September 2012. The transformed Pan Pacifi c Singapore
features a spectacular new lobby and an exclusive Pacifi c
Club which has been relocated to the top fl oor of the
hotel with stunning view of the city skyline. The renovated
guestrooms encompass a perfect mix of comfort, elegant
design and useful technology in a contemporary palette of
colours and materials. A vibrant dining experience awaits
at the new all-day dining restaurant, Edge, featuring seven
distinct regional open kitchens. Hai Tien Lo re-opened at
its new location on Level 3, serving well-known favourites
with a contemporary interpretation.

26
Singapore Land Limited - Annual Report 2012
MANAGEMENT REVIEW
WEST MALL
Being directly connected to the Bukit Batok MRT, West
Mall remained a focal point for residents of Bukit Batok,
Jurong East, Hillview, Upper Bukit Timah and Clementi.
Shopper traffi c recorded at the mall for the year was
around 12 million.
An upbeat acrobatic performance from Shandong, China
ushered in the Chinese New Year at the mall. The acrobatic
performance together with the Carlsberg roadshow and
lion dance by 10 majestic lions from the Bukit Batok
West Mall
Community Club brought delight to shoppers. During the
year, the mall supported public outreach programmes
organised by the Bukit Batok Community Club such as
Line Dancing and Community Music Time. The mall also
took part in the Earth Hour on 31 March 2012.
In addition, events such as the Tamiya racing championship,
Taiwanese pop singer Alien Huang, 3-on-3 basketball
championship brought many young fans to the mall.
Total rental revenue achieved in 2012 was $31.1 million, an
increase of 2% compared with 2011.The mall maintained
an average occupancy rate of 99%. 27 leases with an
area of 43,661 square feet which expired in the year were
renewed or replaced at 20% higher than the expiring
rents. New tenants such as Ximen Jie (retailing Taiwanese
snacks), Funco Gamez, VAVA (ladies’ fashion apparels),
Surfers Paradise, Hair Inn and a new cinema operator
Cathay Cineplex were brought in to enhance the tenant mix
by providing wider choices of products and entertainment
for the shoppers. The new cinema operator commenced
operations in early February 2013.
Many tenants took the effort to refresh their shop-fronts
with trendy new look. Digital kilowatt meters were installed
at electrical switchboard to record energy consumption
of the different building services so as to monitor and
minimize energy wastages.
Velocity @ Novena Square
NOVENA SQUARE
The Group has a 20% interest in Novena Square, a
commercial development located above the Novena MRT
Station. For the year 2012, the development enjoyed 99%
occupancy for the retail mall, Velocity@Novena Square
(“Velocity”) as well as offi ce Towers A and B.
The retail mall, Velocity strengthened its sports positioning
with several innovative sports events. Three new events
- caged fl oorball challenge, paintball competition and
human-sized foosball tournament were introduced and
was well-received by shoppers. In September 2012,
Velocity forged a new alliance with the Sports Clinic of Tan
Tock Seng Hospital. The partnership allows the Sports
Clinic to share crucial sports information free to shoppers
through a series of monthly talks and vital information
posted on Velocity’s Facebook page.

Singapore Land Limited - Annual Report 2012
27
Velocity maintained its popularity as the preferred race
kit collection point for 18 of the major runs in Singapore,
including New Balance Real Run, 100 Plus Passion
Run, Safari Zoo Run, Newton 30km Run, Saloman Run
and POSB Kids Run. It was also the offi cial venue for
the fi nals of Singapore Table Tennis Crocodile Cup and
the Opening of Singapore HeritageFest 2012 by the
National Heritage Board.
SINGAPORE RESIDENTIAL PROPERTIES
THE TRIZON
Located off Holland Road in the Mount Sinai area,The
Trizon obtained the Certifi cate of Statutory Completion
(CSC) in November 2012. This freehold development
comprising 289 apartments was 94% sold as at January
2013.
ARCHIPELAGO
Located at the edge of Bedok Reservoir Park, the
491,080 square feet site is a 5-storey condominium with
553 apartments and 24 strata-houses. This 50:50 joint
venture project with UOL Group Limited was launched in
December 2011 and as at the end of 2012, the project
was 100% sold. TOP is expected to be obtained in 2016.
ALEXANDRA VIEW PROJECT
Jervios Road
Located at Alexandra View, the 69,980 sq feet is within
walking distance to the Redhill MRT Station and close
to Orchard Road and the Central Business District. The
iconic high-rise development comprises approximately
400 units and is expected to be launched in the fourth
quarter of 2013.
BUILDING MANAGEMENT
The Building Management Services Division continues to
maintain the offi ce buildings of Singapore Land and the
UIC Group of Companies. The Division provides technical
and contracting support for all building services to our
tenants. In addition, it is also the Managing Agent for
the Management Corporation (MCST) of SGX Centre.
The Division also oversees the Managing Agents at our
residential projects during the 12-month initial period until
the Management Council is formally elected at the fi rst
Annual General Meeting.
Archipelago
MON JERVOIS
The 96,423 square feet site is located in District 10 in
the vicinity of embassies and Good Class Bungalows in
Jervois Road and Bishopgate. The fi ve-storey boutique
development with 109 units is expected to be launched in
the second quarter of 2013.
FARRER DRIVE PROJECT
Close to the city centre, the 67,471 square feet site
is nestled in the lush greeneries of private residential
enclave and within 1 to 2 km of two top primary schools
viz; Nanyang Primary and Raffl es Girls’ Primary. The
development comprising three 8-storey blocks with 106
units is expected to be launched in the third quarter
of 2013.
Mon Jervios
BRIGHT HILL DRIVE PROJECT
Located at Bright Hill Drive, along Upper Thomson Road,
the 144,636 square feet site is within 200 metres from the
designated Upper Thomson MRT Station and near Ai Tong
Primary School. The Group acquired this site together with
UOL Group on a 50:50 basis, The high-rise development
comprises 435 apartments and 10 strata houses with
condominium facilities. The project is targeted to be
launched in the third quarter of 2013.
Artist’s impression of Mon Jervois

28
Singapore Land Limited - Annual Report 2012
MANAGEMENT REVIEW
The Excellency, Chengdu
Artist’s impression of Shanghai Chang Feng Project
OVERSEAS INVESTMENTS, CHINA
BEIJING LANDMARK TOWERS
The Group has a 19.95% interest in Beijing Landmark
Towers which is a mixed development comprising a
hotel, an apartment block and 2 offi ce towers. The Group
received $2.1 million of dividend from this investment
in 2012.
THE EXCELLENCY, CHENGDU
The 7,566 square metres site is situated close to the
popular Chun Xi Road shopping belt in Dacisi Road. It has
a saleable area of approximately 54,000 square metres
with 3,300 square metres of shopping and commercial
space, comprising two 51-storey residential blocks.
The development, which is wholly-owned by the Group,
was completed in the second quarter of 2012 and 74%
sold as at 31 December 2012.
SHANGHAI CHANG FENG PROJECT
The project is jointly owned by a consortium comprising
Singland China Holdings Pte. Ltd., (a wholly-owned
subsidiary), UOL Capital Investments Pte. Ltd. (a
subsidiary of UOL Group Limited) and Peak Star Pte. Ltd.
(a subsidiary of Kheng Leong Company (Private) Limited),
with shareholdings of 30%, 40% and 30% respectively.
Situated within the Chang Feng Ecological Business Park,
about 5 kilometres to the north-east of the Hongqiao
Transportation Hub and less than 10 kilometres from the
Bund, the site has a total land area of approximately 39,540
square metres. The proposed mixed-use development
comprising residential and retail components has 70 years
tenure for the residential and 40 years tenure for the retail
component.
Construction is expected to commence in the second
quarter of 2013.

Singapore Land Limited - Annual Report 2012
29
HUMAN RESOURCE
Food from the Heart, a Community Development Programme.
Healthy cooking class
Bollyrobics exercises to promote healthy lifestyle
The Group’s human resource management continues to
nurture the potential of its employees through learning
and development programmes. Employees were
encouraged to upgrade themselves through seminars,
workshops and talks.
The quarterly staff newsletter is published to communicate
with employees on the Group’s activities, events
and announcements.
Through regular dialogue sessions, the Group maintains
its harmonious industrial relation with Singapore Industrial
Services Employees’ Union (SISEU) and employees.
The Group recognises workplace as a key setting for
promoting the health and mental well-being of our
employees. Activities include kickboxing, cardio fi tness,
ergo and bollyrobics exercises, healthy cooking classes,
fruits distribution, heritage hunt and health screening.
As part of the ergonomics intervention programme,
physiotherapy and chiropractic sessions were conducted.
The Group received for the second time, GOLD from the
Health Promotion Board this year. This Award was given
in recognition of the Group’s exemplary workplace health
promotion programmes to encourage a balanced worklife
and healthy lifestyle.
To promote family bonding, social activities such as day trip
to Johor Bahru and Gardens by the Bay were organised
for employees and their families. Corporate passes are
available for employees and their families to visit Singapore
Science Centre and IMAX Theatre.
In support of corporate and social responsibility, employees
voluntarily participated in community outreach programme
at the Food from the Heart, a charity organisation in
SIngapore. The Group also made contributions to several
community and charitable organisations during the year.

30
Singapore Land Limited - Annual Report 2012
PROPERTY ACTIVITIES SUMMARY
As at 31 December 2012
Subsidiary Companies'
Investment Properties
Gross Approximate Car Percentage Capital
Site Area Floor Area Net Floor Area Parking of Value
(sq metres) (sq metres) (sq metres) Lots Shareholding ($m)
Singapore Land Tower 5,064 74,215 57,500 288 100 1,480
A 47-storey complex of banks and
offi ces and three basements of
car parking space with frontages
on Raffl es Place/Battery Road
SGX Centre 2 2,970 36,590 25,800 136 100 503
A 29-storey offi ce building with (inclusive of 3,336 sq m (SLL Group’s
two basements of car parking in SGX Centre 1) interest in
space located at 4 Shenton Way SGX Centre 1 & 2)
Clifford Centre 3,343 37,267 25,470 268 100 527
A 29-storey complex of shops
and offi ces with frontages
on both Raffl es Place and
Collyer Quay
The Gateway 22,381 97,430 69,803 689 100 1,046
A pair of 37-storey towers with
two basements of car parking
space located at Beach Road
Abacus Plaza 2,614 10,970 8,397 87 100 86
and Tampines Plaza 2,613 10,965 8,397 79 100 85
A pair of 8-storey offi ce buildings
with two basements of
car parking space located at
Tampines Central 1 in the
Tampines Finance Park
Marina Square 92,197 315,211 206,780 1,990 53 935
3 Hotels and two investment (In respect of retail
properties, a 4-storey Retail Mall
mall and office
(comprising fashion boutiques
building only)
department store, eating and
entertainment outlets, food
court, cinemas, bowling alley
and car park) and a six-storey
offi ce building (Marina Bayfront)

Singapore Land Limited - Annual Report 2012
31
PROPERTY ACTIVITIES SUMMARY
As at 31 December 2012
Associated Companies’
Investment Properties
Gross Approximate Car Percentage Capital
Site Area Floor Area Net Floor Area Parking of Value
(sq metres) (sq metres) (sq metres) Lots Shareholding ($m)
West Mall 9,890 26,300 17,042 314 50 398
A 5-storey retail and
entertainment complex
with three basements
of car parking space, located
at Bukit Batok Town Centre
Novena Square 16,673 70,010 57,197 491 20 1,083
A commercial complex
comprising two offi ce towers
of 25 and 18 storeys and a
three-storey retail block
located at the junction
of Thomson Road and
Moulmein Road

32
Singapore Land Limited - Annual Report 2012
PROPERTY ACTIVITIES SUMMARY
As at 31 December 2012
Subsidiary and Associated Companies’,
and Joint Ventures’ Properties Held For Sale
Completed in 2012
Gross Actual/ Percentage
Site Area Floor Area Expected of
Tenure (sq metres) (sq metres) Year of TOP Shareholding
The Trizon Freehold 18,153 38,122 2012 100
289-unit condominium at
Ridgewood Close
The Excellency, Chengdu Leasehold 7,566 77,000 2012 100
Two towers of 51 storeys each with
3 basement car parks at the junction
of Dacisi Road and Tian Xian Qiao
Road North
Under Development
Archipelago Leasehold 45,623 63,873 2016 50
577-unit condominium development
at Bedok Reservoir Road
Shanghai Chang Feng Project Leasehold 39,540 85,800 2016 30
398-unit condominium development at
No. 11 plot, Danba Road/Tongpu Road,
Changfeng Area, Putuo District, Shanghai
Mon Jervois Leasehold 8,958 12,542 2016 100
109-unit condominium development
at Jervois Road
Development site at Farrer Drive Leasehold 6,268 10,030 2016 100
106-unit condominium development
at Farrer Drive
Development site at Bright Hill Drive Leasehold 13,437 37,624 2017 50
445-unit condominium development
at Bright Hill Drive
Development site at Alexandra View Leasehold 6,501 31,857 2017 100
400-unit condominium development
at Alexandra View

Singapore Land Limited - Annual Report 2012
33
Financial Report Contents
34 Directors’ Report
37 Statement by Directors
38 Independent Auditor’s Report
40 Consolidated Income Statement
41 Consolidated Statement of Comprehensive Income
42 Statements of Financial Position
43 Consolidated Statement of Changes in Equity
44 Consolidated Statement of Cash Flows
46 Notes to the Financial Statements

34
Singapore Land Limited - Annual Report 2012
DIRECTORS’ REPORT
For the fi nancial year ended 31 December 2012
The directors present their report to the members together with the audited fi nancial statements of the Group for the
fi nancial year ended 31 December 2012 and the statement of fi nancial position of the Company as at 31 December 2012.
Directors
The directors of the Company in offi ce at the date of this report are:
Wee Cho Yaw
John Gokongwei, Jr.
Lim Hock San
(Chairman)
(Deputy Chairman)
(President and Chief Executive Offi cer)
James L. Go
Lance Y. Gokongwei
Gwee Lian Kheng
Hwang Soo Jin
Roberto R. Romulo
Wee Ee Lim
Yang Soo Suan (Appointed on 27 April 2012)
Alvin Yeo Khirn Hai
Arrangements to enable directors to acquire shares and debentures
Neither at the end of nor at any time during the fi nancial year was the Company a party to any arrangement whose object
was to enable the directors of the Company to acquire benefi ts by means of the acquisition of shares in, or debentures
of, the Company or any other body corporate, other than as disclosed in this report.

Singapore Land Limited - Annual Report 2012
35
DIRECTORS’ REPORT
For the fi nancial year ended 31 December 2012
Directors’ interests in shares or debentures
(a)
According to the register of directors’ shareholdings, none of the directors holding offi ce at the end of the fi nancial
year had any interest in the shares or debentures of the Company or related corporations, except as follows:
Holdings registered
in name of director
or nominee
Holdings in which
director is deemed
to have an interest
At 31.12.2012 At 1.1.2012 At 31.12.2012 At 1.1.2012
Singapore Land Limited
(Ordinary shares)
John Gokongwei, Jr. - - 329,207,384 323,565,384
Lim Hock San 340,000 340,000 - -
United Industrial Corporation Limited (“UIC”)
(Ordinary shares)
Wee Cho Yaw 1,857,000 1,857,000 664,140,565 658,112,565
John Gokongwei, Jr. - - 497,245,000 497,195,000
Lim Hock San 22,000 22,000 - -
Hwang Soo Jin 300,000 300,000 - -
(Executive share options to subscribe for ordinary
shares in UIC)
Lim Hock San 870,000 770,000 - -
(b) Except for Dr. John Gokongwei, Jr., who has a deemed interest in 502,245,000 UIC shares as at 21 January 2013,
there was no change in any of the above-mentioned directors’ interests between the end of the fi nancial year and
21 January 2013.
Directors’ contractual benefits
Since the end of the previous fi nancial year, no director has received or become entitled to receive a benefi t by reason
of a contract made by the Company or a related corporation with the director or with a fi rm of which he is a member
or with a company in which he has a substantial fi nancial interest, except as disclosed in the accompanying fi nancial
statements note 30.

36
Singapore Land Limited - Annual Report 2012
DIRECTORS’ REPORT
For the fi nancial year ended 31 December 2012
Share options
There were no options granted in respect of unissued ordinary shares of the Company or any subsidiary during the
fi nancial year.
No shares have been issued during the fi nancial year by virtue of the exercise of options to take up unissued ordinary
shares of the Company or any subsidiary.
There were no unissued ordinary shares of the Company or any subsidiary under option at the end of the fi nancial year.
Audit committee
The Audit Committee comprises three non-executive directors, namely, Yang Soo Suan (Chairman), James L. Go and
Alvin Yeo Khirn Hai, majority of whom including the Chairman, are independent directors.
The Audit Committee carried out its functions in accordance with Section 201B(5) of the Companies Act. At a series
of meetings convened during the twelve months up to the date of this report, the Audit Committee reviewed reports
prepared respectively by the external and the internal auditors and approved proposals for improvements in internal
controls. The announcement of quarterly and full year results, the fi nancial statements of the Group and the Independent
Auditor’s Report thereon for the full year were also reviewed prior to consideration and approval of the Board.
Independent auditor
The independent auditor, PricewaterhouseCoopers LLP, has expressed its willingness to accept re-appointment.
On behalf of the directors
WEE CHO YAW
Director
LIM HOCK SAN
Director
8 February 2013

Singapore Land Limited - Annual Report 2012
37
STATEMENT BY DIRECTORS
For the fi nancial year ended 31 December 2012
In the opinion of the directors,
(a)
the statement of fi nancial position of the Company and the consolidated fi nancial statements of the Group as set
out on pages 40 to 96 are drawn up so as to give a true and fair view of the state of affairs of the Company and
of the Group as at 31 December 2012 and of the results of the business, changes in equity and cash fl ows of the
Group for the fi nancial year then ended; and
(b)
at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts
as and when they fall due.
On behalf of the directors
WEE CHO YAW
Director
LIM HOCK SAN
Director
8 February 2013

38
Singapore Land Limited - Annual Report 2012
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
SINGAPORE LAND LIMITED
Report on the Financial Statements
We have audited the accompanying fi nancial statements of Singapore Land Limited (the “Company”) and its subsidiaries
(the “Group”) set out on pages 40 to 96, which comprise the consolidated statement of fi nancial position of the Group
and statement of fi nancial position of the Company as at 31 December 2012, the consolidated income statement,
statement of comprehensive income, statement of changes in equity and statement of cash fl ows of the Group for the
fi nancial year then ended, and a summary of signifi cant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation of fi nancial statements that give a true and fair view in accordance with
the provisions of the Singapore Companies Act (the “Act”) and Singapore Financial Reporting Standards, and for devising
and maintaining a system of internal accounting controls suffi cient to provide a reasonable assurance that assets are
safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they
are recorded as necessary to permit the preparation of true and fair profi t and loss accounts and statements of fi nancial
position and to maintain accountability of assets.
Auditor’s Responsibility
Our responsibility is to express an opinion on these fi nancial statements based on our audit. We conducted our audit in
accordance with Singapore Standards on Auditing. Those Standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial
statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of
material misstatement of the fi nancial statements, whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the entity’s preparation of fi nancial statements that give a true and fair view
in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating
the overall presentation of the fi nancial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Opinion
In our opinion, the consolidated fi nancial statements of the Group and the statement of fi nancial position of the Company
are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as
to give a true and fair view of the state of affairs of the Group and of the Company as at 31 December 2012, and of the
results, changes in equity and cash fl ows of the Group for the fi nancial year ended on that date.

Singapore Land Limited - Annual Report 2012
39
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
SINGAPORE LAND LIMITED
Report on Other Legal and Regulatory Requirements
In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiaries
incorporated in Singapore of which we are the auditors, have been properly kept in accordance with the provisions of
the Act.
PricewaterhouseCoopers LLP
Public Accountants and Certifi ed Public Accountants
Singapore, 8 February 2013

40
Singapore Land Limited - Annual Report 2012
CONSOLIDATED INCOME STATEMENT
For the fi nancial year ended 31 December 2012
Note 2012 2011
$’000 $’000
(restated)
Revenue 4 580,602 615,296
Cost of sales 5 (322,932) (334,426)
Gross profit 257,670 280,870
Investment income 6 4,643 2,919
Other gains/(losses) - net 2,424 1,137
Selling and distribution costs (13,168) (13,367)
Administrative expenses (10,161) (10,221)
Finance expenses (2,056) (1,642)
Share of results of associated companies 88,957 61,361
Share of results of joint ventures - (500)
328,309 320,557
Fair value gain on investment properties 16 165,373 126,372
Profit before income tax 7 493,682 446,929
Income tax expense 8 (36,992) (41,084)
Net profit 456,690 405,845
Attributable to:
Equity holders of the Company 9 407,104 353,592
Non-controlling interests 49,586 52,253
456,690 405,845
Basic/Diluted earnings per share attributable
to equity holders of the Company
(expressed in cents per share) 10 98.7 cents 85.7 cents
The accompanying notes form an integral part of these fi nancial statements.

Singapore Land Limited - Annual Report 2012
41
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the fi nancial year ended 31 December 2012
2012 2011
$’000 $’000
(restated)
Net profi t 456,690 405,845
Other comprehensive (expense)/income items:
Net exchange differences on translation of fi nancial statements of foreign entities (11,072) 11,499
Total comprehensive income 445,618 417,344
Total comprehensive income attributable to:
Equity holders of the Company 396,032 365,091
Non-controlling interests 49,586 52,253
445,618 417,344
The accompanying notes form an integral part of these fi nancial statements.

42 Singapore Land Limited - Annual Report 2012
STATEMENTS OF FINANCIAL POSITION
As at 31 December 2012
The Group
The Company
Note 2012 2011 2010 2012 2011
$’000 $’000 $’000 $’000 $’000
(restated) (restated)
ASSETS
Non-current assets
Other receivables 11 156,442 78,164 7,490 461,961 342,195
Available-for-sale fi nancial assets 12 12,045 12,045 12,045 -
Investments in associated companies 13 611,694 556,084 423,168 350 350
Investments in joint ventures 14 - - - - -
Investments in subsidiary companies 15 - - - 972,442 972,442
Investment properties 16 4,661,800 4,486,400 4,350,000 - -
Property, plant and equipment 17 444,134 368,958 381,039 - -
5,886,115 5,501,651 5,173,742 1,434,753 1,314,987
Current assets
Cash and cash equivalents 18 64,345 65,806 84,870 206 243
Properties held for sale 19 419,670 423,903 373,548 - -
Trade and other receivables 20 74,450 40,232 39,759 235 209
Inventories 947 887 948 - -
559,412 530,828 499,125 441 452
Total assets 6,445,527 6,032,479 5,672,867 1,435,194 1,315,439
LIABILITIES
Current liabilities
Trade and other payables 21 139,005 212,083 171,258 1,070 1,052
Current income tax liabilities 8 57,837 41,423 41,145 2,030 1,578
Borrowings 22 138,021 236,700 181,607 135,400 180,000
334,863 490,206 394,010 138,500 182,630
Non-current liabilities
Trade and other payables 21 43,295 45,703 40,279 225,679 66,145
Borrowings 22 264,000 30,000 104,945 - -
Deferred income tax liabilities 23 46,588 63,054 55,108 - -
353,883 138,757 200,332 225,679 66,145
Total liabilities 688,746 628,963 594,342 364,179 248,775
NET ASSETS 5,756,781 5,403,516 5,078,525 1,071,015 1,066,664
EQUITY
Capital and reserves attributable to
equity holders of the Company
Share capital 24 840,349 840,349 840,349 840,349 840,349
Reserves 4,281,956 3,968,420 3,685,825 230,666 226,315
5,122,305 4,808,769 4,526,174 1,071,015 1,066,664
Non-controlling interests 634,476 594,747 552,351 - -
TOTAL EQUITY 5,756,781 5,403,516 5,078,525 1,071,015 1,066,664
The accompanying notes form an integral part of these fi nancial statements.

Singapore Land Limited - Annual Report 2012
43
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the fi nancial year ended 31 December 2012
2012
Attributable to equity holders of the Company
Foreign Asset Non-
Share Retained currency revaluation controlling Total
capital earnings reserve reserve Total interests equity
$’000 $’000 $’000 $’000 $’000 $’000 $’000
Balance at 1 January 2012
- as previously reported 840,349 3,491,819 11,072 40,570 4,383,810 563,777 4,947,587
- effect of adopting FRS 12 - 424,959 - - 424,959 30,970 455,929
Balance at 1 January 2012,
as restated 840,349 3,916,778 11,072 40,570 4,808,769 594,747 5,403,516
Total comprehensive income /
(expense) - 407,104 (11,072) - 396,032 49,586 445,618
Dividends paid - (82,496) - - (82,496) (9,857) (92,353)
Balance at 31 December 2012 840,349 4,241,386 - 40,570 5,122,305 634,476 5,756,781
2011
Balance at 1 January 2011
- as previously reported 840,349 3,243,587 (427) 40,570 4,124,079 522,709 4,646,788
- effect of adopting FRS 12 - 402,095 - - 402,095 29,642 431,737
Balance at 1 January 2011,
as restated 840,349 3,645,682 (427) 40,570 4,526,174 552,351 5,078,525
Total comprehensive income - 353,592 11,499 - 365,091 52,253 417,344
Dividends paid - (82,496) - - (82,496) (9,857) (92,353)
Balance at 31 December 2011 840,349 3,916,778 11,072 40,570 4,808,769 594,747 5,403,516
The accompanying notes form an integral part of these fi nancial statements.

44
Singapore Land Limited - Annual Report 2012
CONSOLIDATED STATEMENT OF CASH FLOWS
For the fi nancial year ended 31 December 2012
2012 2011
$’000 $’000
(restated)
Cash flows from operating activities
Profi t before income tax 493,682 446,929
Adjustments for:
Depreciation of property, plant and equipment 16,674 15,228
Loss on disposal of property, plant and equipment 358 62
Share of results of associated companies (88,957) (61,361)
Share of results of joint ventures - 500
Fair value gain on investment properties (165,373) (126,372)
Investment income (4,643) (2,919)
Interest expense 2,056 1,642
Unrealised currency translation differences (2,852) 2,823
Operating cash fl ow before working capital changes 250,945 276,532
Change in operating assets and liabilities:
Properties held for sale 7,079 (48,118)
Inventories (60) 61
Trade and other receivables (34,208) (16,511)
Trade and other payables (84,685) 46,762
Cash generated from operations 139,071 258,726
Interest paid (4,762) (5,209)
Income tax paid (37,044) (32,860)
Net cash provided by operating activities 97,265 220,657
Cash flows from investing activities
Purchase of property, plant and equipment (83,199) (3,224)
Proceeds from disposal of property, plant and equipment 48 15
Upgrading of investment properties (10,027) (10,028)
Repayment of loan by an associated company 1,400 1,500
Loans to joint ventures (77,812) (71,243)
Investment in an associated company - (93,316)
Investment in a joint venture - (500)
Dividends received from unquoted equity investments 2,229 1,665
Dividends received from associated companies 25,125 46,470
Interest received 542 1,145
Net cash used in investing activities (141,694) (127,516)
The accompanying notes form an integral part of these fi nancial statements.

Singapore Land Limited - Annual Report 2012
45
CONSOLIDATED STATEMENT OF CASH FLOWS
For the fi nancial year ended 31 December 2012
Note 2012 2011
$’000 $’000
(restated)
Cash flows from financing activities
Repayment of borrowings (101,300) (239,780)
Proceeds from borrowings 236,621 219,928
Bank deposits pledged as security for bank borrowing (5,570) -
Dividends paid to shareholders (82,496) (82,496)
Dividends paid to non-controlling shareholders (9,857) (9,857)
Net cash provided by/(used in) financing activities 37,398 (112,205)
Net decrease in cash and cash equivalents (7,031) (19,064)
Cash and cash equivalents at beginning of fi nancial year 65,806 84,870
Cash and cash equivalents at end of financial year 18 58,775 65,806
The accompanying notes form an integral part of these fi nancial statements.

46
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
These notes form an integral part of and should be read in conjunction with the accompanying fi nancial statements.
1. GENERAL INFORMATION
Singapore Land Limited (the “Company”) is incorporated and domiciled in Singapore. The address of its registered
offi ce is 24 Raffl es Place #22-01/06, Clifford Centre, Singapore 048621.
The Company is listed on the Singapore Exchange.
The principal activity of the Company is that of an investment holding company. The principal activities of the Group
consist of development of properties for investment and trading, investment holding, property management, and
investment in hotels and retail centres.
2. SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of preparation
The fi nancial statements have been prepared in accordance with Singapore Financial Reporting Standards (“FRS”)
under the historical cost convention, except as disclosed in the accounting policies below.
The preparation of fi nancial statements in conformity with FRS requires management to exercise its judgement
in the process of applying the Group’s accounting policies. It also requires the use of certain critical accounting
estimates and assumptions. The areas involving a higher degree of judgement or complexity, or areas where
assumptions and estimates are signifi cant to the fi nancial statements, are disclosed in note 3.
Interpretations and amendments to published standards effective in 2012
On 1 January 2012, the Group adopted the new or amended FRS and Interpretations to FRS (“INT FRS”) that are
mandatory for application for the fi nancial year. Changes to the Group’s accounting policies have been made as
required, in accordance with the transitional provisions in the respective FRS and INT FRS.
The adoption of these new or amended FRS and INT FRS did not result in substantial changes to the accounting
policies of the Group and Company and had no effect on the amounts reported for the current or prior fi nancial
years, except as disclosed below.
The Group has adopted the amendments to FRS 12 Deferred Tax: Recovery of Underlying Assets on 1 January
2012. The amended FRS 12 has introduced a presumption that an investment property measured at fair value is
recovered entirely by sale. The amendment, effective for annual periods beginning on or after 1 January 2012,
is to be applied retrospectively.
Previously, the Group accounted for deferred tax on fair value gains on investment property on the basis that the
asset would be recovered through use. Upon adoption of the amendment, such deferred tax is measured on the
basis of recovery through sale.

Singapore Land Limited - Annual Report 2012
47
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
2.1 Basis of preparation (continued)
Interpretations and amendments to published standards effective in 2012 (continued)
The effects on adoption are as follows:
Increase/(Decrease)
2012 2011 2010
$’000 $’000 $’000
Consolidated statement of fi nancial position as at 31 December:
Investments in associated companies 29,246 21,494 18,785
Deferred income tax liabilities (462,548) (434,435) (412,952)
Retained earnings 456,996 424,959 402,095
Non-controlling interests 34,798 30,970 29,642
Consolidated income statement for the fi nancial year ended 31 December:
Share of results of associated companies 7,752 2,709
Income tax expense (28,113) (21,483)
Non-controlling interests 3,828 1,328
Basic and diluted earnings per share for the fi nancial year
ended 31 December (cents per share) 7.8 cents 5.5 cents
2.2 Revenue recognition
Revenue comprises the fair value of consideration received or receivable for the sale of goods and rendering of
services, net of goods and services tax, rebates and discounts after eliminating revenue within the Group.
The Group recognises revenue when the amount of revenue and related cost can be reliably measured, it is
probable that the collectibility of the related receivables is reasonably assured and when the specifi c criteria for each
of the Group’s activities are met as follows:
(a)
Rental income
Rental income from operating leases (net of any incentives given to the lessees) on investment properties is
recognised on a straight-line basis over the lease term.

48
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
2.2 Revenue recognition (continued)
(b)
Revenue on sale of properties held for sale
Revenue from sale of properties held for sale in respect of sale and purchase agreements entered into
prior to completion of construction is recognised when the properties are delivered to the buyers, except
for in cases where the control and risk and rewards of the property are transferred to the buyers as
construction progresses.
For sales of uncompleted residential properties made with a Normal Payment Scheme feature in Singapore, the
transfer of signifi cant risks and rewards of ownership occurs in the current state as construction progresses.
Revenue is recognised by reference to the stage of completion using the percentage of completion method,
determined by the level of construction costs incurred as a proportion of the estimated total construction
costs to completion.
For sales of overseas development properties and Singapore residential properties made with a Deferred
Payment Scheme feature, such transfer generally occurs when the property units are completed and delivered
to the purchasers. Revenue is recognised upon completion of construction.
(c)
Revenue from hotel operations
Revenue from the rental of hotel rooms and other facilities is recognised when the services are rendered.
Revenue from the sale of food and beverage is recognised when the goods are delivered to the customer.
(d)
Property services fees
Property services fees are recognised when the services are rendered.
(e)
Interest income
Interest income is recognised on a time proportion basis using the effective interest method.
(f)
Dividend income
Dividend income is recognised when the right to receive payment is established.
(g)
Car parking income
Car parking income is recognised on a straight-line basis based on time proportion.

Singapore Land Limited - Annual Report 2012
49
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
2.3 Group accounting
(a)
Subsidiary companies
(i)
Consolidation
Subsidiary companies are entities over which the Group has power to govern the fi nancial and operating
policies so as to obtain benefi ts from its activities, generally accompanied by a shareholding giving rise
to the majority of the voting rights.The existence and effect of potential voting rights that are currently
exercisable or convertible are considered when assessing whether the Group controls another entity.
Subsidiary companies are consolidated from the date on which control is transferred to the Group.They
are de-consolidated from the date on which control ceases.
In preparing the consolidated fi nancial statements, transactions, balances and unrealised gains on
transactions between group entities are eliminated. Unrealised losses are also eliminated but are
considered an impairment indicator of the asset transferred. Accounting policies of subsidiary companies
have been changed where necessary to ensure consistency with the policies adopted by the Group.
Non-controlling interests are that part of the net results of operations and of net assets of a subsidiary
company attributable to the interests which are not owned directly or indirectly by the equity holders
of the Company. They are shown separately in the consolidated statement of comprehensive income,
statement of changes in equity and statement of fi nancial position. Total comprehensive income is
attributed to the non-controlling interests based on their respective interests in a subsidiary company,
even if this results in the non-controlling interests having a defi cit balance.
(ii)
Acquisitions
The acquisition method of accounting is used to account for business combinations by the Group.
The consideration transferred for the acquisition of a subsidiary company or business comprises of the
fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group.
The consideration transferred also includes the fair value of any contingent consideration arrangement
and fair value of any pre-existing equity interest in the subsidiary company.
Acquisition-related costs are expensed as incurred.
Identifi able assets acquired and liabilities and contingent liabilities assumed in a business combination
are, with limited exceptions, measured initially at their fair values at the acquisition date.

50
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
2.3 Group accounting (continued)
(a)
Subsidiary companies (continued)
(ii)
Acquisitions (continued)
On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree
at the date of acquisition either at fair value or at the non-controlling interest’s proportionate share of the
acquiree’s identifi able net assets.
The excess of (i) the consideration transferred, the amount of any non-controlling interest in the acquiree
and the acquisition-date fair value of any previous equity interest in the acquiree over the (ii) fair value
of the identifi able net assets acquired is recorded as goodwill. If those amounts are less than the fair
value of the identifi able net assets of the subsidiary company acquired and the measurement of all
amounts have been reviewed, the difference is recognised directly in the income statement as a bargain
purchase. Please refer to the paragraph “Goodwill on acquisitions” for the subsequent accounting policy
on goodwill.
(iii)
Disposals
When a change in the Group ownership interest in a subsidiary company results in a loss of control over
the subsidiary company, the assets and liabilities of the subsidiary company including any goodwill are
derecognised. Amounts previously recognised in other comprehensive income in respect of that entity
are also reclassifi ed to the income statement or transferred directly to retained earnings if required by a
specifi c Standard.
Any retained equity interest in the entity is remeasured at fair value. The difference between the carrying
amount of the retained interest at the date when control is lost and its fair value is recognised in the
income statement.
Please refer to the paragraph “Investments in subsidiary and associated companies, and joint ventures”
for the accounting policy on investments in subsidiary companies in the separate fi nancial statements of
the Company.

Singapore Land Limited - Annual Report 2012
51
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
2.3 Group accounting (continued)
(b)
Transactions with non-controlling interests
Changes in the Group’s ownership interest in a subsidiary company that do not result in a loss of control
over the subsidiary company are accounted for as transactions with equity owners of the Company. Any
difference between the change in the carrying amounts of the non-controlling interest and the fair value of
the consideration paid or received is recognised in retained earnings within equity attributable to the equity
holders of the Company.
(c)
Associated companies and joint ventures
Associated companies are entities over which the Group has signifi cant infl uence, but not control, generally
accompanied by a shareholding giving rise to voting rights of 20% and above but not exceeding 50%. Joint
ventures are entities over which the Group has contractual arrangements to jointly share control over the
economic activity of the entities with one or more parties. Investments in associated companies and joint
ventures are accounted for in the consolidated fi nancial statements using the equity method of accounting
less impairment losses, if any.
(i)
Acquisitions
Investments in associated companies and joint ventures are initially recognised at cost. The cost of
an acquisition is measured at the fair value of the assets given, equity instruments issued or liabilities
incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Goodwill
on associated companies and joint ventures represents the excess of the cost of acquisition of the
associate/joint venture over the Group’s share of the fair value of the identifi able net assets of the
associate/joint venture and is included in the carrying amount of the investments.

52
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
2.3 Group accounting (continued)
(c)
Associated companies and joint ventures (continued)
(ii)
Equity method of accounting
In applying the equity method of accounting, the Group’s share of its associated companies’ and joint
ventures’ post-acquisition profi ts or losses are recognised in the income statement and its share of postacquisition
other comprehensive income is recognised in other comprehensive income. These postacquisition
movements and distributions received from the associated companies and joint ventures
are adjusted against the carrying amount of the investments. When the Group’s share of losses in an
associated company or joint venture equals to or exceeds its interest in the associated company or joint
venture, including any other unsecured non-current receivables, the Group does not recognise further
losses, unless it has obligations to make or has made payments on behalf of the associated company
or joint venture.
Unrealised gains on transactions between the Group and its associated companies and joint ventures
are eliminated to the extent of the Group’s interest in the associated companies and joint ventures.
Unrealised losses are also eliminated unless the transactions provide evidence of an impairment of the
asset transferred. Where necessary, adjustments are made to the fi nancial statements of associated
companies and joint ventures to ensure consistency of accounting policies with those of the Group.
(iii)
Disposals
Investments in associated companies and joint ventures are derecognised when the Group loses
signifi cant infl uence and joint control respectively. Any retained equity interest in the entity is remeasured
at its fair value. The difference between the carrying amount of the retained interest at the date when
signifi cant infl uence or joint control is lost and its fair value is recognised in the income statement.
Please refer to the paragraph “Investments in subsidiary and associated companies, and joint ventures”
for the accounting policy on investments in associated companies and joint ventures in the separate
fi nancial statements of the Company.

Singapore Land Limited - Annual Report 2012
53
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
2.4 Property, plant and equipment
(a)
Measurement
Property, plant and equipment are initially recognised at cost and subsequently carried at cost less accumulated
depreciation and accumulated impairment losses.
The cost of an item of property, plant and equipment initially recognised includes its purchase price and
any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be
capable of operating in the manner intended by management.
(b)
Depreciation
Renovations in progress is not depreciated. Depreciation is calculated using the straight-line method to
allocate the depreciable amounts of property, plant and equipment over their estimated useful lives as follows:
Leasehold land and building
Plant and machinery
Furniture, fi ttings and offi ce equipment
Motor vehicles
93 years
10 - 15 years
5 - 13 years
5 years
The residual values, estimated useful lives and depreciation method of property, plant and equipment are
reviewed, and adjusted as appropriate, at each statement of fi nancial position date. The effects of any revision
are recognised in the income statement when the changes arise.
(c)
Subsequent expenditure
Subsequent expenditure relating to property, plant and equipment that has already been recognised is added
to the carrying amount of the asset only when it is probable that future economic benefi ts associated with the
item will fl ow to the Group and the cost of the item can be measured reliably. All other repair and maintenance
expenses are recognised in the income statement when incurred.
(d)
Disposal
On disposal of an item of property, plant and equipment, the difference between the disposal proceeds and
its carrying amount is recognised in the income statement.

54
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
2.5 Goodwill on acquisitions
Goodwill on acquisitions of subsidiary companies and businesses represents the excess of (i) the sum of the
consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair
value of any previous equity interest in the acquiree over (ii) the fair value of the identifi able net assets acquired.
Goodwill on subsidiary companies is recognised separately as intangible assets and carried at cost less accumulated
impairment losses.
Goodwill on associated companies and joint ventures is included in the carrying amount of the investments.
Gains and losses on the disposal of subsidiary and associated companies, and joint ventures include the carrying
amount of goodwill relating to the entity sold.
2.6 Borrowing costs
Borrowing costs are recognised in the income statement using the effective interest method except for those
costs that are directly attributable to the construction or development of properties. This includes those costs on
borrowings acquired specifi cally for the construction or development of properties, as well as those in relation to
general borrowings used to fi nance the construction or development of properties.
The actual borrowing costs incurred during the period up to the issuance of the temporary occupation permit less
any investment income on temporary investment of these borrowings, are capitalised in the cost of the properties
held for sale and investment properties. Borrowing costs on general borrowings are capitalised by applying a
capitalisation rate to construction or development expenditures that are fi nanced by general borrowings.
2.7 Properties held for sale
Properties held for sale are those which are intended for sale in the ordinary course of business. Properties held for
sale which are unsold are carried at the lower of cost and estimated net realisable value. Cost of properties held
for sale includes land, construction and related development costs and interest on borrowings obtained to fi nance
the purchase and construction of the properties. Net realisable value represents the estimated selling price in the
ordinary course of business less costs to complete the development and selling expenses.

Singapore Land Limited - Annual Report 2012
55
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
2.7 Properties held for sale (continued)
Singapore properties held for sale under the Normal Payment Scheme are stated at cost plus attributable profi ts/
losses less progress billings. Progress billings not yet paid by customers are included within “trade and other
receivables”. Where progress billings exceed costs incurred plus recognised profi ts (less recognised losses), the
balance is shown as due to customers on development projects, under “trade and other payables”. When it is
probable that the total development costs will exceed the total revenue, the expected loss is recognised as an
expense immediately.
Singapore properties held for sale under the Deferred Payment Scheme and overseas properties held for sale
are stated at cost and payments received from purchasers prior to completion are included in current liabilities as
“monies received in advance”.
2.8 Investment properties
Investment properties of the Group, principally comprising offi ce buildings, are held for long-term rental yields and
capital appreciation. Investment properties include properties that are being constructed or developed for future
use as investment properties.
Investment properties are initially recognised at cost and subsequently carried at fair value, representing the
open market value determined by independent professional valuers. Changes in fair values are recognised in the
income statement.
Investment properties are subject to renovations or improvements at regular intervals. The cost of major renovations
and improvements is capitalised. The cost of maintenance, repairs and minor improvement is recognised in the
income statement when incurred.
On disposal of an investment property, the difference between the disposal proceeds and the carrying amount is
recognised in the income statement.
2.9 Investments in subsidiary and associated companies, and joint ventures
Investments in subsidiary and associated companies, and joint ventures are carried at cost less accumulated
impairment losses in the Company’s statement of fi nancial position. On disposal of such investments, the difference
between disposal proceeds and the carrying amounts of the investments are recognised in the income statement.

56
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
2.10 Impairment of non-financial assets
(a)
Goodwill
Goodwill recognised separately as an intangible asset is tested for impairment annually and whenever there is
indication that the goodwill may be impaired.
For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group’s cash-generatingunits
(“CGU”) expected to benefi t from synergies arising from the business combination.
An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the
recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU’s fair value less
cost to sell and value-in-use.
The total impairment loss of a CGU is allocated fi rst to reduce the carrying amount of goodwill allocated to
the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset
in the CGU.
An impairment loss on goodwill is recognised as an expense and is not reversed in a subsequent period.
(b)
Intangible assets
Property, plant and equipment
Investments in subsidiary and associated companies, and joint ventures
Intangible assets, property, plant and equipment and investments in subsidiary and associated companies,
and joint ventures are tested for impairment whenever there is any objective evidence or indication that these
assets may be impaired.
For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to
sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash
infl ows that are largely independent of those from other assets. If this is the case, the recoverable amount is
determined for the CGU to which the asset belongs.
If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying
amount of the asset (or CGU) is reduced to its recoverable amount.
The difference between the carrying amount and recoverable amount is recognised as an impairment loss in
the income statement, unless the asset is carried at revalued amount, in which case, such impairment loss is
treated as a revaluation decrease.

Singapore Land Limited - Annual Report 2012
57
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
2.10 Impairment of non-financial assets (continued)
(b)
Intangible assets
Property, plant and equipment
Investments in subsidiary and associated companies, and joint ventures (continued)
An impairment loss for an asset other than goodwill is reversed only if, there has been a change in the
estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised.
The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount
does not exceed the carrying amount that would have been determined (net of any accumulated amortisation
or depreciation) had no impairment loss been recognised for the asset in prior years.
A reversal of impairment loss for an asset other than goodwill is recognised in the income statement, unless
the asset is carried at revalued amount, in which case, such reversal is treated as a revaluation increase.
However, to the extent that an impairment loss on the same revalued asset was previously recognised as an
expense, a reversal of that impairment is also recognised in the income statement.
2.11 Financial assets
(a)
Classification
The Group classifi es its fi nancial assets in the following categories: at fair value through profi t or loss, loans
and receivables, held-to-maturity, and available-for-sale. The classifi cation depends on the nature of the
asset and the purpose for which the assets were acquired. Management determines the classifi cation of its
fi nancial assets at initial recognition and in the case of assets classifi ed as held-to-maturity, re-evaluates this
designation at each statement of fi nancial position date.
(i)
Financial assets at fair value through profi t or loss
This category has two sub-categories: fi nancial assets held for trading, and those designated at fair
value through profi t or loss at inception. A fi nancial asset is classifi ed as held for trading if it is acquired
principally for the purpose of selling in the short term. Financial assets designated as at fair value through
profi t or loss at inception are those that are managed and their performances are evaluated on a fair value
basis, in accordance with a documented Group investment strategy. Derivatives are also categorised
as held for trading unless they are designated as hedges. Assets in this category are presented as
current assets if they are either held for trading or are expected to be realised within 12 months after the
statement of fi nancial position date.

58
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
2.11 Financial assets (continued)
(a)
Classification (continued)
(ii)
Loans and receivables
Loans and receivables are non-derivative fi nancial assets with fi xed or determinable payments that are
not quoted in an active market. They are presented as current assets, except for those expected to be
realised later than 12 months after the statement of fi nancial position date which are presented as noncurrent
assets. Loans and receivables are presented as “trade and other receivables” and “cash and
cash equivalents” on the statement of fi nancial position.
(iii)
Held-to-maturity fi nancial assets
Held-to-maturity fi nancial assets are non-derivative fi nancial assets with fi xed or determinable payments
and fi xed maturities that the Group’s management has the positive intention and ability to hold to maturity.
If the Group were to sell other than an insignifi cant amount of held-to-maturity fi nancial assets, the whole
category would be tainted and reclassifi ed as available-for-sale. They are presented as non-current
assets, except for those maturing within 12 months after the statement of fi nancial position date which
are presented as current assets.
(iv)
Available-for-sale fi nancial assets
Available-for-sale fi nancial assets are non-derivatives that are either designated in this category or not
classifi ed in any of the other categories. They are presented as non-current assets unless the investment
matures or management intends to dispose of the assets within 12 months after the statement of
fi nancial position date.
(b)
Recognition and derecognition
Regular way purchases and sales of fi nancial assets are recognised on trade-date – the date on which the
Group commits to purchase or sell the asset.
Financial assets are derecognised when the rights to receive cash fl ows from the fi nancial assets have expired
or have been transferred and the Group has transferred substantially all risks and rewards of ownership. On
disposal of a fi nancial asset, the difference between the carrying amount and the sale proceeds is recognised
in the income statement. Any amount previously recognised in other comprehensive income relating to that
asset is reclassifi ed to the income statement.

Singapore Land Limited - Annual Report 2012
59
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
2.11 Financial assets (continued)
(c)
Initial measurement
Financial assets are initially recognised at fair value plus transaction costs except for fi nancial assets at fair
value through profi t or loss, which are recognised at fair value. Transaction costs for fi nancial assets at fair
value through profi t and loss are recognised immediately as expenses.
(d)
Subsequent measurement
Available-for-sale fi nancial assets and fi nancial assets at fair value through profi t or loss are subsequently
carried at fair value. Loans and receivables and held-to-maturity fi nancial assets are subsequently carried at
amortised cost using the effective interest method.
Changes in the fair values of fi nancial assets at fair value through profi t or loss including the effects of currency
translation, interest and dividends, are recognised in the income statement when the changes arise.
Interest and dividend income on available-for-sale fi nancial assets are recognised separately in income
statement. Changes in the fair values of available-for-sale debt securities (i.e. monetary items) denominated
in foreign currencies are analysed into currency translation differences on the amortised cost of the securities
and other changes; the currency translation differences are recognised in the income statement and the
other changes are recognised in other comprehensive income and accumulated in the fair value reserve.
Changes in fair values of available-for-sale equity securities (i.e. non-monetary items) are recognised in
other comprehensive income and accumulated in the fair value reserve, together with the related
currency translation differences.
(e)
Impairment
The Group assesses at each statement of fi nancial position date whether there is objective evidence that a
fi nancial asset or a group of fi nancial assets is impaired and recognises an allowance for impairment when
such evidence exists.
(i)
Loans and receivables / Held-to-maturity fi nancial assets
Signifi cant fi nancial diffi culties of the debtor, probability that the debtor will enter bankruptcy and default
or signifi cant delay in payments are objective evidence that these fi nancial assets are impaired.
The carrying amount of these assets is reduced through the use of an impairment allowance account
which is calculated as the difference between the carrying amount and the present value of estimated
future cash fl ows, discounted at the original effective interest rate. When the asset becomes uncollectible,
it is written off against the allowance account. Subsequent recoveries of amounts previously written off
are recognised against the same line item in the income statement.

60
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
2.11 Financial assets (continued)
(e)
Impairment (continued)
(i)
Loans and receivables / Held-to-maturity fi nancial assets (continued)
The impairment allowance is reduced through the income statement in a subsequent period when
the amount of impairment loss decreases and the related decrease can be objectively measured. The
carrying amount of the asset previously impaired is increased to the extent that the new carrying amount
does not exceed the amortised cost had no impairment been recognised in prior periods.
(ii)
Available-for-sale fi nancial assets
In addition to the objective evidence of impairment described in note 2.11(e)(i), a signifi cant or prolonged
decline in the fair value of an equity security below its cost is considered as an indicator that the availablefor-sale
fi nancial asset is impaired.
If any evidence of impairment exists, the cumulative loss that was previously recognised in other
comprehensive income is reclassifi ed to the income statement. The cumulative loss is measured as
the difference between the acquisition cost (net of any principal repayments and amortisation) and the
current fair value, less any impairment loss previously recognised as an expense. The impairment losses
recognised as an expense on equity securities are not reversed through the income statement.
(f)
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the statement of fi nancial position
when there is a legally enforceable right to offset and there is an intention to settle on a net basis or realise the
asset and settle the liability simultaneously.
2.12 Borrowings
Borrowings are presented as current liabilities unless the Group has an unconditional right to defer settlement
for at least 12 months after the statement of financial position date, in which case they are presented as
non-current liabilities.
Borrowings are initially recognised at fair value (net of transaction costs) and subsequently carried at amortised
cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the
income statement over the period of the borrowings using the effective interest method.

Singapore Land Limited - Annual Report 2012
61
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
2.13 Trade and other payables
Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of the
fi nancial year which are unpaid. They are classifi ed as current liabilities if payment is due within one year or less
(or in the normal operating cycle of the business if longer). Otherwise, they are presented as non-current liabilities.
Trade and other payables are initially recognised at fair value, and subsequently carried at amortised cost using the
effective interest method.
2.14 Fair value estimation of financial assets and liabilities
The fair values of fi nancial instruments traded in active markets (such as exchange-traded and over-the-counter
securities and derivatives) are based on quoted market prices at the statement of fi nancial position date. The
quoted market prices used for fi nancial assets are the current bid prices; the appropriate quoted market prices
used for fi nancial liabilities are the current asking prices.
The fair values of fi nancial instruments that are not traded in an active market are determined by using valuation
techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions
existing at each statement of fi nancial position date. Where appropriate, quoted market prices or dealer quotes
for similar instruments are used. Valuation techniques, such as discounted cash fl ows analysis, are also used to
determine the fair values of the fi nancial instruments.
The fair values of current fi nancial assets and liabilities carried at amortised cost approximate their carrying amounts.
2.15 Leases
(a)
Operating leases – when the Group is the lessee
Leases where substantially all risks and rewards incidental to ownership are retained by the lessors are
classifi ed as operating leases. Payments made under operating leases (net of any incentives received from
the lessors) are recognised in the income statement on a straight-line basis over the period of the lease.
(b)
Operating leases – when the Group is the lessor
Leases of investment properties where the Group retains substantially all risks and rewards incidental to
ownership are classifi ed as operating leases. Rental income from operating leases (net of any incentives given
to the lessees) is recognised in the income statement on a straight-line basis over the lease term.
Contingent rents are recognised as income in the income statement when earned.

62
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
2.16 Inventories
Inventories are carried at the lower of cost and net realisable value. Cost is determined on a weighted average
basis and includes all costs in bringing the inventories to their present location and condition. Net realisable value
is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling
expenses.
2.17 Income taxes
Current income tax for current and prior periods is recognised at the amount expected to be paid to or recovered
from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the
statement of fi nancial position date.
Deferred income tax is recognised for all temporary differences arising between the tax bases of assets and liabilities
and their carrying amounts in the fi nancial statements except when the deferred income tax arises from the initial
recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither
accounting nor taxable profi t or loss at the time of the transaction.
A deferred income tax liability is recognised on temporary differences arising on investments in subsidiary and
associated companies, and joint ventures, except where the Group is able to control the timing of the reversal of
the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
A deferred income tax asset is recognised to the extent that it is probable that future taxable profi t will be available
against which the deductible temporary differences and tax losses can be utilised.
Deferred income tax is measured:
(i)
(ii)
at the tax rates that are expected to apply when the related deferred income tax asset is realised or the
deferred income tax liability is settled, based on tax rates and tax laws that have been enacted or substantively
enacted by the statement of fi nancial position date; and
based on the tax consequence that will follow from the manner in which the Group expects, at the statement
of fi nancial position date, to recover or settle the carrying amounts of its assets and liabilities except for
investment properties. Investment property measured at fair value is presumed to be recovered entirely
through sale.
Current and deferred income taxes are recognised as income or expense in the income statement, except to
the extent that the tax arises from a business combination or a transaction which is recognised directly in equity.
Deferred tax arising from a business combination is adjusted against goodwill on acquisition.

Singapore Land Limited - Annual Report 2012
63
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
2.18 Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events,
it is more likely than not that an outfl ow of resources will be required to settle the obligation and the amount has
been reliably estimated.
Provisions are measured at the present value of the expenditure expected to be required to settle the obligation
using a pre-tax discount rate that refl ects the current market assessment of the time value of money and
the risks specifi c to the obligation. The increase in the provision due to the passage of time is recognised as
fi nance expense.
Changes in the estimated timing or amount of the expenditure or discount rate are recognised in the income
statement when the changes arise.
2.19 Employee compensation
Defi ned contribution plans are post-employment benefi t plans under which the Group pays fi xed contributions
into separate entities such as the Central Provident Fund. The Group has no further payment obligations once the
contributions have been paid. The Group’s contributions are recognised as employee compensation expense when
they are due.
2.20 Currency translation
(a)
Functional and presentation currency
Items included in the fi nancial statements of each entity in the Group are measured using the currency of the
primary economic environment in which the entity operates (“functional currency”). The fi nancial statements
are presented in Singapore Dollars, which is the functional currency of the Company.
(b)
Transactions and balances
Transactions in a currency other than the functional currency (“foreign currency”) are translated into the
functional currency using the exchange rates at the dates of the transactions. Currency translation differences
resulting from the settlement of such transactions and from the translation of monetary assets and liabilities
denominated in foreign currencies at the closing rates at the statement of fi nancial position date are recognised
in the income statement. However, in the consolidated fi nancial statements, currency translation differences
arising from borrowings in foreign currencies and other currency instruments designated and qualifying as net
investment hedges and net investment in foreign operations, are recognised in other comprehensive income
and accumulated in the currency translation reserve.

64
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
2.20 Currency translation (continued)
(b)
Transactions and balances (continued)
When a foreign operation is disposed of or any loan forming part of the net investment of the foreign operation
is repaid, a proportionate share of the accumulated currency translation differences is reclassifi ed to income
statement, as part of the gain or loss on disposal.
Non-monetary items measured at fair values in foreign currencies are translated using the exchange rates at
the date when the fair values are determined.
(c)
Translation of Group entities’ financial statements
The results and fi nancial position of all the Group entities (none of which has the currency of a hyperinfl ationary
economy) that have a functional currency different from the presentation currency are translated into the
presentation currency as follows:
(i)
(ii)
(iii)
assets and liabilities are translated at the closing exchange rates at the date of the statement of
fi nancial position;
income and expenses are translated at average exchange rates (unless the average is not a reasonable
approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case
income and expenses are translated using the exchange rates at the dates of the transactions); and
all resulting currency translation differences are recognised in other comprehensive income and
accumulated in the currency translation reserve. These currency translation differences are reclassifi ed
to the income statement on disposal or partial disposal of the entity giving rise to such reserve.
Goodwill and fair value adjustments arising on the acquisition of foreign operations are treated as assets
and liabilities of the foreign operations and translated at the closing rates at the date of the statement of
fi nancial position.
2.21 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the management
who are responsible for allocating resources and assessing performance of the operating segments.
2.22 Cash and cash equivalents
For the purpose of presentation in the consolidated statement of cash fl ows, cash and cash equivalents include
cash on hand, deposits with fi nancial institutions which are subject to an insignifi cant risk of change in value, and
bank overdrafts. Bank overdrafts are presented as current borrowings on the statement of fi nancial position.

Singapore Land Limited - Annual Report 2012
65
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
2.23 Share capital
Ordinary shares are classifi ed as equity. Incremental costs directly attributable to the issuance of new ordinary
shares are deducted against the share capital account.
2.24 Dividends to Company’s shareholders
Dividends to Company’s shareholders are recognised when the dividends are approved for payment.
3. CRITICAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS
Estimates, assumptions and judgements are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Group on its own or in reliance on third party experts, applies estimates and judgements in the following
key areas:
(i)
(ii)
(iii)
the determination of investment property values by independent professional valuers (note 2.8). The carrying
amount of investment properties is disclosed in note 16;
the assessment of the stage of completion, extent of the construction costs incurred and the estimated total
construction costs of properties held for sale under development (note 2.2(b)) and allowance for foreseeable
losses (note 2.7). The carrying amount of properties held for sale under development is disclosed in note 19;
the assessment of impairment of investments in associated companies and joint ventures, property, plant
and equipment (note 2.10). The carrying amounts of invesments in associated companies and joint ventures,
property, plant and equipment are disclosed in notes 13, 14 and 17 respectively; and
(iv)
the assessment of adequacy of provision for income taxes (note 2.17). The carrying amounts of current
income tax and deferred income tax are disclosed in notes 8 and 23 respectively.
4. REVENUE
The Group
2012 2011
$’000 $’000
Gross rental income 236,829 236,978
Gross revenue from hotel operations 65,540 121,292
Sale of properties held for sale 269,717 250,678
Car parking income and property services fees 8,516 6,348
580,602 615,296

66
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
5. COST OF SALES
The Group
2012 2011
$’000 $’000
Property operating expenses 58,498 57,568
Cost of sales from hotel operations 65,803 80,069
Cost of properties held for sale sold 198,631 196,789
322,932 334,426
6. INVESTMENT INCOME
The Group
2012 2011
$’000 $’000
Interest income from:
- Bank deposits 287 39
- Amount due from an associated company 22 22
- Amounts due from joint ventures 1,844 909
- Others 261 284
2,414 1,254
Dividend income from unquoted equity investments 2,229 1,665
4,643 2,919

Singapore Land Limited - Annual Report 2012
67
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
7. PROFIT BEFORE INCOME TAX
The following items have been included in arriving at profi t before income tax:
The Group
2012 2011
$’000 $’000
Charging/(Crediting):
Auditors’ remuneration paid/payable to:
- Auditor of the Company 399 377
- Other auditor * 21 19
Other fees paid/payable to auditor of the Company 222 200
Wages, salaries and other payroll-related costs 34,654 39,568
Employer’s contribution to defi ned contribution plans 3,892 3,905
Total employee compensation 38,546 43,473
Rental expense – operating leases 258 522
Loss on disposal of property, plant and equipment 358 62
Depreciation of property, plant and equipment 16,674 15,228
Foreign exchange (gain)/loss – net (23) 136
Property tax 21,286 19,432
Utilities 15,384 15,233
Interest expense on loans 2,056 1,642
Cost of inventories recognised as an expense 8,630 12,589
* Includes the network of member fi rms of PricewaterhouseCoopers International Limited

68
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
8. INCOME TAXES
(a)
Income tax expense
The Group
2012 2011
$’000 $’000
(restated)
Tax expense/(credit) attributable to profi t is made up of:
- Current income tax (note (b)) 54,129 38,087
- Deferred income tax (note 23) (12,799) 7,473
41,330 45,560
(Over)/Underprovision in prior fi nancial years
- Current income tax (note (b)) (671) (4,949)
- Deferred income tax (note 23) (3,667) 473
(4,338) (4,476)
36,992 41,084
The tax expense on the Group’s profi t before tax differs from the theoretical amount that would arise using the
Singapore standard rate of income tax as follows:
The Group
2012 2011
$’000 $’000
(restated)
Profi t before income tax 493,682 446,929
Less: Share of results of associated companies (88,957) (61,361)
Less: Share of results of joint ventures - 500
404,725 386,068
Tax calculated at a statutory tax rate of 17% 68,803 65,632
Effects of:
- Different tax rates in other countries 633 -
- Singapore statutory tax exemption (303) (294)
- Tax incentives (642) -
- Expenses not deductible for tax purposes 2,513 2,328
- Income not subject to tax (29,247) (22,402)
- Utilisation of previously unrecognised deferred income tax assets (693) -
- Deferred income tax assets not recognised 266 296
Tax expense 41,330 45,560

Singapore Land Limited - Annual Report 2012
69
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
8. INCOME TAXES (continued)
(b)
Movements in current income tax liabilities
The Group
The Company
2012 2011 2012 2011
$’000 $’000 $’000 $’000
Beginning of fi nancial year 41,423 41,145 1,578 1,261
Income tax paid (37,044) (32,860) (131) (121)
Tax expense (note (a)) 54,129 38,087 583 438
Overprovision in prior fi nancial years (note (a)) (671) (4,949) - -
End of fi nancial year 57,837 41,423 2,030 1,578
(c) There is no tax charge relating to the components of other comprehensive income.
9. NET ATTRIBUTABLE PROFIT
The net profi t attributable to equity holders of the Company can be analysed as follows:
The Group
2012 2011
$’000 $’000
(restated)
Net profi t before fair value gain on investment properties (note 10) 218,649 214,781
Fair value gain on investment properties held by subsidiary and
associated companies net of non-controlling interests included in:
- Fair value gain on investment properties 165,373 126,372
- Share of results of associated companies 45,597 20,255
- Non-controlling interests (22,515) (7,816)
188,455 138,811
Net attributable profi t 407,104 353,592

70
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
10. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net profi t attributable to equity holders of the Company by the
weighted average number of ordinary shares in issue during the fi nancial year.
Diluted earnings per share amounts are calculated by dividing the net profi t attributable to equity holders of the
Company by the weighted average number of ordinary shares outstanding during the year plus the weighted
average number of ordinary shares that would be issued on the conversion of all dilutive potential shares into
ordinary shares.
The Group
2012 2011
(restated)
Net profi t attributable to equity holders of the Company ($’000) 407,104 353,592
Weighted average number of ordinary shares in issue for basic
earnings per share (’000) 412,478 412,478
Basic earnings per share (cents per share)
- excluding fair value gain on investment properties held by subsidiary
and associated companies (note 9) 53.0 cents 52.1 cents
- including fair value gain on investment properties held by subsidiary
and associated companies 98.7 cents 85.7 cents
Diluted earnings per share is the same as basic earnings per share as the Company has not issued any options or
warrants which would have a dilutive effect on earnings per share when exercised.
11. OTHER RECEIVABLES
The Group
The Company
2012 2011 2012 2011
$’000 $’000 $’000 $’000
Amounts due from:
- associated companies (note (a)) 4,289 5,667 - -
- joint ventures (note (b)) 151,808 72,152 - -
- subsidiary companies (note (c)) - - 468,253 348,487
Less: Allowance for impairment
in value of receivables - - (6,537) (6,537)
- - 461,716 341,950
Others 345 345 245 245
156,442 78,164 461,961 342,195

Singapore Land Limited - Annual Report 2012
71
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
11. OTHER RECEIVABLES (continued)
(a)
Amounts due from associated companies
The amounts due from associated companies for the Group are unsecured, not repayable within the next
12 months and are interest-free except for amounts totalling $771,000 (2011: $749,000) which are interestbearing
at fl oating rate. At the statement of fi nancial position date, the carrying amounts of amounts due from
associated companies approximate their fair values.
(b)
Amounts due from joint ventures
The amounts due from joint ventures for the Group are subordinated to the borrowings of the joint ventures,
not repayable within the next 12 months and are interest-bearing at fl oating rate. At the statement of fi nancial
position date, the carrying amounts of amounts due from joint ventures approximate their fair values.
(c)
Amounts due from subsidiary companies
The amounts due from subsidiary companies are unsecured, not repayable within the next 12 months and
are interest-bearing except for an amount of $6,537,000 (2011: $6,537,000) which is interest-free and an
amount of $82,903,000 (2011: $82,903,000) that is subordinated to the borrowings of a subsidiary company.
At the statement of fi nancial position date, the carrying amounts of amounts due from subsidiary companies
approximate their fair values. Interest is charged on amounts due from certain subsidiary companies and is
based on interest incurred by the Company in respect of bank loans obtained on behalf of these subsidiary
companies.
12. AVAILABLE-FOR-SALE FINANCIAL ASSETS
The Group
2012 2011
$’000 $’000
Unquoted equity investments 12,045 12,045

72
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
13. INVESTMENTS IN ASSOCIATED COMPANIES
The Group
The Company
2012 2011 2010 2012 2011
$’000 $’000 $’000 $’000 $’000
(restated) (restated)
Unquoted equity investments, at cost 309,441 309,441 200,090 350 350
Share of post acquisition reserves 302,253 246,643 223,078 - -
611,694 556,084 423,168 350 350
The restated summarised fi nancial information of associated companies, not adjusted for the proportionate
ownership interest held by the Group, is as follows:
The Group
2012 2011 2010
$’000 $’000 $’000
- Assets 2,316,662 2,163,270 1,756,374
- Liabilities 415,702 493,676 542,710
- Revenues 292,599 277,153 517,069
- Net profi t 310,974 178,835 222,722
Details of associated companies are included in note 34.
14. I NVESTMENTS IN JOINT VENTURES
The Group
2012 2011
$’000 $’000
Unquoted equity investments, at cost 500 500
Share of post acquisition reserves (500) (500)
- -

Singapore Land Limited - Annual Report 2012
73
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
14. I NVESTMENTS IN JOINT VENTURES (continued)
The summarised fi nancial information of joint ventures, based on the proportionate ownership interest held by the
Group, is as follows:
The Group
2012 2011
$’000 $’000
- Assets 303,017 174,623
- Liabilities 303,017 174,623
- Revenues 54,759 -
- Net loss - 500
The Company has provided several undertakings on cost overrun, interest shortfall, security margin and project
completion on a joint venture basis in respect of term loans drawn down by the joint ventures. As at 31 December
2012, the total outstanding term loans was $289,000,000 (2011: $195,000,000).
Details of joint ventures are included in note 34.
15. INVESTMENTS IN SUBSIDIARY COMPANIES
The Company
2012 2011
$’000 $’000
Unquoted equity investments, at cost 978,488 978,488
Less: Allowance for impairment in value of investments (6,046) (6,046)
972,442 972,442
Details of subsidiary companies are included in note 34.
16. INVESTMENT PROPERTIES
The Group
2012 2011
$’000 $’000
Completed leasehold properties, at valuation:
Beginning of fi nancial year 4,486,400 4,350,000
Upgrading 10,027 10,028
Fair value gain 165,373 126,372
End of fi nancial year 4,661,800 4,486,400

74
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
16. INVESTMENT PROPERTIES (continued)
The Group’s completed investment properties consist of the following:
Unexpired
Name of building/location Description Tenure of land term of lease
Singapore Land Tower 47-storey offi ce building on a land 999-year 813 years
50 Raffl es Place area of 5,064 square metres. The lease from 1826
Singapore 048623
net area in this building is
57,500 square metres.
Clifford Centre 29-storey shopping cum offi ce 999-year 813 years
24 Raffl es Place building on a land area of 3,343 lease from 1826
Singapore 048621
square metres. The net area in this
building is 25,470 square metres.
The Gateway Two 37-storey offi ce buildings on a 99-year 69 years
150/152 Beach Road land area of 22,381 square metres. lease from 1982
Singapore 189720/1
The net area in these buildings is
69,803 square metres.
SGX Centre 2 29-storey offi ce building on a land 99-year 82 years
4 Shenton Way area of 2,970 square metres. The lease from 1995
Singapore 068807
net area in this building (inclusive
of 3,336 square metres in SGX
Centre 1) is 25,800 square metres.
Abacus Plaza 8-storey offi ce building on a land area 99-year 83 years
3 Tampines Central 1 of 2,614 square metres. The net area lease from 1996
Singapore 529540
in this building is 8,397 square metres.
Tampines Plaza 8-storey offi ce building on a land area 99-year 83 years
5 Tampines Central 1 of 2,613 square metres. The net area lease from 1996
Singapore 529541
in this building is 8,397 square metres.
Marina Square Retail Mall 4-storey retail mall with a retail 99-year 67 years
6 Raffl es Boulevard underpass. The net area in this lease from 1980
Singapore 039594
building is 61,954 square metres.
Marina Bayfront 6-storey offi ce building. The net 99-year 67 years
2 Raffl es Link area in this building is 7,214 lease from 1980
Singapore 039392
square metres.

Singapore Land Limited - Annual Report 2012
75
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
16. INVESTMENT PROPERTIES (continued)
Marina Square Retail Mall and Marina Bayfront are components of an integrated commercial complex known as
Marina Square.
Investment properties are carried at fair values at the statement of fi nancial position date as determined by
independent professional valuers. Valuations are made based on the properties’ highest-and-best use using various
valuation methods such as Direct Market Comparison Method and Income Method. In determining the fair value,
the valuers have used valuation techniques which involve certain estimates. Key assumptions used in determining
the fair value of the investment properties include capitalisation rates and estimated rental rates.
Investment properties are leased to non-related parties under operating leases (note 27(c)).
17. PROPERTY, PLANT AND EQUIPMENT
Furniture,
Leasehold
fittings
land and Plant and and office Motor Renovations
building machinery equipment vehicles in progress Total
$’000 $’000 $’000 $’000 $’000 $’000
The Group
2012
Cost
Beginning of fi nancial year 355,031 10,897 56,836 201 2,462 425,427
Additions - 1,352 943 3 89,958 92,256
Transfer in/(out) - 12,094 80,080 - (92,174) -
Disposals (289) (52) (16,939) - - (17,280)
End of fi nancial year 354,742 24,291 120,920 204 246 500,403
Accumulated depreciation
Beginning of fi nancial year 23,283 2,686 30,305 195 - 56,469
Depreciation charge 4,896 897 10,872 9 - 16,674
Disposals (21) - (16,853) - - (16,874)
End of fi nancial year 28,158 3,583 24,324 204 - 56,269
Net book value
End of financial year 326,584 20,708 96,596 - 246 444,134

76
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
17. PROPERTY, PLANT AND EQUIPMENT (continued)
Furniture,
Leasehold
fittings
land and Plant and and office Motor Renovations
building machinery equipment vehicles in progress Total
$’000 $’000 $’000 $’000 $’000 $’000
The Group
2011
Cost
Beginning of fi nancial year 355,031 12,453 57,864 201 156 425,705
Additions - - 577 - 2,647 3,224
Transfer in/(out) - 65 276 - (341) -
Disposals - (1,621) (1,881) - - (3,502)
End of fi nancial year 355,031 10,897 56,836 201 2,462 425,427
Accumulated depreciation
Beginning of fi nancial year 18,385 3,677 22,428 176 - 44,666
Depreciation charge 4,898 630 9,681 19 - 15,228
Disposals - (1,621) (1,804) - - (3,425)
End of fi nancial year 23,283 2,686 30,305 195 - 56,469
Net book value
End of financial year 331,748 8,211 26,531 6 2,462 368,958

Singapore Land Limited - Annual Report 2012
77
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
18. CASH AND CASH EQUIVALENTS
The Group
The Company
2012 2011 2012 2011
$’000 $’000 $’000 $’000
Cash at bank and on hand 52,624 31,311 206 243
Short-term bank deposits 11,721 34,495 - -
64,345 65,806 206 243
Included in cash and cash equivalents of the Group, are amounts of $6,349,000 (2011: $3,947,000) maintained
in the Project Accounts. The funds in the Project Accounts can only be applied in accordance with Housing
Developers (Project Account) Rules (1997 Ed.).
For the purpose of presenting the consolidated statement of cash fl ows, cash and cash equivalents comprise
the following:
The Group
2012 2011
$’000 $’000
Cash and cash equivalents (as above) 64,345 65,806
Less: Bank deposits pledged (5,570) -
Cash and cash equivalents per consolidated statement of cash fl ows 58,775 65,806
Bank deposits are pledged as security for certain borrowing (note 22(b)(ii)).
19. PROPERTIES HELD FOR SALE
The Group
2012 2011
$’000 $’000
Properties held for sale accounted for using the completion of construction method 90,064 138,308
Properties held for sale accounted for using the percentage of completion method 329,606 285,595
419,670 423,903

78
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
19. PROPERTIES HELD FOR SALE (continued)
Properties held for sale accounted for using percentage of completion method can be analysed as follows:
The Group
2012 2011
$’000 $’000
Cost 329,606 520,134
Add: Development profi ts recognised on percentage of completion method - 83,849
Less: Progress billings - (318,388)
329,606 285,595
Progress billings relating to properties held for sale sold but accounted for using the completion of construction
method has been classifi ed as “monies received in advance” under current trade and other payables.
Borrowing costs of $2,847,000 (2011: $2,236,000), were capitalised during the fi nancial year. A capitalisation rate
of 1.0% to 1.7% (2011: 0.8% to 7.2%) per annum was used in 2012, representing the borrowing costs of the loans
used to fi nance the projects.
Details of the Group’s properties held for sale are as follows:
Percentage of
completion at
31.12.2012/ Site area/ Group’s
Expected year Gross floor effective
Property Title of completion area (sqm) interest %
The Excellency (Chengdu) Leasehold 100%/2012 7,566/77,000 100
The Trizon Freehold 100%/2012 18,153/38,122 100
Mon Jervois Leasehold Nil/2016 8,958/12,542 100
Development site at Farrer Drive Leasehold Nil/2016 6,268/10,030 100
Development site at Alexandra View Leasehold Nil/2017 6,501/31,857 100

Singapore Land Limited - Annual Report 2012
79
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
20. TRADE AND OTHER RECEIVABLES
The Group
The Company
2012 2011 2012 2011
$’000 $’000 $’000 $’000
Trade receivables 16,916 17,224 - -
Less: Allowance for impairment
of receivables (977) (1,298) - -
15,939 15,926 - -
Accrued receivables 49,751 -
Deposits 544 180 235 209
Prepaid taxes 2,200 8,166 - -
Prepayments 547 12,167 - -
Other receivables 5,469 3,793 - -
74,450 40,232 235 209
Accrued receivables represent the balance of sales consideration to be billed for properties held for sale that has
obtained Temporary Occupation Permit.
21. TRADE AND OTHER PAYABLES
(a)
(b)
The Group
The Company
2012 2011 2012 2011
$’000 $’000 $’000 $’000
Current
Monies received in advance 33,913 106,367 - -
Rental deposits 20,513 19,077 - -
Trade payables 24,703 40,763 - -
Other payables 6,442 8,929 465 489
Accrued operating expenses 53,434 36,947 605 563
139,005 212,083 1,070 1,052
Non-current
Rental deposits 43,295 45,703 - -
Amounts due to subsidiary companies - - 225,679 66,145
43,295 45,703 225,679 66,145
The amounts due to subsidiary companies are unsecured, not repayable within the next 12 months and are interestfree.
At the statement of fi nancial position date, the carrying amounts of non-current trade and other payables
approximate their fair values.

80
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
22. BORROWINGS
(a)
(b)
The Group
The Company
2012 2011 2012 2011
Note $’000 $’000 $’000 $’000
Current
Short-term bank loans (unsecured) (i) 135,400 232,700 135,400 180,000
Term loan (secured) (ii) 2,621 - -
Revolving credit loans (unsecured) (iii) - 4,000 - -
138,021 236,700 135,400 180,000
Non-current
Term loans (secured) (ii) 160,000 - - -
Term loan (secured) (iv) 30,000 30,000 - -
Revolving credit loans (secured) (iv) 74,000 - - -
264,000 30,000 - -
Total borrowings 402,021 266,700 135,400 180,000
(i)
(ii)
The unsecured short-term loans are drawn under various uncommitted fl oating rate revolving credit
facilities.
The term loans are secured by way of legal mortgages over certain property development projects
with carrying amounts of $250,882,000 (2011: Nil) and deposits pledged (note 18).
In respect of the non-current term loans of $160,000,000 (2011: Nil), the Company has provided several
undertakings on cost overrun, interest shortfall, security margin and project completion.
(iii)
(iv)
In 2011, the revolving credit loans taken by a subsidiary company was obtained by way of a negative
pledge over all the assets of the subsidiary company.
The term loan and revolving credit loans are secured by way of an open debenture and legal mortgages over
certain property, plant and equipment of a subsidiary company with carrying amounts of $443,197,000
(2011: $368,369,000). The amounts advanced under the revolving credit facilities are included as
non-current liabilities as the Group has the discretion to rollover the facilities for at least 12 months
after the statement of fi nancial position date. For the purposes of liquidity risk disclosure (note 28(c)),
the revolving credit facilities has been classifi ed as current as the disclosure is based on actual
contractual drawdowns to be repaid within a year.

Singapore Land Limited - Annual Report 2012
81
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
22. BORROWINGS (continued)
(c)
Carrying amounts and fair values
The carrying amounts of non-current borrowings approximate their fair values. The fair values are based on
discounted cash fl ows using a discount rate of 1.1% to 6.7% (2011: 1.0% to 1.6%) based upon the prevailing
market rates.
The exposure of the borrowings of the Group and of the Company to interest rate changes and the contractual
repricing dates at the statement of fi nancial position dates are as follows:
The Group
The Company
2012 2011 2012 2011
$’000 $’000 $’000 $’000
6 months or less 402,021 236,700 135,400 180,000
6 – 12 months - 30,000 - -
402,021 266,700 135,400 180,000
23. DEFERRED INCOME TAXES
The Group
2012 2011 2010
$’000 $’000 $’000
(restated) (restated)
Deferred income tax liabilities:
- to be settled within 1 year - 11,504 -
- to be settled after 1 year 46,588 51,550 55,108
46,588 63,054 55,108
The movement in the deferred income tax account is as follows:
The Group
2012 2011 2010
$’000 $’000 $’000
(restated) (restated)
Beginning of fi nancial year
- as previously reported 497,489 468,060 371,268
- effect of adopting FRS 12 (434,435) (412,952) (323,813)
Beginning of fi nancial year, as restated 63,054 55,108 47,455
(Credited)/Charged to income statement (note 8(a)) (12,799) 7,473 2,967
(Over)/Underprovision in prior fi nancial years (note 8(a)) (3,667) 473 4,686
End of fi nancial year 46,588 63,054 55,108

82
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
23. DEFERRED INCOME TAXES (continued)
The movements in the deferred income tax assets and liabilities (prior to offsetting of balances within the same tax
jurisdiction) during the fi nancial year are as follows:
The Group
Deferred income tax liabilities
Deferred Fair Accelerated
development value tax
profits gain depreciation Total
$’000 $’000 $’000 $’000
2012
Beginning of fi nancial year
- as previously reported 11,504 460,135 25,850 497,489
- effect of adopting FRS 12 - (434,435) - (434,435)
Beginning of fi nancial year, as restated 11,504 25,700 25,850 63,054
Credited to income statement (11,504) (420) (875) (12,799)
Overprovision in prior fi nancial years - - (3,667) (3,667)
End of fi nancial year - 25,280 21,308 46,588
2011 (restated)
Beginning of fi nancial year
- as previously reported 3,049 439,072 25,939 468,060
- effect of adopting FRS 12 - (412,952) - (412,952)
Beginning of fi nancial year, as restated 3,049 26,120 25,939 55,108
Charged/(Credited) to income statement 8,455 (420) (562) 7,473
Underprovision in prior fi nancial years - - 473 473
End of fi nancial year 11,504 25,700 25,850 63,054
2010 (restated)
Beginning of fi nancial year
- as previously reported - 351,508 19,760 371,268
- effect of adopting FRS 12 - (323,813) - (323,813)
Beginning of fi nancial year, as restated - 27,695 19,760 47,455
Charged/(Credited) to income statement 3,049 (420) 338 2,967
(Over)/Underprovision in prior fi nancial years - (1,155) 5,841 4,686
End of fi nancial year 3,049 26,120 25,939 55,108

Singapore Land Limited - Annual Report 2012
83
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
24. SHARE CAPITAL
The Group and the Company
2012 2011
No. of
No. of
ordinary
ordinary
shares Amount shares Amount
’000 $’000 ’000 $’000
Beginning and end of fi nancial year 412,478 840,349 412,478 840,349
All issued shares are fully paid. There is no par value for these ordinary shares.
25. DIVIDENDS
The Group and the
Company
2012 2011
$’000 $’000
Final tax-exempt (one-tier) dividend paid in respect of the
previous fi nancial year of 20 cents per share (2011: 20 cents per share) 82,496 82,496
At the Annual General Meeting to be held on 26 April 2013, a fi nal tax-exempt (one-tier) dividend of 20 cents per
share amounting to $82,496,000 will be recommended. The amount will be accounted for in shareholders’ equity
as an appropriation of retained earnings in the fi nancial year ending 31 December 2013.
26. RETAINED EARNINGS
(a)
(b)
Retained earnings of the Group included accumulated fair value gains on investment properties held
by subsidiary and associated companies net of non-controlling interests amounting to $2,652,408,000
(restated 2011: $2,463,953,000).
Movement in retained earnings for the Company is as follows:
The Company
2012 2011
$’000 $’000
Beginning of fi nancial year 226,315 223,426
Total comprehensive income – net profi t 86,847 85,385
Dividends paid (note 25) (82,496) (82,496)
End of fi nancial year 230,666 226,315

84
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
27. COMMITMENTS
(a)
Capital commitments
The Group
2012 2011
$’000 $’000
Capital expenditure contracted for but not recognised
in the fi nancial statements in respect of:
- investment properties 14,638 1,838
- property, plant and equipment - 1,664
14,638 3,502
(b)
Operating lease commitments - where the Group is a lessee
The Group leases certain space under non-cancellable operating lease agreements. The leases have varying
terms, escalation clauses and renewal rights.
The future minimum lease payables under non-cancellable operating leases contracted for at the statement
of fi nancial position date but not recognised as liabilities, are as follows:
The Group
2012 2011
$’000 $’000
Not later than 1 year 291 319
Between 1 and 5 years 282 563
573 882
(c)
Operating lease commitments - where the Group is a lessor
The Group has entered into commercial property leases on its investment property portfolio, consisting of the
Group’s offi ce buildings and a retail mall.
The future minimum lease receivables under non-cancellable operating leases contracted for at the statement
of fi nancial position date but not recognised as receivables, are as follows:
The Group
2012 2011
$’000 $’000
Not later than 1 year 195,366 199,183
Between 1 and 5 years 212,722 228,620
Later than 5 years 254 -
408,342 427,803

Singapore Land Limited - Annual Report 2012
85
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
28. FINANCIAL RISK MANAGEMENT
Financial risk factors
The Group’s activities expose it to market risk (including currency risk and interest rate risk), credit risk and liquidity
risk. The Group’s overall risk management strategy seeks to minimise any adverse effects from the unpredictability
of fi nancial markets on the Group’s fi nancial performance.
Risk management is carried out in accordance with established policies and guidelines approved by the Board
of Directors.
(a)
Market risk
(i)
Currency risk
The Group operates dominantly in Singapore, with some operations in the People’s Republic of
China. Entities in the Group transact in currencies other than their respective functional currencies
(“foreign currencies”).
Currency risk arises when transactions are denominated in foreign currencies. As the entities in the
Group transact substantially in their respective functional currencies, the currency exposure at the Group
is minimal.
In addition, the Group is exposed to currency risk on its monetary assets and liabilities denominated
in foreign currencies when they are translated at the statement of fi nancial position date. As these
assets and liabilities are substantially denominated in their respective functional currencies, the currency
exposure is minimal.
The Company’s exposure to currency risk is minimal as revenue and expenses and assets and liabilities
are substantially denominated in Singapore Dollars.

86
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
28. FINANCIAL RISK MANAGEMENT (continued)
(a)
Market risk (continued)
(ii)
Cash fl ow and fair value interest rate risks
Cash fl ow interest rate risk is the risk that the future cash fl ows of a fi nancial instrument will fl uctuate
because of changes in market interest rates. Fair value interest rate risk is the risk that the fair value of a
fi nancial instrument will fl uctuate due to changes in market interest rates. As the Group has no signifi cant
interest-bearing assets, the Group’s income and operating cash fl ows are substantially independent of
changes in market interest rates.
The Group’s interest rate risks mainly arise from borrowings. Borrowings at variable rates expose
the Group to cash fl ow interest rate risk. Borrowings obtained at fi xed rates expose the Group to fair
value interest rate risk. The Group monitors the interest rates on borrowings closely to ensure that the
borrowings are maintained at favourable rates.
If the interest rates increase/decrease by 25 basis points (2011: 25 basis points) with all other variables
remaining constant, the profi t after tax for the Group and the Company will be lower/higher by $291,000
(2011: $526,000) and $281,000 (2011: $374,000) respectively as a result of higher/lower interest
expense on these borrowings.
(b) Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in fi nancial
loss to the Group. For trade receivables, the Group adopts the policy of dealing only with customers of
appropriate credit standing and history, and obtaining suffi cient security where appropriate to mitigate credit
risk. For the property investment segment, generally advance deposits of at least 3 months rental (or equivalent
amount in bankers’ guarantee) are obtained for all tenancies. For the property trading segment, progress
billings from customers are followed up, and appropriate action taken promptly in instances of non-payment
or delay in payment. For other fi nancial assets, the Group adopts the policy of dealing only with high credit
quality counterparties.
Other than amounts due from subsidiary and associated companies, and joint ventures, concentration of
credit risk relating to trade receivables is limited due to the Group’s many varied customers.
As the Group and the Company do not hold any collateral, the maximum exposure to credit risk for each
class of fi nancial instruments is the carrying amount of that class of fi nancial instruments presented on the
statement of fi nancial position.
The Group’s and the Company’s major classes of fi nancial assets are bank deposits, trade receivables and
other non-current receivables.

Singapore Land Limited - Annual Report 2012
87
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
28. FINANCIAL RISK MANAGEMENT (continued)
(b)
Credit risk (continued)
The Group’s and the Company’s other non-current receivables comprise amounts due from associated
companies and joint ventures and amounts due from subsidiary and associated companies respectively. These
receivables are assessed for their recoverability and any recognition/writeback of allowance for impairment are
made where necessary. Information regarding these receivables is disclosed in note 11.
The credit risk profi le of the Group’s trade receivables and accrued receivables at the statement of fi nancial
position date is as follows:
The Group
2012 2011
$’000 $’000
By segment of business
Property investment 6,358 4,574
Property trading 49,751 5,773
Hotel operations 9,581 5,579
65,690 15,926
(i)
Financial assets that are neither past due nor impaired
Bank deposits that are neither past due nor impaired are mainly deposits with banks with high creditratings
assigned by international credit-rating agencies. Trade receivables that are neither past due nor
impaired are substantially companies with a good collection track record with the Group.
(ii)
Financial assets that are past due and/or impaired
There is no other significant class of financial assets that is past due and/or impaired except for
trade receivables.
The age analysis of trade receivables past due but not impaired is as follows:
The Group
2012 2011
$’000 $’000
Past due 0 to 1 month 3,214 2,059
Past due 1 to 2 months 1,258 906
Past due 2 to 3 months 293 143
Past due over 3 months 1,311 410
6,076 3,518

88
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
28. FINANCIAL RISK MANAGEMENT (continued)
(b)
Credit risk (continued)
(ii)
Financial assets that are past due and/or impaired (continued)
The carrying amount of trade receivables individually determined to be impaired and the movement in the
related allowance for impairment are as follows:
The Group
2012 2011
$’000 $’000
Beginning of fi nancial year 1,298 887
Allowance made 48 782
Allowance utilised (17) (188)
Allowance written-back (352) (183)
End of fi nancial year 977 1,298
Trade receivables that are individually determined to be impaired at the statement of fi nancial position
date relate to debtors that are in signifi cant fi nancial diffi culties and have defaulted on payments despite
attempts to recover the debts owing through legal means where appropriate. These receivables are not
secured by any collateral or credit enhancements.
(c) Liquidity risk
The table below analyses the Group’s and the Company’s fi nancial liabilities into relevant maturity groupings
based on the remaining period from the statement of fi nancial position date to the contractual maturity date.
The amounts disclosed in the table are the contractual undiscounted cash fl ows. Balances due within 12
months equal their carrying amounts as the impact of discounting is not signifi cant.

Singapore Land Limited - Annual Report 2012
89
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
28. FINANCIAL RISK MANAGEMENT (continued)
(c)
Liquidity risk (continued)
The Group
Between Between
Less than 1 and 3 3 and 5 Over 5
1 year years years years
$’000 $’000 $’000 $’000
At 31 December 2012
Trade and other payables (105,092) (38,371) (4,924) -
Borrowings (215,546) (90,854) (105,402) -
(320,638) (129,225) (110,326) -
At 31 December 2011
Trade and other payables (105,716) (40,996) (4,707) -
Borrowings (237,258) (930) (30,695) -
(342,974) (41,926) (35,402) -
The Company
At 31 December 2012
Trade and other payables (1,070) (225,976) - -
Borrowings (135,440) - - -
(136,510) (225,976) - -
At 31 December 2011
Trade and other payables (1,052) (66,145) - -
Borrowings (180,070) - - -
(181,122) (66,145) - -
The Group’s and the Company’s policy on liquidity risk management is to maintain suffi cient cash to enable
them to meet their normal operating commitments and the availability of funding through adequate amounts
of credit facilities with various banks. At the statement of fi nancial position date, assets held by the Group
and the Company for managing liquidity risk included cash and short-term deposits as disclosed in note 18.

90
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
28. FINANCIAL RISK MANAGEMENT (continued)
(d)
Capital risk
The Group’s main objective when managing capital is to safeguard the Group’s ability to continue as a going
concern. The Group manages capital using various common measures applied by real estate companies
which may include adjusting the dividend payment, returning capital to shareholders or issuing new shares.
Management monitors the Group’s capital using a ratio calculated as debt divided by total equity,
where debt comprises total borrowings.
The Group
2012 2011 2010
$’000 $’000 $’000
Debt 402,021 266,700 286,552
Total equity (restated) 5,756,781 5,403,516 5,078,525
Debt / Total equity ratio 7% 5% 6%
The Group and the Company are in compliance, where applicable, with all externally imposed capital
requirements for the fi nancial years ended 31 December 2011 and 2012.
(e)
Financial instruments by category
The aggregate carrying amounts of loans and receivables and fi nancial liabilities at amortised cost are
as follows:
The Group
The Company
2012 2011 2012 2011
$’000 $’000 $’000 $’000
Loans and receivables 292,491 163,869 462,402 342,647
Financial liabilities at amortised cost 550,408 418,119 362,149 247,197
29. IMMEDIATE AND ULTIMATE HOLDING COMPANIES
The Company’s immediate holding company is UIC Enterprise Pte Ltd and ultimate holding company is United
Industrial Corporation Limited, both of which are incorporated in Singapore.

Singapore Land Limited - Annual Report 2012
91
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
30. RELATED PARTY TRANSACTIONS
(a)
In addition to the related party information shown elsewhere in the fi nancial statements, the following
transactions took place between the Group and related parties during the fi nancial year:
The Group
2012 2011
$’000 $’000
Transactions with joint ventures
Marketing fee income 1,892 -
Project management fee income 330 200
Fee income for arrangement of bank loan 50 60
Transactions with a fi rm in which a director has an interest
Professional fee expense 77 33
Transactions with a related company
Rental income 1,313 -
(b)
Key management personnel compensation
Key management’s remuneration included fees, salary, bonus and other emoluments (including benefi tsin-kind)
computed based on the cost incurred by the Group and the Company, and where the Group or
the Company did not incur any costs, the value of the benefi t is included. The total key management’s
remuneration is as follows:
The Group
2012 2011
$’000 $’000
Directors of the Company
- Fees 313 329
- Salaries, bonus and other emoluments 606 627
- Employer’s contribution to defi ned contribution plan 6 5
925 961
31. SEGMENT INFORMATION
For management purposes, the Group is organised into business units based on their products and services, and
has three reportable operating segments as follows:
• Property investment – leasing of commercial offi ce property, property management, investment holding, and
investment in retail centres.
• Property trading – development of properties for trading, project management and marketing services.
• Hotel operations – operation of hotels in Singapore.
Except as indicated above, no operating segments have been aggregated to form the above reportable
operating segments.

92
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
31. SEGMENT INFORMATION (continued)
Property investment Property trading Hotel operations The Group
2012 2011 2012 2011 2012 2011 2012 2011
$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
(restated)
(restated)
Revenue -
external sales 243,093 243,326 271,969 250,678 65,540 121,292 580,602 615,296
Segment results 180,947 181,819 67,239 47,573 (9,391) 30,776 238,795 260,168
Unallocated costs (2,030) (1,749)
Interest income 2,414 1,254
Dividend income 2,229 1,665
Finance expenses (2,056) (1,642)
Share of results of
associated
companies 63,554 36,731 806 1,272 24,597 23,358 88,957 61,361
Share of results
of joint ventures - - - (500) - - - (500)
328,309 320,557
Fair value gain on
investment
properties 165,373 126,372 - - - - 165,373 126,372
Profit before
income tax 493,682 446,929
Segment assets 4,698,991 4,525,203 672,678 546,637 462,164 404,555 5,833,833 5,476,395
Investments
in associated
companies 355,343 300,788 135,369 143,275 120,982 112,021 611,694 556,084
Consolidated
total assets 6,445,527 6,032,479
Other segment items
Capital expenditure 10,554 10,141 12 7 91,717 3,104 102,283 13,252
Depreciation 149 162 10 11 16,515 15,055 16,674 15,228

Singapore Land Limited - Annual Report 2012
93
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
31. SEGMENT INFORMATION (continued)
Geographical information
Singapore is the home country of the Company which is also an operating company. The areas of operation
are holding of investment properties for leasing, property development and trading, investment holding, property
management, and investment in hotels and retail centres.
Revenue is based on the country in which the sale is originated. Non-current assets are shown by the geographical
area in which the assets are located.
Revenue
Non-current assets
2012 2011 2012 2011 2010
$’000 $’000 $’000 $’000 $’000
(restated) (restated)
Singapore 509,256 615,296 5,583,237 5,268,959 5,128,754
China 71,346 - 134,391 142,483 25,453
580,602 615,296 5,717,628 5,411,442 5,154,207
32. NEW OR REVISED ACCOUNTING STANDARDS AND INTERPRETATIONS
Certain new standards, amendments and interpretations to existing standards have been published and are
mandatory for the Group’s accounting periods beginning on or after 1 January 2013 or later periods which the
Group has not early adopted. The Group does not expect that the adoption of these accounting standards or
interpretations will have a material impact on the Group’s fi nancial statements for the fi nancial year ending 31
December 2013, except for FRS 113 Fair Value Measurement which provides guidance on how fair value should
be determined and which disclosures should be made on the fi nancial statements. The Group will apply FRS 113
and provide the required disclosure from 1 January 2013.
33. AUTHORISATION OF FINANCIAL STATEMENTS
These fi nancial statements were authorised for issue in accordance with a resolution of the Board of Directors of
Singapore Land Limited on 8 February 2013.

94
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
34. LISTING OF SUBSIDIARY AND ASSOCIATED COMPANIES, AND JOINT VENTURES IN THE GROUP
Subsidiary companies
Country of
Principal incorporation/ The Group’s
activities business equity holding
2012 2011
% %
Gateway Land Limited Property investment Singapore 100 100
Ideal Homes Pte. Limited Property trading Singapore 100 100
Realty Management Services Property Singapore 100 100
(Pte) Ltd.
management agents
RMA-Land Development Private Ltd Property investment Singapore 100 100
Shing Kwan Realty (Pte.) Limited Property investment Singapore 100 100
and investment holding
Singland (Chengdu) Development Property trading People’s 100 100
Co. Ltd. *
Republic of China
Singland Development (Farrer Drive) Property trading Singapore 100 -
Pte. Ltd.
Singland Development (Jervois) Property trading Singapore 100 -
Pte. Ltd.
Singland Homes (Alexandra) Pte. Ltd. Property trading Singapore 100 -
S.L. Development Pte. Limited Property investment Singapore 100 100
and investment holding
S L Prime Properties Pte Ltd Property investment Singapore 100 100
S L Prime Realty Pte Ltd Property investment Singapore 100 100
S.L. Properties Limited Property investment Singapore 100 100
and investment holding
Pothonier Singapore Pte Ltd Investment holding Singapore 100 100
Shenton Holdings Private Limited Investment holding Singapore 100 100

Singapore Land Limited - Annual Report 2012
95
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
34. LISTING OF SUBSIDIARY AND ASSOCIATED COMPANIES, AND JOINT VENTURES IN THE GROUP
(continued)
Subsidiary companies
Country of
Principal incorporation/ The Group’s
activities business equity holding
2012 2011
% %
Singland China Holdings Pte. Ltd. Investment holding Singapore 100 100
Singland Homes Pte. Ltd. Investment holding Singapore 100 -
S.L. Home Loans Pte. Ltd. Investment holding Singapore 100 100
S.L. Management Services Investment holding Singapore 100 100
Pte Limited
Interpex Services Private Limited Dormant Singapore 100 100
Marina Centre Holdings Property development Singapore 53 53
Private Limited
and investment
Marina Food Court Pte Ltd Dormant Singapore 53 53
Marina Management Services Property management Singapore 53 53
Pte Ltd
agents
Hotel Marina City Private Limited Hotelier Singapore 53 53
Joint ventures
United Venture Development Property trading Singapore 50 50
(Bedok) Pte. Ltd.
UVD Pte. Ltd. Property trading Singapore 50 50
Associated companies
Alprop Pte Ltd # Property investment Singapore +
50 +
50
Kogan Investments Limited^ Dormant British Virgin Islands 50 50
Avenue Park Development Property trading Singapore 48 48
Pte. Ltd. ##
United Venture Investment Dormant Singapore 40 -
(Thomson) Pte. Ltd.

96
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
34. LISTING OF SUBSIDIARY AND ASSOCIATED COMPANIES, AND JOINT VENTURES IN THE GROUP
(continued)
Associated companies
Country of
Principal incorporation/ The Group’s
activities business equity holding
2012 2011
% %
Marina Laundry Dormant Singapore 37 37
Private Limited
Brendale Pte. Ltd. # Property trading Singapore 35 35
Shanghai Jin Peng Realty Property trading People’s Republic 30 30
Co Ltd**
of China
Peak Venture Pte Ltd** Dormant Singapore 30 -
Aquamarina Hotel Private Limited Hotelier Singapore 27 27
Marina Bay Hotel Private Limited Hotelier Singapore 27 27
Novena Square Investments Ltd Property investment Singapore
++
20
++
20
Novena Square Development Ltd Property investment Singapore
++
20
++
20
Notes
#
+
++
A fellow subsidiary company under the same holding company, United Industrial Corporation Limited.
The remaining interest in this company is held by a subsidiary company of the holding company.
The remaining interests in these companies are held by companies in which certain directors have interests.
All the subsidiary and associated companies, and joint ventures are audited by PricewaterhouseCoopers LLP, Singapore except for the following:
*
**
##
^
Audited by the network of member fi rms of PricewaterhouseCoopers International Limited.
Audited by other auditors. These companies are not considered signifi cant associated companies under the SGX-ST Listing Manual.
Audited by Ernst & Young LLP, Singapore
Not required to be audited by the law of the country of incorporation.

Singapore Land Limited - Annual Report 2012
97
FIVE YEAR SUMMARY
2008 - 2012
Group Profit And Loss Accounts
($’000) 2008 2009 2010 2011 2012
(restated) (restated) (restated) (restated)
Revenue 355,290 397,478 527,162 615,296 580,602
(Loss)/Profi t before income tax (107,109) (339,499) 853,845 446,929 493,682
Income tax expense (38,787) (33,252) (43,698) (41,084) (36,992)
Net (loss)/profi t (145,896) (372,751) 810,147 405,845 456,690
Attributable to:
Equity holders of the Company
- Net profi t from operations 145,847 212,655 205,087 214,781 218,649
- Net fair value (loss)/gain
on investment properties (335,410) (591,588) 561,948 138,811 188,455
(189,563) (378,933) 767,035 353,592 407,104
Non-controlling interests 43,667 6,182 43,112 52,253 49,586
(145,896) (372,751) 810,147 405,845 456,690
Dividends proposed (net) 82,496 82,496 82,496 82,496 82,496
Group Statements Of Financial Position
($’000) 2008 2009 2010 2011 2012
(restated) (restated) (restated) (restated)
Investment properties 4,406,687 3,803,500 4,350,000 4,486,400 4,661,800
Property, plant and equipment 396,750 389,753 381,039 368,958 444,134
Other non-current assets 442,654 450,906 442,703 646,293 780,181
Current assets 482,648 489,722 499,125 530,828 559,412
Total assets 5,728,739 5,133,881 5,672,867 6,032,479 6,445,527
Current liabilities (350,731) (271,346) (394,010) (490,206) (334,863)
Non-current liabilities (551,907) (499,150) (200,332) (138,757) (353,883)
Net assets employed 4,826,101 4,363,385 5,078,525 5,403,516 5,756,781
Share capital 840,349 840,349 840,349 840,349 840,349
Reserves 3,465,155 3,003,940 3,685,825 3,968,420 4,281,956
4,305,504 3,844,289 4,526,174 4,808,769 5,122,305
Non-controlling interests 520,597 519,096 552,351 594,747 634,476
Total equity 4,826,101 4,363,385 5,078,525 5,403,516 5,756,781

98
Singapore Land Limited - Annual Report 2012
FIVE YEAR SUMMARY
2008 - 2012
Other Data
2008 2009 2010 2011 2012
(restated) (restated) (restated) (restated)
(Loss)/Profi t before income tax (30) (85) 162 73 85
- % of revenue
(Loss)/Profi t attributable to equity holders of the Company
- % of revenue (53) (95) 146 57 70
- % of share capital and reserves (4) (10) 17 7 8
Earnings/(Loss) per share (cents)
- excluding fair value loss/gain
on investment properties 35.4 51.6 49.7 52.1 53.0
- including fair value loss/gain
on investment properties (46.0) (91.9) 186.0 85.7 98.7
Dividends proposed
- per share (cents) 20.00 20.00 20.00 20.00 20.00
- cover (times) n.a. n.a. 9.3 4.3 4.9
Net asset value per share ($) 10.44 9.32 10.97 11.66 12.42
n.a. - Not applicable
Certain prior years’ fi gures have been restated following the adoption of Financial Reporting Standard 12 - Deferred Tax:
Recovery of Underlying Assets.

Singapore Land Limited - Annual Report 2012
99
STATISTICS OF SHAREHOLDINGS
as at 18 March 2013
Number of Issued and Fully Paid-Up Shares : 412,477,559
Class of Shares : Ordinary Shares
Voting Rights : One vote per share
Distribution of Shareholdings as at 18 March 2013
No.
Size of Shareholdings of Shareholders % No. of Shares %
1- 999 254 5.87 71,281 0.02
1,000- 10,000 3,585 82.87 10,259,551 2.49
10,001 -1,000,000 481 11.12 24,123,719 5.85
1,000,001 and above 6 0.14 378,023,008 91.64
Total 4,326 100.00 412,477,559 100.00
List of Twenty Largest Registered Shareholders as at 18 March 2013
No. Name No. of shares %
1 UIC ENTERPRISE PTE LTD 243,996,688 59.15
2 UIC DEVELOPMENT PTE LTD 85,643,196 20.76
3 DBS NOMINEES PTE LTD 38,243,362 9.27
4 CITIBANK NOMINEES SINGAPORE PTE LTD 5,982,982 1.45
5 HSBC (SINGAPORE) NOMINEES PTE LTD 2,216,610 0.54
6 UNITED OVERSEAS BANK NOMINEES PTE LTD 1,940,170 0.47
7 RAFFLES NOMINEES (PTE) LTD 798,728 0.19
8 BANK OF SINGAPORE NOMINEES PTE LTD 617,347 0.15
9 BNP PARIBAS NOMINEES SINGAPORE PTE LTD 595,585 0.14
10 UOB KAY HIAN PTE LTD 559,959 0.14
11 LEE SHIU 537,000 0.13
12 PHILLIP SECURITIES PTE LTD 507,880 0.12
13 NG SOO GIAP 505,000 0.12
14 CHEN CHUN NAN 504,000 0.12
15 SINGAPORE TONG TEIK PTE LTD 500,000 0.12
16 DBSN SERVICES PTE LTD 481,461 0.12
17 OCBC NOMINEES SINGAPORE PRIVATE LIMITED 460,000 0.11
18 WONG SIN TIN 347,400 0.08
19 CIMB SECURITIES (SINGAPORE) PTE LTD 332,400 0.08
20 IRVINE INVESTMENTS PRIVATE LIMITED 321,000 0.08
TOTAL: 385,090,768 93.34

100
Singapore Land Limited - Annual Report 2012
STATISTICS OF SHAREHOLDINGS
as at 18 March 2013
Substantial Shareholders’ Shareholdings as at 18 March 2013
Shareholdings
Shareholdings
in which
registered in
substantial
the name of
shareholders
substantial
are deemed
shareholders
to have
or nominees
an interest
Name of
Substantial Shareholders No. of Shares No. of Shares %
UIC Enterprise Pte Ltd 244,032,688* - 59.16
UIC Development (Private) Limited 85,643,196 - 20.76
Silchester International Investors LLP - 33,650,000 (1) 8.16
United Industrial Corporation Limited - 329,828,384 (2) 79.96
UOL Group Limited - 329,828,384 (2a) 79.96
UOL Equity Investments Pte Ltd - 329,828,384 (2b) 79.96
Telegraph Developments Limited - 329,828,384 (2c) 79.96
JG Summit Philippines Limited - 329,828,384 (2c) 79.96
JG Summit Holdings, Inc. - 329,828,384 (2c) 79.96
John Gokongwei, Jr. - 329,828,384 (2c) 79.96
* this fi gure included 36,000 shares purchased on 14 March 2013
Notes:
(1) Silchester International Investors LLP (“Silchester”), an Investment Manager for a number of commingled funds,
is deemed to have an interest in the 33,650,000 SingLand shares. In acting for its clients, Silchester is given
full discretion over their investments, and is empowered to vote on their behalf. However, it does not act as
the client’s Custodian, and therefore shares are not held in its name, but in the nominees’ name of the client’s
Custodian Bank.
(2) United Industrial Corporation Limited’s (“UIC”) interest in the 329,828,384 shares of SingLand is derived from the
direct interests of three of its wholly-owned subsidiaries, namely, UIC Enterprise Pte Ltd (244,032,688 shares),
UIC Development (Private) Limited (85,643,196 shares) and UIC Investment Pte Ltd (152,500 shares).

Singapore Land Limited - Annual Report 2012
101
STATISTICS OF SHAREHOLDINGS
as at 18 March 2013
(2a)
(2b)
(2c)
By virtue of UOL Group Limited’s (“UOL”) interest in UIC shares, UOL has a deemed interest in SingLand shares.
By virtue of UOL Equity Investments Pte Ltd’s (“UEL”) interest in UIC shares, UEL has a deemed interest in
SingLand shares.
By virtue of Telegraph Developments Limited’s (“Telegraph”) interest in UIC shares, Telegraph has a deemed
interest in SingLand shares.
JG Summit Philippines Limited, JG Summit Holdings, Inc and Dr John Gokongwei, Jr. are deemed to have an
interest in the 329,828,384 SingLand shares in which Telegraph has a deemed interest.
Rule 723 of the SGX-ST Listing Manual
Based on the information available to the Company as at 18 March 2013, approximately 11.80% of the issued ordinary
shares of the Company is held by the public and therefore the Company has complied with the Exchange’s requirement
that at least 10% of the equity securities ((excluding preference shares and convertible equity securities) in a class that is
listed is at all times held by the public.

102
Singapore Land Limited - Annual Report 2012
NOTICE OF ANNUAL GENERAL MEETING
SINGAPORE LAND LIMITED
Company Registration No. 196300170C
Incorporated in the Republic of Singapore
NOTICE IS HEREBY GIVEN that the 49th Annual General Meeting of Singapore Land Limited will be held at
80 Raffl es Place, 62 nd Storey, UOB Plaza 1, Singapore 048624 on Friday, 26 April 2013 at 2.00 p.m. to transact the
following business:
As Ordinary Business
1. To receive and adopt the Directors’ Report and Audited Financial Statements for the fi nancial year ended
31 December 2012 and the Auditor’s Report thereon.
2. To declare a fi rst and fi nal dividend of 20 cents per share tax-exempt (one-tier) for the fi nancial year ended
31 December 2012. (2011: 20 cents)
3. To approve Directors’ fees of $243,125 for the fi nancial year ended 31 December 2012. (2011: $259,250)
4. To re-elect Mr Lance Y. Gokongwei as a Director who will retire by rotation pursuant to Article 104 of the Articles of
Association of the Company and who, being eligible, offers himself for re-election.
5. To re-appoint the following Directors, each of whom will retire and seek re-appointment under Section 153(6) of
the Companies Act, Cap. 50, to hold office from the date of this Annual General Meeting until the next
Annual General Meeting:
(a) Dr Wee Cho Yaw
(b) Dr John Gokongwei, Jr.
(c) Mr Yang Soo Suan (See Explanatory Note 1)
(d) Mr Hwang Soo Jin
(e) Mr Roberto R. Romulo
(f ) Mr James L. Go (See Explanatory Note 2)
(g) Mr Gwee Lian Kheng
6. To re-appoint PricewaterhouseCoopers LLP as Auditor of the Company to hold offi ce until the next Annual General
Meeting of the Company and to authorise the Directors to fi x their remuneration. (See Explanatory Note 3)

Singapore Land Limited - Annual Report 2012
103
NOTICE OF ANNUAL GENERAL MEETING
SINGAPORE LAND LIMITED
Company Registration No. 196300170C
Incorporated in the Republic of Singapore
As Special Business
7. To consider and, if thought fit, to pass, with or without modifications, the following resolution as
Ordinary Resolutions:
That pursuant to Section 161 of the Companies Act, Cap 50, and subject to the listing rules, guidelines
and directions (“Listing Requirements”) of the Singapore Exchange Securities Trading Limited (“SGX-ST”),
the Directors of the Company be and are hereby authorised to issue:
i. shares in the capital of the Company (“Shares”);
ii. convertible securities;
iii. additional convertible securities issued pursuant to adjustments; or
iv. Shares arising from the conversion of the securities in (ii) and (iii) above,
(whether by way of rights, bonus, or otherwise or pursuant to any offer, agreement or option made or granted by the
Directors during the continuance of this authority which would or might require Shares or convertible securities to
be issued during the continuance of this authority or thereafter) at any time, to such persons, upon such terms and
conditions and for such purposes as the Directors may, in their absolute discretion, deem fi t (notwithstanding
that the authority conferred by this Ordinary Resolution may have ceased to be in force), provided that:
a. the aggregate number of Shares and convertible securities to be issued pursuant to this Ordinary Resolution
(including Shares to be issued in pursuance of convertible securities made or granted pursuant to this Ordinary
Resolution) does not exceed 50% of the total number of issued Shares (excluding treasury shares) provided
that the aggregate number of Shares to be issued other than on a pro rata basis to shareholders of the
Company (including Shares to be issued in pursuance of instruments made or granted pursuant to this
Ordinary Resolution) does not exceed 20% of the total number of issued Shares;
b. (subject to such other manner of calculation as may be prescribed by the SGX-ST) for the purpose of
determining the aggregate number of Shares that may be issued under (a) above, the percentage of issued
Shares shall be based on the total number of issued Shares (excluding treasury shares) at the time of the
passing of this Ordinary Resolution, after adjusting for:
(1) any new Shares arising from the conversion or exercise of convertible securities;
(2) (where applicable) any new Shares arising from exercising share options or vesting of share awards
outstanding or subsisting at the time this Ordinary Resolution is passed, provided the options or awards
were granted in compliance with the Listing Requirements; and
(3) any subsequent bonus issue, consolidation or subdivision of Shares;
c. in exercising the authority conferred by this Ordinary Resolution, the Company complies with the Listing
Requirements (unless such compliance has been waived by the SGX-ST) and the existing Articles of
Association of the Company; and
d. such authority shall, unless revoked or varied by the Company at a general meeting, continue to be in force
until the conclusion of the next Annual General Meeting of the Company or the date by which the next Annual
General Meeting of the Company is required by law to be held, whichever is the earlier. (See Explanatory Note 4)

104
Singapore Land Limited - Annual Report 2012
NOTICE OF ANNUAL GENERAL MEETING
SINGAPORE LAND LIMITED
Company Registration No. 196300170C
Incorporated in the Republic of Singapore
8. To transact any other ordinary business as may be transacted at an Annual General Meeting of the Company.
By Order of the Board
Susie Koh
Company Secretary
Singapore, 11 April 2013
NOTE:
A member of the Company entitled to attend and vote at this meeting is entitled to appoint one or two proxies to attend
and vote in his stead. A proxy need not be a member of the Company. The instrument appointing a proxy or proxies must
be deposited at the Registered Offi ce of the Company at 24 Raffl es Place #22-01/06 Clifford Centre, Singapore 048621
not less than 48 hours before the time appointed for holding the Annual General Meeting.
Explanatory Notes:
1. Mr Yang Soo Suan, if re-appointed, will remain as the Audit Committee Chairman and will be considered as an
Independent Director pursuant to Rule 704(8) of the SGX-ST Listing Manual.
2. Mr James L. Go, if re-appointed, will remain as an Audit Committee Member and will be considered as a non
Independent Director pursuant to Rule 704(8) of the SGX-ST Listing Manual.
3. The Audit Committee undertook a review of the fees and expenses of the audit and non-audit services provided
by the external auditor, PricewaterhouseCoopers LLP. It assessed whether the nature and extent of the non-audit
services might prejudice the independence and objectivity of the auditor before confi rming its re-nomination. It was
satisfi ed that such services did not affect the independence of the external auditor.
4. The Ordinary Resolution 7 proposed above, if passed, will empower the Directors of the Company, from the date
of the above Meeting until the next Annual General Meeting, to issue shares in the capital of the Company and
to make or grant convertible securities, and to issue shares in pursuance of such convertible securities, without
seeking any further approval from shareholders in general meeting, up to a number not exceeding in total 50%
of the total number of issued shares (excluding treasury shares) in the capital of the Company, provided that the
total number of issued shares (excluding treasury shares) which may be issued other than on a pro rata basis to
shareholders does not exceed 20%.

Singapore Land Limited - Annual Report 2012
105
NOTICE OF ANNUAL GENERAL MEETING
SINGAPORE LAND LIMITED
Company Registration No. 196300170C
Incorporated in the Republic of Singapore
Notice of Books Closure Date and Payment Date for First and Final Dividend
NOTICE IS ALSO HEREBY GIVEN that subject to shareholders’ approval being obtained for the proposed fi rst
and fi nal dividend (one-tier tax-exempt) of 20 cents per share for the fi nancial year ended 31 December 2012,
the Share Transfer Books and the Register of Members of the Company will be closed on 10 May 2013, for the
preparation of dividend warrants. Duly completed transfers received by the Company’s Share Registrar, Messrs
Tricor Barbinder Share Registration Services at 80 Robinson Road #02-00 Singapore 068898 up to 5.00 p.m. on 9
May 2013 will be registered to determine shareholders’ entitlement to the proposed dividend. Shareholders whose
securities accounts with The Central Depository (Pte) Limited are credited with ordinary shares in the capital of the
Company as at 5.00 p.m. on 9 May 2013 will be entitled to the proposed dividends. The proposed dividends, if
approved, will be paid on 21 May 2013.

106
Singapore Land Limited - Annual Report 2012
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SINGAPORE LAND LIMITED
Company Registration No. 196300170C
Incorporated in the Republic of Singapore
Proxy Form
ANNUAL GENERAL MEETING
IMPORTANT
1. For investors who have used their CPF monies to buy shares in Singapore Land Limited, this
Report is forwarded to them at the request of their CPF Approved Nominees and is sent solely
FOR INFORMATION ONLY.
2. This Proxy Form is not valid for use by CPF investors and shall be ineffective for all intents and
purposes if used or purported to be used by them.
3. CPF investors who wish to attend the Annual General Meeting as OBSERVERS must submit
their requests through their CPF Approved Nominees within the time frame specifi ed. (CPF
Approved Nominees: Please see Note 8 on the reverse side).
4. CPF investors who wish to vote must submit their voting instructions to the CPF Approved
Nominees within the time frame specifi ed to enable them to vote on their behalf
I/We
of
being a member/members of Singapore Land Limited (the “Company”), hereby appoint:
Name Address NRIC/Passport No.
(Name)
(Address)
Proportion of
Shareholdings (%)
and/or (delete as appropriate)
Name Address NRIC/Passport No.
Proportion of
Shareholdings (%)
or failing him/her/them, the Chairman of the Meeting, as my/our proxy/proxies to attend and to vote for me/us on my/our
behalf and, if necessary, to demand a poll at the 49th Annual General Meeting of the Company to be held at 80 Raffl es
Place, 62 nd Storey, UOB Plaza 1, Singapore 048624 on 26 April 2013 at 2.00 p.m. and at any adjournment thereof.
I/We direct my/our proxy/proxies to vote for or against the Resolutions to be proposed at the Meeting as indicated below.
If no specifi c direction as to voting is given, the proxy/proxies will vote or abstain from voting at his/her/their discretion.
No. Resolutions For * Against*
1 Adoption of Directors’ Report and Audited Financial Statements
2 Declaration of a First and Final Dividend tax-exempt (one-tier)
3 Approval of Directors’ Fees
4 Re-election of Mr Lance Y. Gokongwei retiring by rotation in accordance with Article
104 of the Company’s Articles of Association
5 Re-appointment of Directors retiring pursuant to
Section 153(6) of the Companies Act, Cap. 50
(a) Dr Wee Cho Yaw
(b) Dr John Gokongwei, Jr.
(c) Mr Yang Soo Suan
(d) Mr Hwang Soo Jin
(e) Mr Roberto R. Romulo
(f) Mr James L. Go
(g) Mr Gwee Lian Kheng
6 Re-appointment of Auditor
7 Authority for Directors to issue shares (Section 161 of the Companies Act,
Cap. 50 and SGX-ST Listing Manual)
8 Any Other Business
* Please indicate your vote “For” or “Against” with an “X” within the box provided.
Dated this ________ day of ___________________________ 2013
Total Number of Shares held
Signature (s) or Common Seal of Member(s)
IMPORTANT: PLEASE READ NOTES OVERLEAF BEFORE COMPLETING THIS PROXY FORM

Notes:
1. Please insert the total number of shares held by you. If you have shares entered against your name in the Depository
Register (as defi ned in Section 130A of the Companies Act, Cap. 50), you should insert that number of shares. If you
have shares registered in your name in the Register of Members, you should insert that number of shares. If you have
shares entered against your name in the Depository Register and shares registered in your name in the Register of
Members, you should insert the aggregate number of shares entered against your name in the Depository Register
and registered in your name in the Register of Members. If no number is inserted, this instrument appointing a proxy
or proxies shall be deemed to relate to all shares held by you.
2. A member of the Company entitled to attend and vote at a meeting of the Company is entitled to appoint one or two
proxies to attend and vote in his stead. A proxy need not be a member of the Company.
3. Where a member appoints more than one proxy, he shall specify the proportion of his shareholding (expressed as
a percentage of the whole) to be represented by each proxy. If no such proportion or number is specifi ed, the fi rst
named proxy shall be deemed to represent 100 per cent of the shareholding and the second named proxy shall be
deemed to be an alternate to the fi rst named proxy.
4. Completion and return of this instrument appointing a proxy shall not preclude a member from attending and voting at
the meeting. Any appointment of a proxy or proxies shall be deemed to be revoked if a member attends the meeting in
person, and in such event, the Company reserves the right to refuse to admit any person or persons appointed under
this instrument of proxy, to the meeting.
5. The instrument appointing a proxy or proxies must be deposited at the Registered Offi ce of the Company at 24 Raffl es
Place #22-01/06 Clifford Centre, Singapore 048621 not less than 48 hours before the time appointed for the Annual
General Meeting.
6. The instrument appointing a proxy or proxies must be under the hand of the appointor or his attorney duly authorised
in writing. Where the appointor is a corporation, the instrument of proxy must be executed either under its common
seal or under the hand of its duly authorized offi cer or attorney. Where an instrument appointing a proxy or proxies is
signed on behalf of the appointor by an attorney, the letter or power of attorney or a duly certifi ed copy thereof must
(failing previous registration with the Company) be lodged with the instrument of proxy, failing which the instrument
may be treated as invalid.
7. A corporation which is a member may authorise, by resolution of its directors or other governing body, such person
as it thinks fi t to act as its representative at the Annual General Meeting, in accordance with its Articles of Association
and Section 179 of the Companies Act, Cap. 50.
8. Agent Banks acting on the request of CPF Investors who wish to attend the Annual General Meeting as Observers
are required to submit in writing, a list with details of the investors’ name, NRIC/Passport numbers, addresses and
number of shares held. The list, signed by an authorized signatory of the agent bank, should reach the Company
Secretary at the registered offi ce of the Company not later than 48 hours before the time appointed for holding the
Annual General Meeting.
General:
The Company shall be entitled to reject the instrument appointing a proxy or proxies if it is incomplete, improperly completed
or illegible or where the true intentions of the appointor are not ascertainable from the instructions of the appointor specifi ed
in the instrument appointing a proxy or proxies. In addition, in the case of members whose shares are entered against their
names in the Depository Register, the Company may reject any instrument appointing a proxy or proxies lodged if such
members are not shown to have shares entered against their names in the Depository Register 48 hours before the time
appointed for holding the Annual General Meeting as certifi ed by The Central Depository (Pte) Limited to the Company.

Incorporated in the Republic of Singapore
Company Registration No. 196300170C
24 Raffles Place #22-01/06,
Clifford Centre Singapore 048621
Tel: (65) 6222 9312
Fax: (65) 6226 3424
www.singland.com.sg