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eppel Land
(Incorporated in the Republic of Singapore)
230 Victoria Street #15-05 Bugis Junction Towers Singapore 188024 Tel: 6338 8111 Website: http://www.keppelland.com.sg
Keppel Land Limited Report to Shareholders 2001
Keppel Land Limited REPORT TO SHAREHOLDERS
2001

Contnents
Contents
2 Corporate Profile
4 Milestones 2001
9 Chairman’s Message
16 Board of Directors
The Group at a Glance
20 Financial Highlights
21 Simplified Balance Sheet
22 Half-Yearly Results
23 Five-Year Financial Profile
People Count
24 At the Helm
28 Key Personnel
29 Organisational Structure
30 Human Resources and Community Relations
38 Investor Relations
41 In Harmony with the Environment
Focus : Market and Prospects
45 Asian Economic and Property Round-Up
50 Change and Impact
51 In Retrospect... and Prospects
The Year in Review
55 Market and Operations
82 Sedona Hotels International
84 Feature -
- Positioning for China
93 Finance
Analyses
96 Segmental Reporting
100 Value Added and Productivity
101 Value Added by Segment
102 Value Added Statement
104 Property Portfolio Analysis
119 Gearing Structure
Statutory Report and Accounts
122 Directors’ Report
130 Statement by the Directors
131 Auditors’ Report
132 Profit and Loss Accounts
133 Balance Sheets
134 Group Statement of Changes in Equity
136 Company Statement of Changes in Equity
138 Consolidated Cash Flow Statement
140 Summary of Significant Accounting Policies
146 Notes to the Accounts
168 Subsidiary and Associated Companies
Corporate Governance
175 Corporate Governance
Corporate Information
181 Corporate Information
182 Corporate Structure
184 Calendar of Financial Events
Shareholder Information
185 Statistics of Shareholdings
186 Notice of Annual General Meeting
188 Share Transaction Statistics

The strategic goal for Keppel Land is to transform itself from a property company
holding significant investments assets to a developer of outstanding trading
properties and manager of property funds. Going forward, Keppel Land will take
an asset-light approach and focus on the two core businesses of property
development for sale and fund management to achieve higher returns.
Keppel Land intends to grow its overseas investment from 20% to 30% of the
Company’s total assets, with emphasis on shorter-term trading projects and
strategic acquisitions of property development companies.
For the immediate term, the geographical focus will be centred on North Asia,
3
Profile
Corporate
especially China. Elsewhere in the region, the Company will also focus on local
housing in countries where home ownership is growing.
eppel
Land

Milestones 2001
Milestones
4
January
• Keppel Land clinched the Grand Award, which is given to a company whose annual report takes the best award
for the third consecutive year, at the 27th Annual Report Awards Competition.
• Botanic Cove residential development in Sydney, Australia recorded good sales with Phase One sold out, and
Phase Two selling well.
• The Magnolia, the second collection of resort homes at Spring City Golf and Lake Resort in Kunming, China
was handed over to the proud owners.
February
• The Company chalked up record profits, exceeding the profit target for year 2000.
• Keppel Land unveiled its unique marketing concept for the Cluny Hill good-class bungalow plots.
• Spring City Golf and Lake Resort in Kunming, China was named Best Course in China and first runner-up for
Best Course in Asia at the Asian Golf Monthly Awards 2000.
• Ria Bintan Resort was awarded Best Course in Indonesia, Best Par 4 in Asian categories and first runner-up in
Best Golf Resort in Asia at the Asian Golf Monthly Awards 2000.
March
• Keppel Land, together with Hong Kong developers Cheung Kong and Hongkong Land, successfully tendered
for the 1.14-ha Marina Boulevard “white” site.
• Keppel Land acquired a strategic 24.9% stake in Dragon Land, a Singapore-listed company with strong focus
on China.
• The Company was invited to share its insights on doing business in Vietnam, at a conference held by the
country’s Ministry of Planning & Investment.
• Keppel Land’s overseas and local management staff converged in Singapore for an Annual Regional Conference.
April
• The Company signed a new Collective Agreement with Keppel Services Staff Union.
May
• A topping-out ceremony was held for Ocean Towers, a Grade A office building in Shanghai.
• Capital Square and Bugis Junction emerged finalists under the Office/Industrial and Retail categories
respectively in the prestigious FIABCI Prix d’Excellence 2001 Competition.
• Keppel Land hosted a visit by officials from Suzhou Industrial Park on a “software transfer” programme on
human resource management.
June
• Having secured the winning bid for the first Marina “white” site, Keppel Land and the consortium partners
sealed the deal with URA in a Building Agreement Signing Ceremony.
• Spring City’s Lake Course was voted Best Course in China by Golf Digest.

Milestones
July
• Despite the soft market conditions, the soft launch of Cluny Hill good-class bungalow plots saw five plots sold
in the first half of the year.
• Spring City Golf and Lake Resort played host to the Board of Governors’ 3rd Annual Meeting.
• The Australian Victorian Government visited Caribbean at Keppel Bay condominium development during its
study tour of waterfront properties in Singapore.
August
• Keppel Land reports a profit of $52.6 million at its interim results announcement.
• The Company hosted a visit by officials from Suzhou Industrial Park on a “software transfer” training
programme on corporate governance, financial reporting and investor relations.
• Keppel Land received the FIABCI Prix d’Excellence certificate of recognition for Capital Square and Bugis
Junction at the FIABCI ceremony held on 3 August.
September
• The Securities Investors Association (Singapore) awarded the Company the runner-up prize in the properties’
category for Most Transparent Company Award.
• Keppel Land hosted a visit by China’s Shenzhen Construction Investment Holding Corporation on an exchange
programme on human resource management.
October
• Bugis Junction won the top prize at the Fire Safety Excellence Awards once again and was subsequently
conferred the highest award, the Special Mention Award, for winning the award from 1999 to 2001.
5
November
• Keppel Land announced its intention to launch Singapore’s first prime office listed property trust.
• In line with the divestment strategy, Keppel Land sold its Australand Holdings stake for $38.4 million.
• The Company announced the write-down of the residential landbank by $455 million.
• Keppel Land appointed Mr Lim Ho Kee and Associate Professor (Dr) Tsui Kai Chong as Directors to its Board.
• The “edge>”, a new retail concept targeted at the young, was launched on the third level of Parco Bugis Junction.
December
• Continuing its divestment strategy, Keppel Land divested :
- Bayswater Village in Sydney, Australia for $22 million;
- Nana Tai Mansion in Bangkok, Thailand for $6.2 million.
• Overwhelming success was seen at the launch of The Edgewater condominium, with all units sold.
• Amaranda Gardens condominium saw equally good response at its launch, with 98% of the units sold.
• Keppel Land broke ground at One Park Avenue, the largest upmarket residential development by a foreign
developer, in Jingan, Shanghai.
• Keppel Land signed a Memorandum of Understanding with Yiliang Yang Zong Hai Tourist Resort Development
Holding Co. to develop a residential project on a 380-ha site in Kunming, China.
• Parco Bugis Junction won the Singapore Tourist Board’s Best Decorated Building for Christmas Award for the
second consecutive year.

Chairman’s
Message

“ The strategic goal for Keppel Land is to transform
itself from a landlord and property owner to
a focused developer of outstanding properties
for sale and manager of property funds.
“

Chairman’s Message
On behalf of the Board, I present the Keppel Land
Group report for the year ended 31 December 2001.
Financial Performance
2001 was a difficult year for the Group, worsened by
the September 11 attacks in the US.
The rapid deterioration of the US economy quickly
spiralled into a global downturn, tripping the fragile
recovery of Asian economies. With most of its major
markets affected, Singapore slipped into its worst
recession in four decades.
Like many companies, Keppel Land was hit by the
weaker economic prospects in Singapore and the
region. With lower contribution from property trading
due to fewer residential sales, revenue fell 40% to
$300.5 million. Higher profit contribution from
property investment from the mostly fully-occupied
office buildings could not offset the shortfall from
property trading.
Chairman Lim Chee Onn
buildings by $239 million, after taking into account
minority interests’ share and a surplus of $51 million
not taken up in 2000. This revaluation deficit was
charged against the previous years’ surpluses of
$898 million accumulated under capital reserves in
the balance sheet.
Chairman’s Message
9
Against a soft residential market in Singapore, the
Company made provisions for a write-down of
$455.1 million in respect of its landbank. As a result,
the Group incurred a loss of $366.5 million after tax
and minority interests. This is in contrast with a profit
of $122.1 million in 2000. Had it not been for the
provisions, the Group’s profit for 2001 would have
been $88.6 million.
As capital values of Singapore office buildings fell, the
Company wrote down the value of its investment
With the provisions and revaluation adjustments
made, shareholders’ funds declined from $2.24 billion
to $1.62 billion at the end of 2001. Consequently, the
Company’s net tangible asset per share fell to $2.28
from $3.16 a year ago. The Group’s debt-equity ratio
including minority interests rose to 1.28 from 0.83
the year before.
The effective tax rate for the Group before provisions
was 24.5% in 2001, unchanged from the previous
year.

Chairman’s Message
continued
Proposed Dividend
Going Asset-Light
The Board is recommending a final gross dividend of
6% or 3 cents per share less tax, amounting to
$16.1 million for approval at the Annual General
Meeting on 16 May 2002. If approved, this dividend
will be paid on 6 June 2002.
Despite the difficult year, the dividend rate has been
maintained at the same level as for the previous year.
Going forward, Keppel Land will adopt an asset-light
approach in the real estate business. There will be less
emphasis on property investment as it requires heavy
capital and produces low returns.
Keppel Land will divest its investment assets through
various means such as a listed property trust, asset
securitisation and direct sale.
Chairman’s Message
10
Future Directions for the Company
2001 was also a year of change for the Keppel Group.
During the year, Keppel Corporation divested its
banking and financial services business, and privatised
the offshore and marine, and infrastructure businesses.
Keppel Corporation will now focus on growing three
key businesses – offshore and marine, infrastructure,
and property – into regional and possibly global
businesses.
The strategic goal for Keppel Land is to transform
itself from a landlord and property owner to a focused
developer of outstanding properties for sale and
manager of property funds. Keppel Land as the
property arm will complement the other two core
businesses of the Keppel Group, which will be able to
enjoy the counter-cyclical advantages of the property
‘
business vis-a-vis the offshore and marine sector
without having to suffer the huge swings in values due
to property cycles.
With an investment building portfolio worth about
$2.1 billion in Singapore, the divestment will
enable the Company to re-deploy resources into
better-yielding development assets as well as grow its
new property-fund business.
During the year, the Company divested non-core
assets overseas and in Singapore. It divested a 5%
stake in Australand Holdings, a property developer
listed on the Australian Stock Exchange, a 70-suite
hotel-cum-retail complex called Bayswater Village in
Sydney, a serviced apartment called Nana Tai Mansion
in Bangkok, and several shop units at The Arcade in
Singapore. The total sales proceeds amounted to
$70.5 million.
Other Major Developments
Singapore
Residential
Despite the soft market, Keppel Land sold six exclusive
plots in the good class bungalow enclave in Cluny Hill.

At an average size of at least 15,000 sf each, the six
plots generated a total net profit of $44.6 million,
demonstrating the resilience of the very top tier of the
residential market.
Interest in the residential market revived towards the
end of the year. Residential take-up rose to 2,839 new
units in the fourth quarter with developers offering the
deferred payment scheme, lower prices and banks
giving attractive mortgage rates. The demand in the
mass and mid-market segments rose, pushing the full
year take-up to surge by 28% to 6,917 units.
The short-term outlook for the office market will
continue to be affected by economic uncertainties.
However, the medium-term prospects are positive on
hopes of a US-led recovery in 2002, and the limited
new supply of prime office space in the next few years.
Overseas
Keppel Land’s goal of growing its overseas investments
from 20% to 30% remains unchanged as the rationale
is to diversify out of the Singapore market to achieve
sustainable earnings growth.
Keppel Land sold 450 units from three projects in less
than three months. Launched in November 2001,
The Edgewater achieved 100% sales while Amaranda
Gardens achieved 98% sales. Another development in
Tanjong Katong, Butterworth 8 which was launched in
January 2002, has also achieved 100% sales.
With the successful sales, the Company will embark on
the securitisation of the sales proceeds of $380 million
to bring forward the cashflow.
Office
After a sterling year in 2000 when pent-up demand hit
a record high of 4.22 million sf, office take-up shrank
significantly in 2001. With the shake-up in the IT
industry and the consolidation in the financial services
sector, office occupancy slipped to 1.12 million sf.
Despite the softer market, Keppel Land’s well-managed
and well-located office buildings enjoyed full or
close-to-full occupancies, achieving higher rentals and
take-up than the market.
It will continue with its strategy of direct acquisition of
trading development projects, and strategic acquisition
of property development companies.
Among the various segments in the property market in
Asia, it has identified local housing development as a
promising niche as it is supported by strong aspirations
of home ownership, especially among people in the
middle-income group.
For the immediate term, the geographical focus will be
centred on North Asia, especially China. Elsewhere in
the region, the Company will also focus on local
housing in countries where home ownership is
growing.
China
With China’s entry into the World Trade Organisation
and its successful bid to host the 2008 Olympics,
foreign direct investment is expected to increase, and
this is expected to have a multiplier effect on the
economy.
Chairman’s Message
11

Chairman’s Message
continued
Government’s reforms, such as easy access to
mortgages and tax incentives, have caused a structural
shift in local housing demand from state-provided
homes to private homes. Residential property sales
continues to be strong at more than 30% in 2001
although there has been moderation from the
phenomenal growth of 47% achieved in 2000. The
merging of the foreign and local property markets in
Shanghai in late 2001 has also enlarged the pool of
potential buyers.
Other Countries
Elsewhere in the region, the property markets’
performance was uneven, with only select niches
performing well. In Philippines, capitalising on the
resilient retail market, listed subsidiary Keppel
Philippines Properties (KPP) with partner SM Group
completed the construction of the five-storey retail
podium at SM-KL Towers in Ortigas, Metro Manila in
2001.
Chairman’s Message
12
Keppel Land’s first residential project in China, One
Park Avenue will be launched for sale in the second half
of 2002. Located in Central Puxi, the 1,100-unit
condominium development is conveniently located in
Shanghai’s fashionable shopping and entertainment
belt. It is close to the international hotels Portman Ritz
Carlton and JC Mandarin, and retail malls like Plaza 66,
Kerry Centre and Westgate Mall.
One Park Avenue is phase one of a large 3,200-unit
development hailed as the largest upmarket residential
project undertaken by a foreign developer in the prime
Jingan district of Shanghai.
Also located in Shanghai is Ocean Towers, a 25-storey
office building located in the prime commercial district
of Huangpu, which was completed in December 2001.
The Grade A building, in which Keppel Land has a
29%-stake, has an estimated net floor area of 388,000
sf. Leasing activities have attracted multinational
companies among its tenants. The eventual intention is
to sell the office building by strata-title or in its entirety.
Known as The Podium, the well-planned modern
shopping mall has 186,390 sf of net floor area, and is
targeted at the young urban professionals and residents
of the neighbouring upmarket homes. Soft-launched in
December 2001, the mall is about 90% committed in
tenancy.
In the local residential sector, KPP through its subsidiary
Buena Homes, tapped on the potential of the
middle-income segment which is supported by strong
fundamentals. It soft-launched its first condominium
Palmdale Heights in Metro Manila in 2001. Palmdale
Heights’ strategic location between Makati and Ortigas
Central Business Districts makes it attractive to those who
work in the two business districts. Despite the soft market,
almost one block comprising 138 units has been sold.
When completed, Palmdale Heights will comprise
29 residential blocks consisting of 4,000 condominium
units with two commercial centres, parking facilities,
a two storey clubhouse, swimming pools, parks and
playgrounds.

In Thailand, listed subsidiary Five Stars Property Public
Company sold its 157-unit serviced apartment Nana
Tai, and will pursue local residential development in
Bangkok.
In Australia, the Company sold its hotel-cum-retail
complex Crescent on Bayswater which is located in the
tourist area of Kings Cross in Sydney for $22 million.
Meanwhile, owners of 117 units under phase one of
Botanic Cove, a residential development in Sydney,
have settled into their homes. Phase two, comprising
118 apartments and townhouses, is presently under
construction and over 80% have been sold.
Looking Ahead
Singapore
Residential Launches
Buying interest has spilled into the higher-end segment
with the mass and mid-market segments continuing to
rally in early 2002. Recovery in the residential sector is
expected to take place in tandem with the anticipated
Singapore economic rebound in 2002.
Riding on a more positive market sentiment, Keppel
Land will selectively launch and re-launch several
residential projects in 2002. With a landbank totalling
2.3 million sf of attributable gross floor area in the
popular and prime districts, the Company is
well-placed to ride on the anticipated recovery.
New Offices
In Marina South, Keppel Land is developing for sale
and lease a new large-scale office development with
the proposed name of One Raffles Quay which
comprises two office towers - one 50-storey and one
29-storey. Situated along Singapore’s historic waterfront,
the development will become a new landmark with its
supporting infrastructure such as an underground retail
mall linked to the Raffles Place Mass Rapid Transit
station, a hub car park and a district cooling plant.
The 1.14 ha gateway site was awarded to Keppel Land
and its consortium partners Cheung Kong and
Hongkong Land in March 2001. Piling and main
contract works are scheduled to begin in June 2002.
Completion of the 1.3 million sf development is
expected in 2005.
Coming on stream sooner is the Harbourfront Office
Park comprising 18-storey twin office towers over a
podium, and the retrofitted former cable car tower
offering a total lettable area of 922,208 sf. The
buildings are expected to be ready by late 2002.
Keppel Corporations’ headquarters will relocate to
one tower named Keppel Bay Tower, which the
Keppel Group will eventually hold a 70% stake, while
ExxonMobil will have the naming rights for the second
tower as anchor tenant occupying more than 40% of
its space. The Keppel Group will hold a 39% stake in
the second tower and the former cable car tower.
Chairman’s Message
13

Chairman’s Message
continued
Located in the heart of the HarbourFront
entertainment hub, the office park is jointly developed
by the Keppel Group, Temasek Holdings and PSA
Corporation. It is located in the heart of the area
designated for development into a sprawling
entertainment and recreational hub, as well as next
to Keppel Bay, the prime waterfront residential district
at the former Keppel Shipyard site.
Overseas
recreational facilities to cater to the residents of San Jose
del Monte in Bulacan, Quezon City, Caloocan City, and
provinces north of Metro Manila.
In Bangkok, another listed subsidiary Five Stars Property
Public Company is actively seeking sites for landed residential
housing to tap on the demand for single detached
housing in Thailand. Similarly, the Company is
exploring residential developments in Ho Chi Minh
City, Vietnam.
Chairman’s Message
14
Leveraging on its property expertise and network in the
region, Keppel Land will continue to selectively pursue
local housing development which has been resilient
despite the economic downturn.
Apart from China, prospects are promising in
Philippines, Thailand and Vietnam due to governments’
efforts to promote home ownership among the local
population. Selectively, Keppel Land has moved into
niches in the domestic housing market and aims to
position itself as a provider of good quality homes for
locals, especially the growing middle-income group.
In Philippines, KPP will continue to build on the
brand name of Buena Homes as a choice developer
of affordable quality homes. If market conditions are
conducive, KPP will also make further strides in the
Metro North Township, the proposed 600-ha joint
venture development in San Jose del Monte City,
north of Quezon City, which KPP has an option
agreement with Araneta Properties to develop. The
masterplanned township includes residential and
Corporate Governance and Investor Relations
For its corporate disclosure and investor relations
efforts, Keppel Land won the Grand Award at the
Annual Report Award competition for the second
consecutive year.
The coveted award is given to a company whose
annual report takes the best award for three consecutive
years. Effectively, this means that the Company has
won the best annual report for the last four years.
Recognition also came from the Securities Investors
Association (Singapore) which awarded the Company
the runner-up prize in the properties’ category for
Most Transparent Company Award, also for the second
year in running.
Keppel Land also made it to the top 10 league in the
Business Times Corporate Transparency Index which
measures the level of transparency of companies during
their announcement of financial results.

Enhancing Value for Shareholders
In line with the Keppel Group’s direction, Keppel Land
will strive to achieve higher return on equity as the
Company transforms itself to become more
development-based with less emphasis in investment
property holdings. The Company will also focus on
structuring asset-light deals which produce good
earnings without the commitment of heavy capital.
The Economic Value Added (EVA) approach has been
adopted, and is one of the financial performance
indicators tracked regularly. Eventually, EVA targets
will be incorporated into the staff’s performance
management system to align their interests with those
of the Company.
The Company will continue to enhance shareholder
value by leveraging on the intangible assets that are
not captured in the balance sheet, but which the
Group has grown over the decades, namely the
Company’s brand name, management expertise,
networks and regional presence. These strengths are
currently being leveraged on to grow the property
fund business.
I would like to thank our staff for their willingness and
understanding in making sacrifices during this difficult
time. Since January 2002, management has taken a
pay-cut of 7-10% and wages have been frozen across
the board.
I would also like to welcome two new directors,
Mr Lim Ho Kee and Associate Professor (Dr) Tsui Kai Chong,
to the Board. With their valuable experience, I am
confident they will contribute to the re-making
of Keppel Land.
Finally, I would like to take this opportunity to thank
shareholders, business partners and customers for
their support. Prospects ahead are challenging as the
markets in which Keppel Land operates in continue to
undergo political and economic change. However,
with the support of all stakeholders, Keppel Land is
cautiously optimistic that it will stage a turnaround in
2002, barring unforeseen circumstances.
Chairman’s Message
15
Acknowledgements
As the Singapore economy heads for a re-making,
there will be implications for the real estate business.
I encourage staff to continue to change their mindsets
and acquire new skills to be adept at the asset-light
approach that the Company has embraced.
Lim Chee Onn
Chairman
Singapore, 22 March 2002

Lim Chee Onn, 57
Chairman since January 1997. Executive Chairman of Keppel
Corporation Limited. Chairman of MobileOne (Asia) Pte Ltd.
Director of Temasek Holdings (Pte) Ltd, NatSteel Limited,
Singapore Airlines Limited and k1 Ventures Limited. Chairman
and Chairman ExCo of Singapore-Suzhou Township Development
Co Ltd. Co-Chairman of Philippines-Singapore Business Council.
Chairman of National Heritage Board. Deputy Chairman of
Seoul International Business Advisory Council, Member of
Singapore-US Business Council and Suzhou Industrial Park (SIP)
Development Advisory Council. Consultant of the Advisory
Mission for Economic & Social Development of the People’s
Government, Yunnan Province, PRC. Senior Member of
The Conference Board, Global Counselor of The Conference
Board’s Global Advisory Council on Economic Issues, and
Member of INSEAD International Council. Bachelor of Science
(1 st Class Hons), University of Glasgow, Master in Public
Administration, Kennedy School of Government, Harvard University,
and Member of Wharton Society of Fellows, University of Pennsylvania.
Board of
Directors
Kevin Wong Kingcheung, 46
Managing Director since January 2000. Director of Asia
Real Estate Fund Management Limited and SAFE Enterprises
Pte Ltd. Chairman of Keppel Philippines Properties Inc.,
Philippines and Five Stars Property Public Company Limited,
Thailand. Vice-Chairman of Dragon Land Limited.
Council Member of Real Estate Developers Association of
Singapore. Graduate of Imperial College, University of
London and Massachusetts Institute of Technology.

Lim Leong Geok, 70
Director since February 1997. Principal Consultant to
SBS Transit Limited. Graduate of the University of
Adelaide and University of London. A chartered engineer
and a Fellow of several professional institutes in Singapore
and UK.
Thai Chee Ken, 63
Director since June 1997. Chairman of Inchcape
Motors Limited. Deputy Chairman of Dynasty
Corporation (S) Pte Ltd. Director of Keppel Hitachi
Zosen Limited, Natsteel Limited, United Engineers
Limited, Lindeteves-Jacoberg Ltd, Tuan Sing Holdings
Limited, Prudential Assurance Company Singapore
(Pte) Ltd and Schroder Investment Management
(Singapore) Ltd. A member of Board of Inland
Revenue Authority of Singapore. Chairman of Board
of Governors of Nanyang Polytechnic. A Certified
Public Accountant.
17
Directors
of
Board
Khor Poh Hwa,52
Director since April 1998. President and Chief Executive
Officer of PWD Corporation Pte Ltd. A member of the
Board of the China-Singapore Suzhou Industrial Park
Development Co Ltd and Singapore-Shandong Business
Council. A civil engineering graduate with a master degree
from the National University of Singapore.

Lim Ho Kee, 56
Director since November 2001. Director of Cycle & Carriage
Limited, Singapore Post Pte Ltd, Cypress Woods Pte Ltd and
Kenrich Partners Pte Ltd. Bachelor of Science (Economics)
from the London School of Economics.
Board of
Directors
Tsui Kai Chong, 46
Director since November 2001. Vice Provost, Singapore
Management University (SMU). Dean, School of Business.
Associate Professor of Finance. A PhD graduate from
New York University. A Chartered Financial Analyst.

Loh Wing Siew, 67
Director since August 1983. Director of Keppel Corporation
Limited. Director of Singapore Power International Pte Ltd
and United Power Corporation (Singapore) Pte Ltd,
Member of Preservation of Monuments Board. A chartered
engineer and a member of various professional institutes in
Singapore and overseas.
Choo Chiau Beng, 54
Director since January 1985. Executive Director of
Keppel Corporation Limited. Chairman of Singapore
Petroleum Company Limited, and Singapore Refining
Company Pte Ltd. Director of k1 Ventures Limited.
Alternate Director of MobileOne (Asia) Pte Ltd.
Chairman of Ngee Ann Polytechnic Council.
Graduate in naval architecture from the University of
Newcastle-upon-Tyne and PMD, Harvard Business
School. A chartered engineer and a member of several
institutes of naval architects and marine engineers.
19
Directors
of
Board
Teo Soon Hoe, 52
Director since May 1991. Executive Director and Group
Finance Director of Keppel Corporation Limited. Chairman
of Keppel Telecommunications & Transportation Limited
and Keppel Philippines Holdings Inc. Director of k1 Ventures
Limited, Singapore Petroleum Company Limited,
MobileOne (Asia) Pte Ltd and Keppel Philippines Marine Inc.
Chairman of Keppel Insurance Pte Ltd. and Keppel Bank of
Philippines Inc. Graduate of the University of Singapore.

Corporate Profile
Keppel Land Limited is the property arm of the Keppel Group, one of Singapore’s
largest multinational groups with core businesses in offshore and marine,
infrastructure, and property.
Keppel Land is one of the largest property groups listed on the Singapore
Exchange Securities Trading Limited. The Company’s vision is to be a premier
property multi-national corporation with listed and sizeable local companies in
Asia.
Corporate Profile
2
The Company’s portfolio of premier properties includes residential properties,
townships, office towers, serviced apartments, hotels and resorts, retail complexes
and industrial buildings. It is presently in nine Asian countries including Singapore
and Australia. This diversified portfolio is developed with Keppel Land’s guiding
philosophy that properties should harmonise with and improve the environment
as well as enhance the quality of life of the people who use them.

Financial Highlights
2001 2000 % Increase/
$’000 $’000 (Decrease)
The Group at a Glance
20
FOR THE YEAR
Sales - excluding associated companies 300,537 500,492 (40.0)
- including associated companies 539,190 826,160 (34.7)
Profit / (Loss)
Operating 123,874 171,220 (27.7)
Before tax
Before exceptional items 112,180 161,600 (30.6)
After exceptional items (371,514) 161,600 (329.9)
After tax and minority interests (366,463) 122,114 (400.1)
Funds generated from operations 82,301 216,545 (62.0)
Development expenditure incurred 223,726 512,768 (56.4)
Capital expenditure 17,545 102,453 (82.9)
Dividends paid and proposed 16,049 16,045 -
Value added from operations (299,400) 207,500 (244.3)
AT YEAR-END
Share capital 354,287 354,190 -
Shareholders’ funds 1,617,408 2,252,660 (28.2)
Minority interests 277,904 363,719 (23.6)
Short and long-term borrowings 2,638,067 2,328,951 13.3
Total funds invested 4,533,379 4,945,330 (8.3)
Debt-equity ratio (%)
Excluding minority interests 149 96 55.2
Including minority interests 127 83 53.0
PER SHARE
Profit / (loss) before tax (cents) (54.3) 21.1 (357.3)
Profit / (loss) after tax and minority interests (cents) (51.7) 17.3 (398.8)
Dividends - less tax (cents) 2.3 2.3 -
- gross equivalent (cents) 3.0 3.0 -
- cover (22.8) 7.6 (400.0)
Net tangible assets $2.28 $3.18 (28.3)
RETURN ON SHAREHOLDERS’ EQUITY (%)
Before tax but after exceptional items (19.9) 6.8 (392.6)
After tax and exceptional items (18.9) 5.5 (443.6)
EMPLOYEES (including property associates)
Number 4,565 4,485 1.8
Wages and salaries ($’000) 98,860 88,556 11.6
Pre-tax profit per employee ($’000) N.A. 40.9 -

Simplified Balance Sheet
TOTAL ASSETS OWNED
TOTAL LIABILITIES OWED
AND CAPITAL INVESTED
What
We Owned
What
Shareholders
Invested
Fixed Assets
Shareholders'
Funds
Properties
Held for
Development
Minority
Interests
Investments
What We
Owed
1,617 (32%)
2,253 (40%)
21
a Glance
The Group
at
2,972 (53%)
2,622 (52%)
Properties
Held for
Sale
Trade Creditors
278 (5%)
20 (-%)
364 (7%)
156 (3%)
168 (3%)
Trade Debtors
Other Liabilities
504 (10%)
28 (1%)
613 (11%)
683 (12%)
809 (16%)
Cash and
Bank Balances
Long-term
External
Borrowings
2,509 (50%)
1,367 (24%)
1,423 (26%)
1,042 (21%)
22 (- %)
62 (1%)
269 (5%)
65 (1%)
121 (2%)
230 (5%)
Other Assets
Short-term
External
Borrowings
129 (3%)
962 (17%)
$5,587 m
(100%)
$5,057 m
(100%)
$5,057 m
(100%)
$5,587 m
(100%)
2000
2001
2001
2000

Half-Yearly Results
1st Half 2nd Half Total
$’000 % $’000 % $’000 %
Sales
2001 137,122 46 163,415 54 300,537 100
2000 350,964 70 149,528 30 500,492 100
Operating profit / (loss)
2001 71,884 58 51,990 42 123,874 100
2000 84,443 49 86,777 51 171,220 100
The Group at a Glance
22
Profit / (loss) before taxation
Before exceptional items
2001 59,838 53 52,342 47 112,180 100
2000 74,170 46 87,430 54 161,600 100
After exceptional items
2001 59,838 (16) (431,352) 116 (371,514) 100
2000 74,170 46 87,430 54 161,600 100
Profit / (loss) attributable to shareholders
2001 52,561 (14) (419,024) 114 (366,463) 100
2000 59,763 49 62,351 51 122,114 100
Earnings per share, before tax but
after minority interests and
exceptional items (cents)
2001 8.1 (15) (62.4) 115 (54.3) 100
2000 10.3 49 10.8 51 21.1 100

Five-Year Financial Profile
1997 1998 1999 2000 2001
Income Statement ($’000)
Sales 621,160 317,914 995,981 500,492 300,537
Operating profit 170,977 88,519 157,114 171,220 123,874
Profit / (loss) before taxation
Before exceptional items 209,663 84,051 141,263 161,600 112,180
After exceptional items 209,663 (354,149) 141,263 161,600 (371,514)
Profit / (loss) after taxation 144,731 (378,604) 101,865 132,238 (383,781)
Profit/ (loss) attributable to shareholders 104,663 (350,564) 152,263 122,114 (366,463)
Balance Sheet ($’000)
Fixed assets 2,565,530 2,857,693 2,784,299 2,972,897 2,622,603
Investments 799,838 761,841 571,563 683,366 808,882
Properties held for development 750,605 172,943 262,277 156,143 168,061
Net current assets/(liabilities)(Note 1) 872,802 448,040 1,058,548 1,132,924 933,833
Assets employed 4,988,775 4,240,517 4,676,687 4,945,330 4,533,379
Shareholders’ funds 2,829,935 1,833,809 2,150,552 2,252,660 1,617,408
Minority interests 556,394 365,000 397,600 363,719 277,904
Short and long-term borrowings 1,602,446 2,041,708 2,128,535 2,328,951 2,638,067
Total funds invested 4,988,775 4,240,517 4,676,687 4,945,330 4,533,379
Per Share
Earnings(cents) (Note 2)
Before tax but after exceptional items 24.8 (50.4) 16.8 21.1 (54.3)
After tax and exceptional items 16.7 (53.5) 22.7 17.3 (51.7)
Dividends
Less tax (cents) 3.0 2.2 2.2 2.3 2.3
Gross equivalent (cents) 4.0 3.0 3.0 3.0 3.0
Cover 5.0 (24.1) 5.0 7.6 (22.8)
Net tangible assets $4.32 $2.80 $3.04 $3.18 $2.28
a Glance
23
The Group
at
Financial Ratios
Return on shareholders’ equity (%) (Note 3)
Before tax but after exceptional items 5.5 (14.2) 5.6 6.8 (19.9)
After tax and exceptional items 3.7 (15.0) 7.6 5.5 (18.9)
Interest cover 3.2 (2.9) 2.0 1.9 (3.5)
Debt-equity ratio (%) 76 114 100 96 149
Employees (Including Property Associates)
Number 3,166 3,260 3,591 4,485 4,565
Wages and salaries ($’000) 94,006 78,539 82,095 88,556 98,860
Pre-tax profit per employee($’000)(Note 4) 63 N.A. 43 41 N.A.
Notes:
1. In arriving at net current assets, short-term borrowings have been excluded.
2. Earnings per share are calculated by reference to the weighted average of shares in issue during the year.
3. In calculating returns on shareholders’ equity, the simple average basis has been used.
4. In the calculation of pre-tax profit per employee, the profit before tax of associated companies includes partner’s share of pre-tax profit.

At the
Helm

25
Count
People
From left:
Tan Swee Yiow, Ang Wee Gee, Lui Seng Fatt , Kevin Wong, Choo Chin Teck, Lim Seng Bin

At the Helm

27
Count
People
From left:
Lim Tow Fok, Lim Boon Kwee, Yeo Kah Tiang, Tong Kok Wing, Augustine Tan, Quah Kim Boon, Young Lok Kuan

Key Personnel
Keppel Land Limited
Lim Chee Onn
Chairman
Kevin Wong Kingcheung
Managing Director
Christopher Ho Kam Pouy
Assistant General Manager
Property Management
Tong Kok Wing
General Manager
Retail Management
People Count
28
Property Investment, Development and Management
Keppel Land International Limited
Choo Chin Teck
Director, Corporate Services and
Group Company Secretary
Tan Swee Yiow
General Manager
Singapore
Goh Han Kee
Assistant General Manager (Projects)
Singapore
Ang Wee Gee
General Manager
Head, Regional Investments
Lim Seng Bin
General Manager
Indonesia and Malaysia
Chae Yoon-Byung
General Manager
Korea
Yip Wan Toh
General Manager
Australia
Steven Shum Wing On
Deputy General Manager
Malaysia Operation
Arthur Yeo Hui Kong
Deputy General Manager (Projects)
China (Kunming)
Ho Mun Piew
Financial Controller
Group Finance and Accounts
Yeo Kah Tiang (Mrs)
General Manager
Finance and Administration
Serena Toh Lai Siong (Ms)
Assistant General Manager
Investor Relations and Research
Brenda Chang Hui Ping (Ms)
Manager
Human Resources
Wee Lay Lian (Ms)
Manager
Group Internal Audit
Lui Seng Fatt
Senior General Manager
Corporate Development
Goh York Lin
Senior Manager
Corporate Planning
Young Lok Kuan
General Manager
Fund Management
Five Stars Property Public Co Ltd, Thailand
Pisit Vilaivongse
Executive Director
Keppel Philippines Properties Inc, Philippines
Yeoh Hai Yeoh
Assistant General Manager
China Investments
John Lim Hui Min
Assistant General Manager
China (Shanghai)
John Tan Chee Kiong
Assistant General Manager
Equity Funding
Lawrence Peh Yeow Beng
Executive Vice President
Hotel, Serviced Apartment and Resort Management
Sedona Hotels International Pte Ltd
Lim Boon Kwee
Senior Vice President
Information Technology
KeplandeHub Limited
Augustine Tan Wee Kiong
General Manager
Marketing
Albert Foo Cheur Wee
Assistant General Manager
Marketing
Kwok Yan Hoe
Assistant General Manager
Keppel Digihub Limited
Dave Ng Chun Sun
Chief Executive Officer
Lim Tow Fok
General Manager
Property Management
Keppel Services Staff Union
Quah Kim Boon
President

Organisational Structure
Board of Directors
Chairman
Audit Committee
Managing Director
Group Company
Secretary/Director,
Corporate Services
Finance and Tax
Treasury and Administration
Human Resources
Manager,
Group Internal Audit
29
Count
People
Corporate Secretariat
Investor Relations
Property Investment
and Development
Property Services
Hospitality
Fund Management
Singapore Investments
Regional Investments
Corporate Planning
and Development
Asset Planning
Development Management
Property Marketing
Property Management
Retail Management
Hotel, Club, Resort, and
Serviced Apartment
Management
Property Fund Management
Asset Management
Investor Relations
and Research
Information Technology
Technology Infrastructure

Human Resources and Community Relations
Qualification of Management and Executive Staff
HUMAN RESOURCES
3%
4%
Cultivating the Asset-light Approach
11%
The chaIlenge ahead is to encourage staff to change
their mindsets and acquire new skills to be adept at
27%
56%
1st Degree
Postgraduate Degree
the asset-light approach that the Company has
embraced. To this end, human resource management
Diploma/GCE "A" Level
Secondary
Others
will focus on attracting suitable individuals,
developing the necessary skills, and implementing a
performance management system which provides
incentives for individuals who excel well in this new
operating environment.
Qualification of Non-Executive Staff
Human resource management will support the
strategic goal for Keppel Land to transform itself from
People Count
30
19%
1%
10%
a property landlord holding investment assets to a
developer of outstanding trading properties, and
manager of property funds. Henceforth, attracting
and developing the right talent who are able to
17%
execute the asset-light approach will be the focus of
53%
Primary
Secondary
human resource management.
Diploma/GCE "A" Level
Industrial Certificate
Others
New Performance-based Management System
The sudden deterioration in the business-operating
environment in 2001, especially after the September 11
Training Expenditure Distribution
events in the US, required rationalisation of staff
benefits and rewards to help the Company to ride out
this difficult period. Plans to introduce a flexible
2%
9%
benefits system, the Keppel Land Flex Plan, have been
put on hold. Cost-saving measures were also
2%
9%
undertaken with senior management taking a pay cut
of 7% to 10%, and the implementation of a wage
78%
Seminars, Conferences and Workshops
freeze across the board.
Skills Redevelopment Program (SRP)
Information Technology
Diploma/Degree
Certificate

Nevertheless, existing procedures and policies will
continue to be reviewed and streamlined to keep pace
with the increasingly competitive marketplace for new
skill sets. Currently, the Company is looking into a
performance measurement system. The new system
aims to recognise and reward capabilities which will
help the Company transform from landlord and
property investor to property developer of quality
properties. Under the new system, rewards will be
linked directly to employees’ contribution, responsibility
and accountability. In addition, it seeks to improve
existing procedures for greater consistency and
transparency in performance evaluation as well as
inculcate a performance-based reward culture.
The review of the performance measurement system,
together with the review of the remuneration structure,
and management development, is part of a wider effort
to develop Keppel Land into an employer of choice.
Training and Development
The Company remains committed to developing
employees’ potential through continuous training
and development. The asset-light approach requires
staff to be creative in their thinking and approach. Staff
must explore ways to structure deals with
attractive profit margins without over-reliance on
heavy capital investment.
Training programs were designed and provided to
key executives tasked to spearhead the asset-light
strategy. Some of these programs include asset
securitisation and property fund management.
The change in Keppel Land’s business strategy has
presented opportunities for timely training and
development which reflect the close relationship
between Keppel Land’s business objectives and human
resource initiatives.
In 2001, several property management employees
were re-designated to reflect their greater job
responsibilities after they completed a course specially
customised by Temasek Polytechnic, and proved their
suitability in their new roles.
With its commitment to harness IT to upgrade
productivity, Keppel Land was among the pioneer
batch of companies that participated in the National
IT Literacy Program, a nationwide initiative
spearheaded by the Ministry of Manpower and the
Infocomm Development Authority of Singapore, to
impart basic computer knowledge and internet skills.
Close to 70 staff have attended the 14-hour course.
31
Count
People

Human Resources and Community Relations
continued
Manpower at end-2001
Business-to-Employee Portal
166
216
The Company has developed in-house a
Business-to-Employee (B2E) portal for staff. The B2E
portal replaces the existing intranet which is already
home to general announcements, and human resource
policies and practices.
People Count
32
Manpower at end-2000
167
194
Regional Manpower Distribution
3
35
94 56
Executive
Non-Executive
Executive
Non-Executive
The B2E portal is rich in features such as the
Employee Leave Management System, Facilities
Booking, Telephone Directory, etc. The online Leave
Management System will allow staff to view their past
records and outstanding leave, as well as apply for
leave. This feature eliminates paper processes and the
transit time between individuals who process the
application.
Employees can also access company-related
information, self-manage administrative tasks such as
update personal particulars, and book company
resources such as meeting rooms and IT equipment
including notebooks and projectors.
Plans to roll out employee self-service functions are in
the pipeline, and will be implemented in phases. This
will reduce the traditional HR-related administrative
paperwork.
A company-wide training program on the B2E portal
has been conducted for all 350 staff. Spearheaded by
the IT and HR departments, 25 two-hourly training
sessions, comprising demonstration, with additional
hands-on training for department secretaries were
584
942
China
Indonesia
Vietnam
Thailand
The Philippines
Australia

conducted. Administrative efficiency and staff
productivity have been enhanced. Apart from staff
at Bugis Junction headquarters, training has also
been extended to staff stationed at Keppel Land’s
commercial buildings who will access the B2E portal
through a secured Virtual Private Network.
Strengthening Regional Synergies and Network
year. The annual regional conference also provides a
forum for exchange of information and experience.
Held in March 2001, the four-day meeting was packed
with presentations, training sessions, workshops and
site visits. The event was well-attended by regional
participants who also looked forward to the
opportunity to meet, share ideas and foster
camaraderie with their Singapore counterparts.
While IT has transformed the workplace, it cannot
totally replace the synergies generated from
face-to-face interaction. This is true for the overseas
staff of Keppel Land who are spread over nine
countries in Asia. To facilitate effective communication
of corporate directions and to provide an update of
the business performance and outlook in each country,
the Group’s overseas staff meet in Singapore once a
Apart from organising the annual regional conference
for Keppel Land’s regional staff, the Company also
played host to overseas companies as part of its
efforts to strengthen regional network and foster
friendly ties. During the year, Keppel Land hosted visits
from senior officials from Suzhou Industrial Park (SIP)
and Shenzhen Construction Investment Holding
Corporation. The visits also served as a platform for
exchange of experiences and helped develop
relationships for future business opportunities.
33
Count
People
Keppel Land’s annual regional conference provides a forum for exchange
of information and experience.
Facilitated by the Economic Development Board
as part of the ongoing “software transfer” between
Singapore and SIP, senior SIP officials visited
Keppel Land on two separate visits in 2001. During
the first visit, senior HR officials were introduced to
the talent management and development programs
in Keppel Land. The second visit involved senior
corporate officials who were introduced to issues such
as corporate governance, shareholder accountability,
financial reporting and investor relations. The Shenzhen
delegation, comprising 28 senior HR practitioners,
was interested in Keppel Land’s human resource
programmes.

Human Resources and Community Relations
continued
Harmonious Labour Union Relations
at Keppel Land, Keppel Telecommunications and
Transportation and Bugis City Holdings. Applications
Reinforcing harmonious labour-management relations
for the study award are open to staff’s children who are
has been an integral part of Keppel Land’s continuing
presently pursuing studies from primary to university
success in staff union relations. Through the years,
levels. Selection is based on needs and merit, with
the Company has worked closely with Keppel Services
awards given out on an annual basis. In 2001, a total
Staff Union (KSSU). On 18 April 2001, Keppel Land
of 40 awards exceeding $14,000 in value were
signed a new collective agreement with KSSU. The new
presented.
agreement, covering three years from 1 January 2001
through 31 December 2003, has been fine-tuned to
COMMUNITY RELATIONS
avoid ambiguities and reflect the improvements in
staff benefits.
Striving to be a Good Corporate Citizen
Non-executive staff who are members of KSSU enjoy
Apart from investors and stakeholders, corporations
financial support in the form of study awards
must also be socially responsible to the wider
People Count
34
presented to their children. The study assistance
scheme is available to all union members employed
community in which they operate. In striving to be a
committed and responsible corporate citizen,
Keppel Land is amongst the new generation of
corporations that are making a difference to society.
Keppel Land has always played an active role in
support of the community, the arts and the education.
Every year, the Company and staff contribute
significantly in the areas of financial assistance,
volunteer work and management support.
Despite the difficult economic environment, efforts to
fulfil social responsibilities were kept up. Keppel Land
continued to participate actively in the Keppel
Volunteers movement, providing staff volunteer
support and financial aid to the programme’s four
adopted educational institutions under the
Association for Persons with Special Needs (APSN).
Plans are being made to extend the programme to
two other schools.
Chairman Lim Chee Onn and then-Minister Abdullah Tarmugi presented
awards to Outstanding Volunteers, of which Keppel Land was well
represented.

Staff are strongly encouraged to involve themselves
in voluntary community work with management
support in the form of time-off. To date, more than
40 Keppel Land staff volunteer their services: helping
out at major events at excursions and outdoor trips,
spending time with children at their extra-curricular
activities on a weekly basis and providing after-school
tutoring. Besides contributing to the social and
education aspects, Keppel Land was also involved in
various fund-raising exercises such as the sale of
Christmas cards to raise funds for the refurbishment
of the new APSN Centre for Adults.
Keeping Up Community Efforts
In Singapore, Keppel Land places Wishing Trees at
the lobbies of its office buildings every Christmas to
spread the spirit of sharing and caring. Staff and
tenants then fulfil the wishes from the APSN schools,
the Canossaville Children’s Home, the Henderson
Aged Reach-Out Centre and the Henderson Senior
Citizens’ Home that were hung on the Wishing Trees.
Through Parco Bugis Junction, the Company also
jointly organised a charity ornamental fish exhibition
to help raise funds for Chong Pang Community
Centre Building Fund, Down Syndrome Association of
Singapore, Kidney Dialysis Foundation and Sunshine
Welfare Action Mission (SWAMI) Home.
Efforts to contribute to the community were not
limited to Singapore. Through Sedona Hotels
International, Keppel Land is actively involved in
several local community service projects in the region.
In Makassar, Indonesia, Hotel Sedona’s ‘Sedona Care’
programme raised a total of Rp.18,000,000 in 2001
for various orphanages. Children from orphanages
were invited to a Christmas party organised by the
hotel’s staff union.
35
Count
People
In Yangon, Sedona Hotel made visits and organised
special meals for children from orphanages and
homes for handicapped children. In Hanoi, residents
at Sedona Suites put up a “Charity Art Show” in
December 2001, and donated the proceeds from
the show to Peace Village, a home which houses
handicapped children. In addition, the residents also
brought much joy and warmth to the children with
Christmas gifts.
Office tenants contribute generously each year to ensure Keppel Land’s
Wishing Trees programme meets its objectives.

Human Resources and Community Relations
continued
The hugely popular shopping destination was also
comprising the Nanyang Academy of Fine Arts,
the venue sponsor for the “Glowing in The Dark”
the Singapore Art Museum, the Singapore History
Charity Fair organised by Sembawang-Hong Kah
Museum, as well as the future National Library and
Community Development Council and Nanyang
the Singapore Management University.
Technological University. Funds raised from the fair,
featuring a wide range of merchandise with many
Notably, the shopping mall celebrated its 6th
handicrafts made by the disabled, will be donated
anniversary in conjunction with MuseumFest 2001,
to 16 charity organisations. In holding the charity
a celebration to commemorate International Museum
events, the Company was able to fulfil its community
Day. Eleven Singapore museums and institutions
responsibility as well as promote the shopping centre.
converged in Parco Bugis Junction for this memorable
event to offer the public the rare opportunity to
In Support of the Arts and Education
rediscover history, arts, culture and our shared
heritage.
Located close to the future civic district, Parco Bugis
Junction also organised several arts exhibitions and
Sharing the same philosophy, associate company
dance and music performances, which integrate
Bugis City Holdings is also mindful of its social
People Count
36
with and complement its cultural neighbourhood
responsibilities to the community, and keenly
supportive of the arts and education. Bugis City
Holdings sponsored $10,000 worth of artworks to
be painted on the hoarding surrounding the new
National Library site which is right across from
Hotel Inter-Continental. While the commissioning
of the artworks is an important milestone for the
new National Library building, the artworks also
provide graphic relief for guests and visitors of the
hotel. The hoarding will be displayed until the library
opens in 2004.
Bugis Junction Holdings gave a $10,000 sponsorship for Temasek
Polytechnic Students to paint murals on the hoardings surrounding
the site. Seen here is Dr Tan Chin Nam, (fourth from the right),
Chairman of the NLB.

Promoting a Healthy Lifestyle
To educate the public on the importance of healthy
living in preventing stroke, a “Stroke Prevention”
exhibition was held in Bugis Junction. Organised by
the Health Promotion Board, the exhibition was one
of the first activities to kick off the National Healthy
Lifestyle Campaign 2001.
At Keppel Land, staff are also encouraged to lead a
well-balanced and healthy lifestyle. The Company
affirmed its commitment to employees’ health and
well-being by renewing its corporate membership with
Clark Hatch Fitness Centre at Hotel Inter-Continental.
The fitness centre with its convenient and accessible
location within Bugis Junction is very popular with staff.
It provides a venue for staff to unwind and work out at
the gym, swimming pool and jacuzzis. The facilities
enjoy heavy usage as staff have the flexibility of using
the gym facilities either during lunch breaks or after
work on weekdays as well as weekends.
the innovative Dinner and Dance committee took up
the challenge of organising the event and thus saved
substantial event management fees. The event was a
huge success and a showcase of the in-house talents of
Keppel Land.
As part of the cost-cutting measures, the 2002
Dinner and Dance has been cancelled. In place of
the Dinner and Dance, the annual Christmas party in
December 2001 was given a bigger budget. To spice
up the festivity, a Christmas decoration competition
was organised in the run-up to the Christmas
party-cum-lunch. In addition to the festivities, against
the uncertain economic backdrop, management also
emphasised the new asset-light strategy and the
Company’s change in directions from being a
property investor to developer.
37
Count
People
Building Esprit De Corp
Among staff activities that were organised to build
esprit de corp and encourage creativity, the annual
Dinner and Dance is one of the much-anticipated
events. It is also a time for staff bonding when
colleagues meet and interact with one another in a
more relaxed environment. Held in March, the 2001
Dinner and Dance was a departure from the previous
years’. Instead of turning to a professional event
manager to come up with a theme and run the show,
The Company looks into employees’ health and well-being through
a corporate membership at Clark Hatch Fitness Centre.

Investor Relations
Maintaining High Standards of
Corporate Governance
In the wake of the Enron debacle and the exit of the
California Public Employees’ Retirement System
(Calpers) from several countries in the region citing
reasons including lack of transparency, there have
been calls for higher standards of corporate disclosure
and governance to protect shareholders.
As one of the largest Singapore-listed property
companies, and a component stock on the Morgan
Stanley Capital Index Singapore Free and the
Straits Times Index (STI), Keppel Land is mindful of its
responsibilities to its shareholders, which include
Singapore and overseas investors.
People Count
38
As part of the STI, Keppel Land also became a
component stock of the STI tracker fund or exchangetraded
fund called streetTracks which started trading
on the Singapore Exchange in April 2002.
Apart from holding interim and full year results briefings,
top management adopts an open door policy and
meets up with analysts and fund managers regularly.
In addition, management has presented updates on
the Company’s strategy at investor conferences and
meetings overseas. In 2001, management met with
fund managers and shareholders in the Netherlands
and Hong Kong.
Director, Corporate Services, Choo Chin Teck, receives the Grand Award
from Senior Minister of State Tharman Shanmugaratnam.
Recognition for Efforts
The Company’s efforts at corporate disclosure have
been recognised by several reputable organisations. In
January 2002, Keppel Land took the Grand Award for
the second year in running at the Annual Report Award
competition which judges the standards of voluntary
disclosure, among other criteria. The Grand Award is
given to a company whose annual report wins the best
award for the third consecutive year.
This is the eighth time that the Company has won the
Grand Award in the 28 years that the competition has
been held. The competition, which aims to raise
standards of timely and high standards of disclosure
and presentation, is organised by the Institute of
Certified Public Accountants of Singapore, the
Singapore Institute of Management, the Singapore

Exchange Securities Trading Ltd, the Singapore Institute
of Directors and The Business Times.
With the two new Directors, the Company is able to
fill the committees with the appropriate members.
Recognition also came from the Securities Investors
Association (Singapore) (SIAS), the organisation
safeguarding minority shareholders’ interests. SIAS
awarded the Company the runner-up prize in the
properties’ category for Most Transparent Company
Award for two years in running in 2001 and 2000.
Of the ten Directors on the Board, five are independent
non-executive directors, which exceeds the one-third
requirement. They have a diverse wealth of knowledge
in the fields of real estate, accounting and general
management as well as finance and investment, which
will help to guide the Company.
Keppel Land has also received a substantial upgrade
in its corporate governance score from European
broking house CLSA which regularly conducts corporate
governance rating exercises on listed companies. As at
February 2002, its score was to 72.8%, which is
among the best scores for listed property companies
in Singapore.
It has also made it to the top 10 league in the Business
Times Corporate Transparency Index, which measures
the level of transparency of companies during their
announcements of financial results.
New Code of Corporate Governance
Responsibility to Shareholders
Timeliness and transparency are what Keppel Land
have strived for in its disclosure to shareholders and
relations with investors. Keppel Land was among the
first property companies to hold press and analysts’
briefings for the interim results in addition to the full
year annual results.
Furthermore, the Company also holds additional
briefings under exceptional circumstances such as
during the Asian financial crisis of 1998, which severely
affected the property business in the region and
required the making of provisions and write-downs.
39
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People
The Code of Corporate Governance for all Singaporelisted
companies, which comes into effect on
January 2003, addresses four areas : Board Matters,
Remuneration Matters, Accountability and Audit, and
Communication with Shareholders.
The Company already has in place an Audit Committee
and a Share Option Scheme Committee, which are
considered important organisation structures for the
practice of corporate governance. In addition, Keppel
Land will be establishing two other committees - the
Nominating Committee and the Remuneration Committees.
In 2001, Keppel Land also held a similar briefing in
late November to announce that it would make
provisions for the write-down in its landbank value, due
to weaker economic prospects in Singapore and the
global market place as result of the September 11
events.

Investor Relations
continued
The Company announced its 2001 results on
28 January 2002, well within the requirement for it
to be announced 60 and 45 days after the close of
the financial year for 2003 and 2004 respectively.
Furthermore, the Company’s 2001 annual report is
despatched to shareholders within 120 days of the
close of the financial year.
Ahead of the deadline of 2003, the Company has
commenced with quarterly reporting of results in
as the hard copy is despatched to shareholders.
This allows overseas shareholders to access the
annual report at the same time as Singapore
shareholders. In 2001, the web annual report was
made more interactive with the addition of a search
capability. Increasingly, the financial community,
has been using Keppel Land’s website
(http://www.keppelland.com.sg) to access information
about the Company.
2002. As part of its results disclosure, Keppel Land
provides cashflow statements, segmental information
on turnover and profit, by business segment as well as
by geographical location.
The online information provided on the website
includes the Company’s results, financial ratios and
share prices over the past ten years. In addition, the
Company’s top 20 shareholders, its residential landbank
and office portfolio are also available. The investing
People Count
40
It provides a review of the Company’s performance as
well as a commentary on the prospects and strategies
ahead.
public is able to request for more information or
clarification online. Requests for hard copies of the
annual report can also be made over the web.
Communicating Online
Keppel Land recognises the importance of good
corporate governance in its activities and is committed
Keppel Land’s past four years’ award-winning annual
reports are available on its corporate website. The web
version of the annual report is available simultaneously
to ensure that high standards of disclosure is practised.
Going forward, it will continue to strive towards greater
transparency.

In Harmony with the Environment
Building Green
As Keppel Land extends its presence across the region,
the Company remains focused on its guiding principle
of thoughtful consideration for the environment.
Keppel Land believes in building to ensure that economic
goals and environmental viability strike a balance.
Whether in the city or resorts, the health of the environment
and of the life it supports is taken into account.
In building green, Keppel Land crafts each
development to ensure minimal encroachment into
natural reserves. Concerted efforts have also been
made to cater to the needs of tenants without
compromising the quality or preservation of natural
resources.
Green Living in the City
The landscaped park adjacent to Prudential Tower
office building also provides a green haven to the
bustling Raffles Place business district.
In the same vein, lush landscaping and cascading
water lend a refreshing touch to the modern
environment at the twin office towers at HarbourFront,
a quality development at Singapore’s newest business
hub at Keppel Bay.
Bugis Junction also features Singapore’s first interactive
fountain, entertaining shoppers with its multi-faceted
water sprays.
41
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As one of Singapore’s major office landlords in the
central business district, Keppel Land takes care in
the design and architecture of both the working
environment and the vicinity.
Ensuring relief within slate and stone, extensive use of
landscaping and water features are key features in each
of Keppel Land’s developments in the city.
These include a waterfall wall curtain which graces
the award-winning Capital Square office development,
providing a soothing visual relief to visitors and tenants
alike.
Water features like this fountain at Bugis Junction ensures relief within
slate and stone.

In Harmony with the Environment
continued
Recycling Efforts
Global Greening
Concerns for planet earth are brought home at even
Keppel Land’s own offices. Recycling is an initiative that
is encouraged and practised with full support.
Preserving and conserving the natural habitat is also a
key responsibility that Keppel Land undertakes in each
city or country that it operates in.
People Count
42
The principle of ‘recycle, re-use, refill’ are brought to
bear, as staff are constantly encouraged recycle and
reuse. An average of ten cartons of old newspapers and
used papers are sold to a recycling agency each month,
and the proceeds are in turn donated to charity.
Hotel Inter-Continental Singapore has also
ceaselessly championed the cause of going green.
Its energy-saving, recycling and water conservation
programmes include using cleaning products that are
bio-degradable and environmentally sensitive, having a
linen programme which minimizes daily linen changes
and installing timer switches so that lights are turned
off when not needed. Where possible, the hotel has
switched to energy-saving fluorescent bulbs.
At the residential development named Botanic Cove
in Sydney, special care is taken to preserve the
heritage-listed trees and about 130 species of flora
through a dedicated planting programme.
In keeping with the surroundings, names of trees and
plants native to the locality such as Beechwood,
Rosewood, Sandalwood and Tulipwood are used to
name the apartment blocks.
The hotel also has an active recycling programme
which involves recycling paper, plastic, newsprint and
glass as well as placing recycling bins at all paper work
stations. At the same time, staff and personnel are
provided with training on good environment practices.
For its relentless efforts in protecting the environment,
Hotel Inter-Continental has won numerous
environmental awards since its opening in 1995.

Residents who have moved into their homes enjoy
the priviledge of living next to nature reserves with
magnificant river and creek views and flora -
Angophora Gully to the northeast and Tarban Creek to
the north of Botanic Cove. Angophora Gully, a reserve
with various species of native and heritage-listed
vegetation was conserved and improved.
Keppel Land also worked closely with the Hunters Hill
Council on the conservation of the Tarban Creek.
These include the design of the sedimentation basin
which stops direct flow of silt from the stormwater
drainage into the creek, and prevents erosion and
subsequent pollution of the creek. This will facilitate the
reversal of the long-term degradation of the creek.
In the island resort of Ria Bintan, the award-winning
golf resort takes an environmentally-friendly stance
towards the maintenance of the greens. Hillslopes
affected by natural erosion have been re-forested with
indigenous trees. Similarly, barren turfs have also been
re-planted with indigenous cover.
Pristine lakes and majestic mountain ranges frame the
picturesque world-class golf course. The natural and
indigenous flora at this resort which is situated 2,000
metres above sea-level have been carefully preserved
during the construction stage, and thereafter.
Original eucalyptus trees and wildflowers have been
relocated and replanted as the greens were carved
out of the hills. Natural habitats of local fauna were
painstakingly recreated to ensure that the ecosystem
remains balanced and intact.
Given the natural biodiversity, golfers are now able to
enjoy glimpses of wild rabbits and squirrels, flitting
butterflies and even kingfishers skimming the glistening
surface of the lakes.
43
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People
To preserve the air quality, open-burning to clear land
parcels is strictly prohibited. As part of its recycling
efforts, fallen trees are used to build staircases ensuring
minimal impact on the natural forestation.
In the highlands of Yunnan, the Spring City Golf and
Lake Resort in Kunming is another exemplary model of
Keppel Land’s eco-efforts.
In Spring City, Kunming, properties are developed to harmonise with
and improve the environment.

In Harmony with the Environment
continued
Concerted efforts to preserve the natural assets in
the environmentally sensitive acreage are
demonstrated in Spring City’s course fertilisation
and become the heritage for future generations.
Existing farmlands will be maintained and enhanced,
integrating the traditional farm areas with modern
programme. The extensive use of homogenous slow
release fertilisers on all the golf courses ensures that
water pollution is minimised.
lifestyles.
Efforts will be made to ensure that natural resources
will not be over-burdened with infrastructure. While
Lakes surrounding the golf courses in Spring City are
constantly subject to close scrutiny to ensure there is
shorelines bordering the lakefront will be transformed
into waterfront homes, the encroachment of
no impairment of water quality.
Similarly stringent standards will be used during
population into nature will be controlled through
design of low-rise and low-density residential estates.
the development of Keppel Land’s newest residential
development on a 380 ha site adjacent to the
Spring City Golf and Lake Resort.
Sedona Hotels also continued to undertake efforts to
help preserve the environment. At Sedona Suites
Royal Park in Hanoi, water-based, non-hazardous and
environmentally-friendly cleaning chemicals are used.
People Count
44
The site is part of a larger area adjoining Yang Zong
Hai, which has been ear-marked for residential and
resort development by the local government
authorities. Here, Keppel Land will play an integral
part in rejuvenating the area into a vibrant waterfront
The sewage water is also treated at the property before
disposal, thus preventing pollution to the West Lake.
Hotel Sedona Makassar in Indonesia also makes a
conscious effort to reduce the use of resources made
of plastic and uses environmentally-friendly supplies
town with world-class facilities and residential estates.
It will seek to marry the residential development’s
modern design and amenities with the province’s
instead.
In essence, Keppel Land remains focused in its
natural beauty and rich cultural heritage.
In developing the project, special efforts will be made
eco-efforts and is committed to the credo that
properties should be developed to harmonise with
and improve the environment as well as enhance
to preserve the region’s architecture. Vegetation will
be brought back to the land in a re-greening effort
the quality of life of the people who use them, in
Singapore and overseas.

Asian Economic and Property Round-up
Global and Asian Economies 2001
2001 was a watershed year as the world economy
experienced its weakest growth in a decade. The global
economy slowed from 4.7% in 2000 to a mere 2.4% in
2001, the most severe deceleration since the 1974 oil
shock. The US economy went into recession in March
2001, bringing its unprecedented 10-year growth to a
halt. Japan’s economy slipped into recession for the
fourth time in a decade, contracting by 0.5% in 2001
as business spending plunged. The International
Monetary Fund (IMF) also expressed fears that the Euro
zone slump could be more prolonged than expected.
The September 11 events in the US exacerbated an
already difficult situation in the global economy.
2001 and 2000 Economic Growth Rates
In its bid to bolster the US economy, the US Federal
Reserve reduced key interest rates 11 times to a
40-year low of 1.75% as at end-2001. The US
economy brightened towards the end of 2001, as it
unexpectedly expanded 1.7% in 4Q2001 on the
surge in consumer and government spending,
reversing a decline of 1.3% in 3Q2001. This brings
2001 full-year GDP growth to 1.2%.
In Asia, export-dependent countries such as Korea,
Hong Kong, Singapore, Indonesia, Malaysia, Philippines
and Thailand were adversely affected by
the economic fallout in the US and Japan. The Korean
economy slowed but still registered positive growth of
3.0% in 2001, a decline from 9.3% in 2000. Consumer
spending remained resilient as fiscal pump-priming
Prospects
45
and
Focus: Market
12
10
8
6
Per Cent
4
2
0
-2
-4
US
Japan
European Union
HongKong SAR
South Korea
Taiwan
Indonesia
Malaysia
Thailand
Philippines
Vietnam
China
Singapore
2001
2000
Source: Ministry of Trade & Industry and Various Official Sources

Asian Economic and Property Round-up
continued
Focus: Market and Prospects
46
measures and low interest rates helped to cushion the in December 2001 is expected to increase investments
economic slowdown. Dragged down by the global from the US as well as other countries.
economic downturn, Hong Kong’s economy grew
0.1% in 2001, versus a 10.5% growth the previous Almost alone among Asia’s major economies,
year. Singapore’s economy shrank 2.0%, compared China appeared least affected by the global slowdown.
with a robust 10.3% a year ago. The Indonesian
Its huge and vibrant domestic market was able to
economy expanded 3.3% in 2001, compared with sustain a GDP growth rate of 7.3%, making China
4.8% growth the year before. The Malaysian economy the fastest growing economy in the world. Growth
avoided a full-year recession, showing only 0.5% in retail sales, already a strong 9.9% in 2000,
decline in the last quarter of 2001, thereby bringing accelerated to 10.1% in 2001. Retail sales have been
full-year GDP growth to 0.4%. Philippines’ GDP grew fuelled by strong wage growth in non-state owned
3.4% in 2001, helped by consumption spending. enterprises and civil servants’ pay rise. Apart from
Thailand’s economy grew 1.8% in 2001, partly fuelled private consumption, strong economic growth in the
by consumption spending on housing and cars. In second half of the year was sustained through the
Vietnam, growth is estimated at 7.1% in 2001. The government’s fiscal stimulus and increased foreign
Bilateral Trade Agreement between Vietnam and US investment.
The Singapore Economy - Sectorial Growth Rates
20
15
10
Per Cent
5
0
-5
-10
-15
Overall
Manufacturing
Construction
Wholesale &
Retail Trade
Hotels &
Restaurants
Transport &
Communications
Financial
Services
Business
Services
2001
2000
Source: Ministry of Trade & Industry

The Australian economy fared better than the other
economies in the world. Australia’s economy recorded
growth of 4.1% for 2001, up from 3.1% in 2000.
Growth was broad-based on solid rises in consumption,
business investment and housing.
Singapore Economy 2001
With the US and Japanese economies mired in
recession and the economic slowdown in Europe,
Singapore, which is heavily dependent on these
export markets, experienced a sharp downturn as
well. All sectors were affected with manufacturing
being the worst hit. Amid recessionary pressures,
the manufacturing and financial services sectors
were forced to undertake massive job cuts and
retrenchments during the year. In the face of its
worst recession since independence in 1965, the
unemployment rate reached a 15-year high of 4.7%
in December 2001 which was higher than the 4.4%
recorded during the Asian financial crisis in 1998, but
lower than the peak of 6% in March 1986.
Asian Property Markets 2001
Weak demand as a result of a worsening global
economic climate continued to drive office rentals
and capital values down, and vacancies up in most
Asia-Pacific cities. Market sentiment and business
confidence worsened following the September 11
attacks in the US. An increase in supply from
sub-lease and surrendered spaces has also created
downward pressure on the rental in most of the
markets.
Australia and China continued to experience robust
growth in the office market. With the entry of China
Prospects
47
and
Focus: Market
For the whole of 2001, the Singapore economy
shrank by 2%, a sharp contrast to the robust 10%
growth in the previous year. This sharp reversal in
growth was primarily due to the slump in external
demand although weak household consumption
and business investments also contributed to the
contraction. The economy saw an improvement in
the fourth quarter of 2001, with a growth of 5.6%
on an annualised quarter-on-quarter basis. This has
prompted the government to revise its 2002 GDP
target to 1-3%, on the back of an anticipated rebound
in the US economy.
The Singapore economy grew 5.6% in fourth quarter 2001.

Asian Economic and Property Round-up
continued
Focus: Market and Prospects
48
to the World Trade Organisation (WTO), the demand
for prime office space, especially in Shanghai, is expected
to grow. Vacancy in Shanghai Puxi fell 7.3%
while rental rose an impressive 23.7%.
Most residential markets in Asia were also not spared
by the global economic slowdown. Capital values for
the luxury residential segment in Hong Kong Island
(1.2%), Makati CBD (7.5%), and Kuala Lumpur (2.6%)
fell. Nevertheless, there were some relatively bright
niches in the Asian residential markets. Prospect for
middle-income residential housing remain sound in
Philippines, especially around the major business
districts. In Bangkok, sale of landed houses increased
with strong end-user demand. Shanghai’s residential
market remained buoyant, supported by the sharp rise
in foreign investments coupled with favourable
property policies and promising economic outlook.
The sales market also remained strong, with the
average capital value rising by about 9%. In 2001, the
Sydney residential property market continued to defy
predictions of impending downturns. Demand has
been fuelled by interest rate cuts, an extension of the
First Home Owner’s Grant and a general under-supply
of stock.
The government also removed almost all of the
anti-speculation measures implemented in 1996
including capital gains tax for property sold within
three years of purchase. Foreigners are allowed to
take Singapore dollar loans for residential properties.
Asian Economic and Property Outlook 2002
Prospects for 2002 will depend largely on the timing
and magnitude of a recovery in the US economy.
Economists forecast that the US economy will recover
in the second half of 2002. Recent economic data in
the US suggests that the upturn is coming on more
powerfully at the start of 2002. The first quarter
growth in 2002 has been estimated at 4.2%, the
fastest in almost two years.
The Singapore office market reversed in 2001, after
a bumper year in 2000. Take-up fell to 1.12 million sf
in 2001 from 4.22 million sf in the previous year.
In Singapore, demand for private residential
properties, especially those in the mid- and low-end
segments, surged in the last quarter of 2001, in
response to price cuts, deferred payment schemes
offered by developers, and attractive mortgage rates.

China’s official growth forecast for 2002 stands at
7.3%, with minimum growth of 7% expected from
2002-2005. Elsewhere, Vietnam is also poised to
benefit from the US recovery in 2002 as the new
Bilateral Trade Agreement with US is expected to
increase exports to the US. Australia is expected to
outperform other developed economies over
2001-2002 due to the strength of its housing activity
and consumer spending.
Singapore’s economic outlook for 2002 will depend
on external developments, especially the US economy,
the global electronics industry and the war against
terrorism. Singapore may be on the road to recovery
as early as the second half of 2002. The current
downturn faced by Singapore is not just a cyclical
phenomenon, but also structural in nature. With
competition from China following its entry into the
WTO, Singapore’s economy will have to undertake
structural changes to ensure long-term economic
growth. The Government has thus set up the Economic
Review Committee to “remake” Singapore by
identifying new engines of growth for the economy.
Buoyed by its relatively strong economy, China’s
property markets are expected to remain strong in
2002. In Shanghai, future residential land will be
released through public tender or auction. Continuing
urban renewal will support demand for new housing.
For the Shanghai office market, supply is estimated to
be 2.1 million sm in 2001-2005 but absorption is
forecast to be 2.78 million sm.
In other Asian cities, the recovery of the property
market will be closely tied to economic rebound.
The forecast turnaround of the US economy in
the second half of 2002 should fuel the recovery of
Asian property markets.
Prospects
49
and
Focus: Market
For the Singapore office market, the limited new
supply will help support prime office rentals when
the market recovers in tandem with the anticipated
economic rebound in the second half of 2002.
Stronger-than-expected demand for private residential
properties, in the wake of price cuts and the deferred
payment scheme suggests that the residential market
is on the road to recovery.
Shanghai’s residential and office sectors continue to show strong growth.

Change and Impact
Investment Properties
Trading Properties
Focus: Market and Prospects
50
The Group’s principal investment properties are Ocean
Building, Ocean Towers, Keppel Towers, GE Tower,
Capital Square and Prudential Tower in Singapore,
Saigon Centre and International Centre in Vietnam and
Wisma BCA in Indonesia. The rental income from these
properties is sensitive to changes in their occupancies and
the rental rates for lease renewals.
Assuming that average rental rates are maintained, a
full year’s impact on rental income for every 1%
change in the occupancies of the above mentioned
properties is approximately $1.0 million.
In respect of committed leases and lease renewals, a
full year’s impact on rental income for every 10%
change in average rental rates resulting from the new
rates negotiated is about $11.9 million.
The Group’s profits from property trading is sensitive
to actual sales achieved and the percentage of physical
completion recognised during the year.
Based on the actual sales contracts signed as at
31 December 2001, the incremental impact on
Group pre-tax profit for every 5% of physical
completion is about $0.6 million.
For every additional 1% of sales achieved for
projects which have been launched, the additional
contribution to Group pre-tax profit is an estimated
$2.1 million. This is based on physical completion
projected and sales projected for the year, and the
completed properties available for sale which the
Group had at end-2001.
Change in Rental Income
Resulting from:
$ million
1% change in occupancies (a) 1.0
10% change in average rental rates (b) 11.9
(a) Assuming current average rentals are maintained.
(b) Based on committed leases and leases for renewal in 2002.
Incremental Impact on Group Pre-tax Profit
Resulting from:
$ million
For every 5% of physical completion (c) 0.6
For every 1% of additional sales (d) 2.1
(c) Based on actual sales contracts at 31 December 2001.
(d) Based on physical completion projected and sales projected for the year, and completed properties available for sale
at end-2001.

In Retrospect ... and Prospects
Looking Back at 2001 Results and Initiatives
Looking Ahead at 2002 Objectives and Outlook
• Group attributable loss of $366.5 million due to
provisions made for trading projects and landbank.
• Focus on property development for sale and
on-fee based property fund management.
• Reduction in value of $239 million recognised for
the Group’s investment properties in Singapore
and overseas.
• Launch of Butterworth 8 and other residential
projects in Singapore, depending on market
conditions.
• Sale of six Cluny Hill land plots achieved at good
profit margins.
• Launch of One Park Avenue, Shanghai in second
half-year.
• 100% sale achieved for The Edgewater and 98%
for Amaranda Gardens condominium projects.
• Commenced construction of One Park Avenue
residential development in Shanghai.
• Sold entire 5% stake in Australand Holdings
Limited in line with divestment strategy.
• Further sales of Cluny Hill land plots.
• Unlocking of value in the Group’s office portfolio
through securitisation, REIT, etc.
• Completion of sale of Bayswater Village in Sydney.
Prospects
51
and
Focus: Market
• Acquired, with two consortium partners, the
1.14-ha Marina Boulevard site for a new office
development.
• Completed acquisition of 24.9% stake in Dragon
Land Limited.
• Established US$800 million multi-currency
Medium Term Note programme to finance
existing borrowings and fund working capital.

Year in
Review

“ The Company will continue to enhance
shareholder value by leveraging on
the intangible assets that are not captured
in the balance sheet.
“

Review
Market and Operations
REVIEW OF OPERATIONS
SINGAPORE
RESIDENTIAL
New Launches
Cluny Hill
As part of the Company’s direction to unlock value,
Keppel Land launched for sale the bungalow plots in the
exclusive good class bungalow enclave at Cluny Hill in
2001. The 303,697 sf (28,214 sm) site, when redeveloped,
will yield a net saleable land area of 249,790 sf.
The freehold site provides the most prestigious address
in prime District 10. Perched on a hilltop overlooking
magnificent greenery of the Botanic Gardens, it is close to
the embassy row and the Orchard Road shopping belt.
Buyers are able to purchase plots with land area ranging
from 15,070 sf to more than 30,000 sf to build their own
dream homes. Keppel Land will also provide architectural
design and project management services for the entire
process from conceptualisation to completion for buyers
who prefer to have pre-designed homes and wish to
avoid the hassle of having to project-manage the
construction. For those who wish to engage design
services, three experienced architects specialising in good
class bungalows have been commissioned.
The 16 proposed bungalows would be architecturally
unique and also exude grandeur as well as elegance.
Each of the bungalows will have a plot size of at least
15,070 sf and a gross floor area of about 8,500 sf.
To date, six of the 16 plots have been sold, generating
$44.6 million net profit.
Overwhelming response at Amaranda Gardens’ launch resulted in
almost all units sold.
Amaranda Gardens
Located along Serangoon Avenue 3, this 189-unit
condominium development comprises of 2-, 3-, 4-bedroom
apartment units and penthouses. Unit sizes range from
990 to 3,864 sf. Amaranda Gardens is near the upcoming
Serangoon Central Mass Rapid Transit (MRT) station and
renowned schools like St Gabriel’s Primary School, Rosyth
School, Nanyang Junior College and the future Australian
International School.
Facilities include tennis courts, a basketball practice
court, a free-form swimming pool, barbecue pits and
jogging paths. It also boasts an adventure park complete
with a tree-house, rope pyramid platform, slide tower,
net walkway and monkey bridge.
To date, all units have been sold save for a few
penthouses.
55
Review
in
Year
The

M A R K E T R E V I E W
RESIDENTIAL
Market Subdued by Economic Downturn but Demand Picked up Towards Year End
The Singapore residential property market was relatively subdued in 2001, due mainly to the economic downturn which
was exacerbated by the September 11 attacks in the US. The Singapore economy contracted by 2% in 2001, after
achieving 10% growth in 2000.
Based on the URA residential property price index, prices of residential properties fell by 11.7% in 2001.
In view of the economic downturn, the Government had, in the second off-budget measures in October 2001,
announced a series of land/property-related measures which include:
The Year
in Review
56
• Suspension of land sales for the rest of 2001 and 2002. Instead, unsold parcels are put in a reserve list to be activated if
there is interest.
• Removal of capital gains tax on property sales within 3 years of purchase.
• Lifting of restrictions on foreigners obtaining housing loans in Singapore dollars.
• Exemption of property tax for land under development till October 2003.
In November 2001, there was further relaxation of the 20% cash downpayment ruling, allowing developers to defer
half of the downpayment i.e.10% till the issue of the Temporary Occupation Permit (TOP). This helped to spur buying
interest as witnessed by the successful launches of The Edgewater and Amaranda Gardens by Keppel Land in late
November and early December 2001, for which the deferred payment scheme was implemented. Several other projects
launched around the same period were also well received by the market. A total of 2,839 new private homes were sold in
the primary market in 4Q 2001, nearly double the sales volume in 3Q 2001.
Going forward, the residential market is expected to improve in 2002, with pick-up in demand and signs of economic
recovery. The Ministry of Trade & Industry has in February 2002 revised Singapore’s 2002 growth forecast to 1-3%,
up from the previous forecast of -2 to +2%, made in October 2001.
REVIEW OF OPERATIONS
The Edgewater
The Edgewater is a 53-unit condominium comprising
2- and 3-bedroom apartment units. Unit sizes range from
926 to 2,357sf. Located along Jalan Loyang Besar, it is
within walking distance to Pasir Ris Beach Park and the
NTUC Lifestyle World Downtown East. It also enjoys close
proximity to White Sands Shopping Centre, schools and
other amenities.
Facilities include four swimming pools spanning the length
of the development, with majority of ground floor units
perched above the pool surface. There is also a
gymnasium, a children’s playground and barbecue pits.
Some units come with the much sought-after roof
terraces. All units have been sold.
Butterworth 8
Butterworth 8 is a 216-unit condominium development
located in the Tanjong Katong vicinity. It is within walking
distance to the Paya Lebar MRT station and close to
reputable schools like Tao Nan, Tanjong Katong Girls’,
Kong Hwa and Chung Cheng High. Equipped with

6 Mar Thoma Road and 22-26 Mar Thoma Road
Keppel Land has two proposed apartment developments
at Mar Thoma Road with 40 and 87 units respectively.
Located off Serangoon Road, the developments are just a
short drive away from town and are readily accessible via
Pan Island and Central Expressways. They are also near to
the future Boon Keng and Potong Pasir MRT stations, and
close to schools like St. Andrew’s Junior, St. Andrew’s
Secondary, Cedar Girls’ Secondary and Victoria School.
Facilities include a swimming pool, a clubhouse and a
basement carpark.
Duchess Park Redevelopment
Butterworth 8, a 216-unit condominium development in
Tanjong Katong, is fully sold.
REVIEW OF OPERATIONS
This is an exclusive 62-unit condominium development
located off Bukit Timah Road. Nestled in a quiet residential
neighbourhood, it is also close to many good schools like
Raffles Girls’ Primary, Nanyang Primary, Nanyang Girls’
High, The Chinese High, Hwa Chong and National
Junior College. Its facilities include a swimming pool,
a gymnasium, a clubhouse and a basement carpark.
57
Review
in
Year
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modern features like broadband Internet access and
pre-wired data and telephone points, residents would be
able to enjoy convenient connectivity.
Launched in January 2002, the development is 100%
sold.
Upcoming Launches
Freesia Woods
Freesia Woods is a 129-unit freehold condominium
located in the quiet and tranquil Sunset Way private
housing estate. It is shielded from the hustle and bustle
of the city, yet conveniently accessible to the city via
various thoroughfares such as the Bukit Timah Road,
Pan Island Expressway and Ayer Rajah Expressway.
For 2002, Keppel Land intends to launch several projects
including, two projects at Mar Thoma Road and Duchess
Park in Bukit Timah. As the positive sentiment appears to
have spilled over from the mass and mid market segments
into the higher end segments, Keppel Land is reviewing
its landbank and may launch other projects in popular
districts. Freesia Woods and Caribbean at Keppel Bay may
also be re-launched if market conditions are conducive.
The predominantly landed residential enclave is
surrounded by well-established Holland Village, Bukit
Timah and Clementi housing estates, all of which are just
minutes’ drive away.
The development offers 1- to 4-bedroom apartment
units, with floor sizes ranging from 1,023 to 2,680 sf.
Apartment units are designed with efficient layouts,

REVIEW OF OPERATIONS
private lift lobbies, floor to ceiling windows and smart
home features to cater to modern living.
Freesia Woods is also close to prestigious schools and
institutions such as Henry Park Primary School, Pei Hwa
Presbyterian Primary School, Methodist Girls’ Primary
School, Singapore and Ngee Ann Polytechnics, Australian
International School, Singapore Institute of Managment
and National University of Singapore.
Close to half of the 50 units were sold during the soft
launch in November 2000.
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Caribbean at Keppel Bay
Keppel Bay is the first and only truly waterfront district,
designed for total fusion with the seas with its
breathtaking sea views, a grand marina and spectacular
waterways right up to the homes.
The first residential project being developed in this prestigious
waterfront district is Caribbean at Keppel Bay, with
969 luxurious apartments right by the water’s edge.
The development offers two- to four-bedroom apartment
units as well as penthouses with floor areas ranging from
840 sf to 6,135 sf.
Units will enjoy spectacular views, be it of the sea,
water channels or the panorama of the lush greenery of
Mount Faber and Keppel Golf Club. Sitting on a former
shipyard site, with the natural deep harbour waters and
a 1,200-metre long shoreline, the development will
redefine waterfront living in Singapore. Residents will
be able to enjoy the water literally at their doorstep.
The development enjoys easy access to major expressways
and is ten minutes’ drive to Raffles Place, the heart of the
financial district. The new HarbourFront MRT station,
which is scheduled for completion in 2002, is also within
walking distance and only three MRT stations from the
Raffles Place Interchange.
Singapore’s first and only truly waterfront district - Keppel Bay.
Apartment units are provided with private lift lobbies,
quality finishes, full height glass windows and smart home
features such as broadband internet access, local area
network, home automation and condominium portal.
The project achieved good sales when it was first
launched in September 2000. So far, 310 out of
430 apartments launched have been sold.
Keppel Land holds 30% equity of the entire waterfront
project and is also the development manager. Keppel
Corporation holds the remaining 70%.
Exisiting Residential Properties
Nassim Woods
Nassim Woods, a luxury-end condominium located in the
prime residential area of Nassim Hill, is currently available
for lease.
The exclusive development enjoys the tranquillity
provided by its Balinese-style landscaping, while being
close to the Orchard Road shopping and entertainment
belt as well as the financial district at Raffles Place.

REVIEW OF OPERATIONS
Its prestigious address is further enhanced by its
neighbourhood of foreign embassies, country clubs, lush
Botanic Gardens and international hotels.
Nassim Woods offers 35 units of 3- to 4-bedroom
apartment types and penthouses, with sizes ranging
from 2,000 sf to 6,400 sf. The penthouses feature roof
terrace gardens which come complete with a spa,
a barbeque corner, trellis and lush planting areas.
Besides the private lift, which provides residents the
privacy and convenience of stepping out of the lift and
directly into their own private lift lobby, each unit is
luxuriously furnished with quality finishes. Tenants
have the option of leasing the units fully or partially
furnished.
The development continues to enjoy high occupancy.
Tenants include expatriates from Europe and the US.
Pebble Bay
Hotel Inter-Continental Singapore, has continued to
outperform competitors despite the tougher environment.
The hotel has been able to achieve an average occupancy
rate of about 70%.
Enjoying the convenience of being located above the
Bugis MRT station, the office tower and retail space are
fully leased.
Parco Bugis Junction offers a unique shopping experience
within air-conditioned streets and has consistently
received many awards since its opening in 1995. It won
the Singapore Tourism Board Award for “Best Shopping
Experience - Shopping Centre Award” for 1996 and 1997
for its novel approach to retail. It has also taken the top
prize for the Best Decorated Building Competition,
organised by the Singapore Tourism Board for two years
running for 2000 and 2001.
M A R K E T R E V I E W
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Pebble Bay, one of Singapore’s first waterfront
condominium developments located in the prime
Tanjong Rhu area, obtained its (Temporary Occupation
Permit (TOP) in October 1997.
The project offers 510 units of luxurious apartments with
20 different designs in sizes ranging from 850 sf to
6,114 sf. Outstanding amenities and recreational facilities,
lush tropical landscaping and panoramic views form an
integral part of the development.
Pebble Bay has been 98% sold with the remaining
12 units leased.
MIXED DEVELOPMENT
Bugis Junction, an integrated development comprising
an office tower, large-scale retail space and the five-star
OFFICE
Demand Fell in 2001 but Outlook Remains Positive
in the Medium Term
Following the strong economic performance and
pent-up demand in 2000, there was a sharp drop in
demand in 2001 due to the economic recession and
the fallout in the technology sector. Demand for office
space dropped from a record high of 4.22 million sf
(392,051 sm) in 2000 to 1.12 million sf in 2001.
Prime office rents have consolidated by about 16% since
end-2000. As at end-2001, average prime rentals have
fallen to $6.60 psf per month.
However, the medium-term outlook remains positive on
hopes of a US-led recovery in 2002 and the limited new
supply of prime office space especially in Raffles Place.
The gradual emergence of Singapore as an important
hub for financial and other service industries will boost
demand for office space, especially those in the prime
location.

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Taking advantage of the successful youth-focused
retail formula at Parco Bugis Junction, a fashion concept
theme called “edge>” was adopted for part of the retail
space on the third storey of the shophouses. Launched
on 16 November, the edge> aims to become the leader
of the local retail scene with cutting edge styles targeted
at the young and trendy. Offering the funkiest of
clothes, accessories, gadgets and wacky novelties, the
edge> brings to Singapore the hottest brands from
Tokyo, Europe, Korea and elsewhere. The entire retail
space of about 10,000sf at the edge> has been fully
leased.
In 2001, Hotel Inter-Continental Singapore won one Star,
three Gold and 19 Silver awards at the Excellent Service
Awards organised by Singapore Productivity & Standards
Board.
In addition, one of the hotel’s employees won the Model
Workers Award presented by the Ministry of Trade &
Industry and the National Trade Union Congress.
OFFICE
One Raffles Quay
Located at the junction of Marina Boulevard and
Raffles Quay, the 1.14-ha site is gateway to the
New Downtown, Singapore’s new business and financial
district, and adjacent to the heart of the existing CBD
at Raffles Place.
The landmark development will showcase several key
elements of infrastructure for Singapore’s New Downtown
including a hub carpark, an underground retail mall
leading to Raffles Place MRT, a District Cooling System
plant and an elevated travellator system. This travellator
system, envisioned to extend throughout the new CBD,
will link some of the major developments in the centre
of the city. The development will become a critical link in
central Singapore’s pedestrian network.
Comprising two office towers linked by a podium, the
large-scale development commands a total of about
1.32 milion sf (123,013 sm) of space. Tower One is a
50-storey building with 756,520 sf of office space. At
ground level, the pedestrian plaza faces Raffles Place.
As one of the largest prime office landlords, Keppel Land’s
quality portfolio of investment properties include Ocean
Building, Ocean Towers, Prudential Tower, Capital Square
and The Exchange in Raffles Place. Within the CBD area,
the Company also owns Keppel Towers, GE Tower and
Bugis Junction Towers. Despite the softer market in 2001,
Keppel Land’s well managed and well located office
buildings enjoyed full or close to full occupancies,
achieving higher rentals and take-up than the market.
Adding to Keppel Land’s quality portfolio is the Marina
Boulevard site, which was awarded by the Urban
Redevelopment Authority to a consortium of three -
Keppel Land and its two renowned Hong Kong partners,
Cheung Kong and Hongkong Land in March 2001. The
proposed name for the project is One Raffles Quay.
Linked by a parking podium is Tower Two, a 29-storey
building offering 563,076 sf of column-free space which is
popular among financial institutions.
The project is destined to make a major impact in both
the city’s skyline and it’s pedestrian experience. Piling and
main contract works are scheduled to begin in June 2002.
The development is expected to complete in 2005.
The HarbourFront Office Park
The HarbourFront Office Park is located next to the
proposed World Trade Centre MRT Station. The
development comprises 18-storey twin office towers and
a retrofitted Cable Car Tower with a total lettable area of
around 922,208 sf (85,676 sm).

Both towers are expected to complete in late-2002. As for
the Cable Car Tower, the retrofitting works are scheduled
to complete in early-2003.
INDUSTRIAL
Keppel Land has two industrial buildings in the
MacPherson and Paya Lebar Industrial Estates.
Located at Aljunied Link, Quartz Industrial Building is a
freehold industrial building within the MacPherson
Industrial Estate. To date, 70% of the eight-storey
freehold property have been sold, while 14 of the
remaining 16 units have been leased.
One Raffles Quay will be the gateway to Singapore’s New Downtown,
the proposed new business and financial district.
Situated at the Paya Lebar Road thoroughfare, Orion
Industrial Building is a good quality industrial building
which is 60% sold. Out of the remaining 29 units,
25 units have been leased.
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REVIEW OF OPERATIONS
The office park is jointly developed by Keppel Point , a
joint venture between Keppel Corporation (70%) and
Keppel Land (30%), and The HarbourFront, a joint
venture between Temasek Holdings (80%) and PSA
Corporation (20%). The HarbourFront, with a 61%
stake, is the majority shareholder. Keppel Point holds
the remaining 39% stake.
Keppel Corporation has purchased another 31% stake
in Tower One, bringing the Keppel Group’s interest in
Tower One to 70% when it is completed. Keppel
Corporation’s headquarters will relocate to Tower One,
which has been named Keppel Bay Tower.
Marketing for the office park has commenced and
ExxonMobil has signed up as the major tenant of Tower
Two in December 2001. ExxonMobil will occupy more
than 40% of its space and will have the naming rights for
this tower.
INDUSTRIAL
M A R K E T R E V I E W
Market Performance Hinges on the Recovery in the
Manufacturing Sector
With the downturn in the manufacturing sector, demand
in the industrial market fell in 2001. The manufacturing
sector contracted by 12% in 2001 after a sterling 15%
expansion in 2000. The weakness in the market was
compounded by oversupply of industrial space, which
resulted in the Government suspending the sale of some
7 ha of industrial land.
Going forward, the performance of the industrial market
will depend on the recovery in the manufacturing sector
and the global electronics industry, which are expected
to turn around in 2002.

REVIEW OF OPERATIONS
LISTED PROPERTY TRUSTS & FUND MANAGEMENT
With an investment building portfolio worth about
$2.1 billion, Keppel Land is looking into divesting its
investment assets through various means such as listed
property trust, asset securitisation and direct sale.
The divestment will enable the Company to re-deploy
resources into better yielding development assets as
well as grow its new property fund business.
Asia Real Estate Fund Management, a joint-venture
between, Keppel Land and AMP-Henderson Global
Investors is in the process of setting up Asia No. 1
Property Fund. The fund, which is targeted at institutional
investors in the US, Europe, Australia and Asia, will
selectively invest in low-to-medium risk property assets in
Singapore and Asia. The first close is targeted for second
half of 2002. The total size of the fund is expected to be
US$300 million.
Meanwhile, Keppel Land’s wholly-owned in-house fund
management company, Keppel Land Fund Management,
is working on setting up a private equity fund to invest in
real estate opportunities in China .
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M A R K E T R E V I E W
The Year
Listed Property Trusts & Fund Management
Listed Property Trusts (LPTs) or Real Estate Investment Trusts (REITs) as they are also known are investment vehicles
through which investors - both individuals and institutional - can own stakes in an income-generating portfolio of real
estate, be it office, retail or even industrial property. In turn, investors collect dividends from rental income and may also
enjoy the benefit of capital appreciation.
Although they have existed in the US since the 1960s, LPTs were launched in Australia in the 1980s where they have
been fairly successful and popular. In Asia, two office LPTs were launched in Japan in 2001, followed by a third retail LPT
in 2002, also in Japan.
A retail mall LPT was launched at the end of 2001 in Singapore. However, the IPO was deferred due to poor response.
Some observers have attributed the failure to the unfavourable market conditions and investors’ unfamiliarity with the
new instrument.
As market conditions improve and with the Government’s efforts to make Singapore a leading financial centre as well as
a ready pool of capital from Central Provident Fund (CPF) savings, the potential for LPTs is promising. Several developers
are expected to launch their office and retail LPTs or REITs in 2002 if conditions are favourable.
Along with the anticipated growth of LPTs or REITs in Singapore, property fund management is expected to develop
into an exciting new business segment for the real estate industry. Leveraging on their development and management
expertise, property developers and managers will be presented with business opportunities to manage the property
trusts that will be set up.
The Government’s liberalisation on the use of CPF to invest in professionally managed funds and its efforts to develop
the financial and capital markets, coupled with the ageing population’s demand for investments providing higher yields
will help to drive the development of the fund management business.

REVIEW OF OPERATIONS
KEPLANDHUB
Data Centres
Capitalising on Keppel Land’s experience in the real
estate development and facility management, Keppel
Digihub, a subsidiary of the Keppel Land’s e-business’s
vehicle KeplandeHub, will build and operate data
centres in Singapore.
venture company, Tenantworld, to develop and deliver
telecommunications, business applications,
e-procurement solutions and other online services to office
tenants, property managers and owners. Tenantworld is
the first industry-led office e-hub in Singapore.
Through Tenantworld’s web portal, Keppel Land will be
among the first landlords connecting its commencial
buildings tenants in an online community.
Keppel Digihub has retrofitted one floor of the Keppel
Digihub building at Serangoon North into a 25,000 sf
(2,323 sm) data centre. The data centre started operations
in July 2001.
Tenants will be able to reserve building facilities, interact
with other tenants, shop online, request for services,
access the latest news, use accounting and human
resource applications and other online services.
Tenantworld - Connected Offices
KeplandeHub, together with subsidiaries of three other
major commercial property landlords, CapitaLand,
City Developments and Singapore Land, formed a joint
The portal is expected to be launched in 2002 for two
of Keppel Land’s buildings, Capital Square and Ocean
Towers. Tenantworld is targeting eight to ten buildings
in the CBD for its initial service rollout, with services
available to 20 buildings by year-end.
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M A R K E T R E V I E W
Data Centres
The slowdown in the technology sector and an over supply of data centre space contributed to a challenging
environment for data centre operators in Singapore and the region. There is considerable consolidation among existing
players. Going forward, it is expected that the demand for data centre services will continue to grow in line with the
increasing demand for IT outsourcing services. Analysts predict annual growth rate for Singapore’s data centre market of
as much as 30% between now and 2005.

REVIEW OF OPERATIONS
AUSTRALIA
Sydney, Botanic Cove
Botanic Cove consists of a total of 235 apartments/
townhouses. Overlooking Hunters Hill in Sydney, the
development is located in a district renowned for its
magnificent river and creek views and heritage-listed
trees and flora. The tranquil and natural retreat, which
has access to 11 hectares of recreational area by the
waterfront, is also only 15 minutes’ drive from the
Sydney CBD.
Owners of the 117 units under Phase 1 of Botanic Cove
have settled into their homes. Phase 2, comprising
118 apartments and townhouses, is presently under
construction and over 80% of the units have been sold.
Sydney, Bayswater Village
Bayswater Village, a 70-suite hotel-cum-retail
development, was sold in December 2001 as part of the
Botanic Cove overlooks the famed Hunters Hill in Sydney, an area
renowned for its rich heritage-listed trees and flora.
Company’s effort to divest non-core assets and rechannel
resources into investments with higher returns. The
complex is located in the tourist district of Kings Cross in
Sydney. The 70-suite hotel, known as The Crescent on
Bayswater enjoys healthy occupancy rates of 75%. The
retail space is also fully leased.
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Australia
Economic Growth to Remain Steady
The Australian economy recorded vibrant growth of 4.1% in 2001, despite the uncertain economic outlook around the
world. Growth was broad-based with solid rises in consumption, business investment and housing.
The economy was underpinned by a resurgent housing sector and buoyant domestic consumer spending. Marginally
slower GDP growth of 3.7% is expected in 2002/2003. Overall, the outlook for Australia is still good with the
Australian dollar expected to be weak against major currencies, continued steady job growth, low interest rates and
relatively low inflation rates.
Tourism and Convention Sectors Affected by September 11 Events
The tourism and convention sectors were adversely affected by the September 11 events and the collapse of Ansett
Australia airlines. However, the weak Australian dollar and strong marketing of the country are expected to attract visitors,
albeit at lower levels.
Sydney Residential Markets Peaked in 2001
The Sydney residential property market continued to defy predictions of impending downturn. Demand has been fuelled
by interest rate cuts, an extension of the First Home Owner’s Grant and a general under-supply of stock. However, signs
of a market slowdown started emerging from the last two months of 2001.
The outlook for the sector remains strong although expectations are for a slowdown in 2002 and a recovery in 2003/2004.

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REVIEW OF OPERATIONS
CHINA
Shanghai - One Park Avenue
On 10 December 2001, Keppel Land held its official
groundbreaking ceremony for One Park Avenue,
Keppel Land’s maiden residential project in Shanghai.
One Park Avenue is the first of three phases of Keppel
Land’s 3,200-unit upmarket condominium development
in Jingan district, Shanghai. The entire development sits
on a 96,000 sm site and has been hailed as the largest
upmarket residential development undertaken by a
foreign developer in Jingan.
The site is strategically located at the heart of the city,
within walking distance to the Jingan Si MTR subway
station. A new subway line along the western boundary
of the site is also in the works. In addition, the Yanan and
Chengdu Expressways further facilitate accessibility.
The development is also conveniently situated close to
Shanghai’s shopping and entertainment belt in Nanjing
West Road which houses premier shopping malls like
Plaza 66, Citic Square and Westgate Mall. International
hotels like the Portman Ritz Carlton, the JC Mandarin and
the Hilton Hotel are also close-by. Moreover, the Shanghai
Exhibition Centre, the Shanghai Children Hospital as well
as the Shanghai First Centre Primary School, one of the
city’s top primary schools, are in the vicinity. Proximity to
these services is highly valued in Shanghai.
One Park Avenue has a site area of about 33,986 sm and
will yield approximately 140,000 sm of gross floor area.
It will comprise 1,100 exquisitely-designed one- to
four- bedroom apartments, duplex and penthouses.
A full range of facilities such as an Olympic-length heated
swimming pool, tennis and squash courts, an aerobics room,
a gymnasium, snooker and table tennis rooms as well as
a children’s playroom will be housed in a sprawling
underground clubhouse. The development will also
feature a large 12,000 sm landscaped garden. The
project is scheduled to be completed by end-2004.
Designed to cater to the growing middle and upper
income markets in Shanghai, as well as expatriates,
One Park Avenue will be launched in the second half of
2002.
Shanghai - Ocean Towers
One Park Avenue is an upmarket condominium development designed
to cater to the growing middle and upper income markets in Shanghai.
Ocean Towers, a 25-storey Grade A office building in
which Keppel Land has a 29% stake, was completed in
December 2001. The building is strategically located at
Yanan East Road in the prime commercial district of
Huangpu. It is near the tunnel entrance at the Huangpu
CBD leading to the Pudong Financial District. The
building has a net floor area of 36,000 sm. Its grand
facade and spacious interior with large column-free areas
have attracted multinational corporations among its
tenants.

REVIEW OF OPERATIONS
Stake in Dragon Land
Keppel Land has a 24.9% stake in China-focused Dragon
Land. Dragon Land’s real-estate developments, which
cover an area of more than 2,000 ha in the provincial cities
of Qingdao, Shenyang, Changzhou and Anxi, will strengthen
Keppel Land’s move into the local housing market in China.
Kunming - Residential Project
The Group plans to develop a residential development
on a 380-ha site in Kunming, China. In December 2001,
Keppel Land signed a Memorandum of Understanding
with joint venture partner Yiliang Yang Zong Hai Tourist
Resort Development Holding Co. on a 80-20%
stakeholding basis respectively. The land will be injected
by Yiliang Yang Zong Hai as its 20% equity.
Official approval from the Provincial Land Bureau in
Kunming to reserve the land for the proposed
development has been obtained on 5 December 2001.
The site for development is adjacent to Keppel Land’s
existing Spring City Golf and Lake Resort, which has two
M A R K E T R E V I E W
China
Residential
China’s Domestic Demand for Housing is Enormous
The residential sector in China continued to exhibit strong growth in sales value and volume in 2001. The availability of
home mortgages from banks, as well as the Chinese government’s support for home-ownership, as seen in its housing
sector reforms such as monetised housing benefits, tax rebates and other preferential policies, has bolstered sales across
the country. Residential prices rose 9% year-on-year to an average RMB2,100 (US$254) psm in 2001, after a 7% rise in
the previous year.
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Moreover, since August 2001, foreigners have been able to invest in properties in Shanghai on the same terms as locals,
without having to pay a premium and being restricted in access to local funding. Other cities are likely to follow suit in
the merger of the local and foreign markets, generating strong demand for residential properties.
With a huge population base of 1.3 billion, the impact of China’s rising domestic demand for housing is enormous. As
such, foreign developers, especially those from Hong Kong, Singapore and Taiwan have entered the market in force.
China’s entry into the WTO in 2001 also signals the influx of more foreign companies. This will swell the ranks of the
middle-income class, which will in turn channel more disposable household income into property. Residential demand is
also likely to rise on the back of an increasing number of expatriates in the cities who want international standard of living.
Office
Demand for Grade A Office Space in Shanghai Growing Significantly
The influx of foreign investments and growth of domestic firms in the financial, insurance and telecommunication sectors
have fuelled demand for quality office space, particularly in major cities like Shanghai and Beijing. Foreign companies
opened or expanded representative offices and several multinational companies have even relocated their regional
headquarters from elsewhere in China to Shanghai.
The occupancy rate for prime Grade A office space in Shanghai reached a high of 98% by end-2001. Take-up was strong
in prime areas in Central Puxi such as Nanjing Road, Huaihai Road and People’s Square, as well as Lujiazui in Pudong. With
China’s entry into the WTO and Shanghai being a popular destination for FDI flows, office demand in this city is likely to
remain strong.

REVIEW OF OPERATIONS
world-class golf courses and resort homes. It is also part of
a larger area adjoining Yang Zong Hai, which has been
ear-marked for residential and resort development by the
local government authorities.
This residential development is Keppel Land’s second foray
into Kunming, the first being the renowned Spring City
Golf and Lake Resort, which is a joint venture with Yiliang
Yang Zong Hai and other foreign partners. Spring City’s
luxury resort homes have seen encouraging sales, and
this has provided the impetus for Keppel Land to further
participate in the development of the Yang Zong Hai
area.
Keppel Land’s new development in Kunming with
The Year
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supporting amenities, will be modelled after the modern
residential estates of the West, and will comprise homes
for the local middle to upper income market.
Spring City Golf and Lake Resort has clinched numerous accolades for
its championship courses.
When the new six-lane highway, currently under
construction, is completed in 2004, travelling time
between the development and Kunming City proper will
only be about 25 minutes by car.
When completed, the new residential development,
together with Spring City, will help inject economic
activity in Yunnan, draw visitor arrivals, and pave the
way for Kunming to become one of China’s gateway
cities and major tourist resorts.
Kunming - Spring City Resort
Spring City Golf and Lake Resort is the premier integrated
golf resort in Kunming, with luxury villas nestled within
the resort. It has two championship golf courses - the
Mountain Course designed by Jack Nicklaus and the
Lake Course by Robert Trend Jones Jr. Both courses have
garnered numerous international accolades since they
were completed in 1998.
In 2001, the Lake Course won another two awards -
‘Best Course in China’ and first runner-up for
‘Best Course in Asia’ - at the Asian Golf Monthly Awards
2000. Organised by Asia’s most well-read golf magazine,
Asian Golf Monthly, the awards were held in conjunction
with the Professional Golfers Association Show of Asia,
and were part of the Singapore International Golf Festival
which ran from 22 to 25 February 2001. Results were
based on a region-wide survey of thousands of respondents
on golf courses spanning countries such as China,
Hong Kong, India, Indonesia, Malaysia, the Philippines,
Korea, Taiwan and Thailand. The winners were also
honoured in a special edition of the Golf Vacations
magazine entitled ‘The Best of Choice Resorts’, which
pays tribute to Asia’s finest golf courses, facilities and
resort destinations.
Another magazine, the Golf Digest, also voted the
Lake Course the ‘Best Course in China’ out of all the
top golf courses across 100 nations, in June 2001.

REVIEW OF OPERATIONS
Equally outstanding, the Mountain Course at Spring City
was nominated the ‘Best Golf Course in China and
Hong Kong for 2001’ by the US Golf Digest.
Two other publications, China Golf Digest and China
Golf Magazine, voted the Spring City resort ‘The Most
Favourite Golf Club in China’ and ‘My Favourite Golf Club
2001’ respectively.
With its temperate climate, stunning views of Yang Zong
Hai Lake and a mountainous backdrop, Spring City Golf
and Lake Resort was host to several major tournaments
during the year. These include the China British American
Tobacco Golf Circuit, inter-port golf tournaments with
Shanghai SunIsland, the Board of Governors’ Cup, the
Spring City Cup as well as the 2nd National Golf Resorts
& Clubs’ General Managers’ Conference.
The resort homes in the Spring City Golf and Lake Resort
have also been very well-received. The first two collections
of resort homes, The Primrose and The Magnolia, have
been fully sold and completed. The Primrose comprises
50 resort homes. The Magnolia, with 82 units of luxurious
villas, was completed in mid-2001. Sales for the third
phase, Azalea I, have also been encouraging. To date,
more than 50% of the 63 apartments and villas launched
have been sold. They are expected to be completed by
June 2003.
HONG KONG
Keppel Land is part of a consortium which developed a
large scale 1,288 unit condominium project above the
Kowloon MTR Station along the MTR Airport Line.
Other members in the Wing Tai-led consortium include
Temasek Holdings, Singapore Land and Hong Kong’s
Lai Sun Development, Worldwide Investment and USI
Holdings.
To date, some 65% of the units have been sold. One of
the six blocks is currently held for investment and will be
released for sale when prices rebound.
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Hong Kong
Residential Demand Picking Up
The residential market started bottoming out in end-2001, after a series of interest rate cuts, changes to the government
housing policies and developers’ attractive packages. Prime rates have fallen to 5.25%, making it cheaper to buy than to
rent. Developers have also put in extra sweeteners such as cash rebates and second mortgages. The latter gives the buyer
the option to take up a loan from the developer amounting to around 25% of the property’s price, on top of the 70% loan
from the banks.
Interest in the mass market continued into 2002 due to flexible instalment packages. Purchasers only need to pay a minimal
monthly installment in the first two to three years and defer all payments to later years of the mortgage. This serves to
lower the entry barrier for first time homebuyers, resulting in strong sales at newly launched projects in West Kowloon and
Tseung Kwan O. The number of transactions in the luxury end market in 1Q2002 also increased by more than 50% over
4Q2001.
Outlook for 2002
In February 2002, the government lowered the income ceiling for public housing from HK$25,000 to HK$21,000 per
month. As a result, an estimated 21,000 families will no longer be eligible for government flats. This move will boost the
private residential property market, with take-up for 2002 forecast to rise by 10% to 15% from last year’s 21,300 units.
The outlook for prices, however, is mixed, with forecasts ranging from a 10% rise to a 10% drop due to oversupply and a
still fragile HK economy.

REVIEW OF OPERATIONS
Indonesia
Jakarta - Wisma BCA
Wisma BCA comprises two office towers located in the
heart of the financial and business district along Jalan
Jenderal Sudirman. It is within close proximity to five-star
hotels, embassies and other prime office buildings. This
property was acquired by Keppel Land from PT Holdiko
Perkasa in December 2000 as part of the asset disposal
programme by the Indonesian Bank Restructuring Agency.
As of December 2001, Wisma BCA is fully tenanted.
Jakarta - Pasadenia Garden
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Taman Pasadenia is a low-density development on an
8-ha site within the upper-middle class Pulomas residential
estate. This is Keppel Land’s first residential project in
Indonesia. The first phase, which comprises two blocks of
8-storey strata-titled condominium units, two blocks of
4-storey rental apartments and a clubhouse, was
completed in late-1996. Due to the present difficult
situation in Indonesia, Phase Two of the development is
currently put on hold. As an interim measure, the land
has been leased out to another investor who is operating
a temporary 40-bay golf driving range.
The fully-tenanted Wisma BCA is located in the heart of the financial
and business district of Jakarta.
Yogyakarta - Melia Purosani Hotel
due to the September 11 attacks in the US.
The hotel’s performance has been affected by the
reduction in international arrivals and domestic travel
Strategically located at the heart of the city, it is poised to
improve its performance once travel volumes pick up.
M A R K E T R E V I E W
Indonesia
Despite the global economic downturn, Indonesia’s GDP grew by 3.3% in 2001. GDP growth for 2002 is now projected to
be 4%.
The Indonesian Bank Restructuring Agency reported that it had raised a total of Rp 27.98 trillion (about US$ 2.7 billion) in cash
and Rp 10.6 trillion worth of recapitalised bonds, slightly exceeding its target for 2001’s state budget.

M A R K E T R E V I E W
Jakarta
Residential
Apartment Rentals and Condominium Demand Showed Gradual Improvement in 2001
As of end-2001, the overall supply of residential units available for rent is 14,699 units. The average occupancy is 59.8%,
which is a slight improvement over last year’s 57.2%. Monthly average gross rental achieved is Rp146,000 psm for
apartments in the prime residential area. Average rental is likely to remain stable due to limited new supply.
In the condominium market, the total stock of strata titled units is 26,313 units as of December 2001. The estimated sales
rate is 77.1%. Average prices achieved are Rp13.1 million psm for units located within the CBD and Rp 7.6 million psm for
prime residential areas.
As compared to a year ago, the sales rate has improved by 31.3%. Average prices achieved have also improved by 23.7%
for the CBD area and 21% for prime residential areas.
Office
Office Demand Expected to Improve in the Medium Term
As of end-2001, the total office supply in Jakarta CBD is 2.93 million sm with offices achieving an average occupancy of 77.3%.
The average monthly gross rentals achieved is Rp 99,900 psm for CBD offices. This represents an increase of 6% year-on-year.
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The September 11 attacks in the US have adversely affected the leasing activities of the Jakarta office market. In the short
term, many foreign companies have put off their expansion plans. However, in the medium term, overall office demand is
likely to improve in tandem with the anticipated global economic recovery.
REVIEW OF OPERATIONS
Bintan - Ria Bintan
Ria Bintan is a premier integrated resort within the Bintan
Beach International Resort. The 447-ha development,
comprising Club Med Resort, hotels, resort homes and
golf courses, will be developed over four phases. Club
Med Ria Bintan, a beachfront resort with 302 rooms and
completed in 1997, continues to attract international
visitors with average annual occupancy above 60%.
Ria Bintan Golf Club is a 36-hole championship golf
course designed by golf legend, Gary Player. The 18-hole
Ocean Course and the first nine holes of the 18-hole
Forest Course opened for play in October 1998 and
December 2000 respectively.
For the second year running, Ria Bintan Golf Club has
made it to the Top Courses in 100 Nations by the Golf
Digest magazine. Ria Bintan Golf Club is ranked No. 2
after Nirwana Bali Golf Club from among the 295 golf
courses in Indonesia.
In February 2001, Ria Bintan Golf Club clinched the first
runner-up position in the Asian Golf Monthly Awards 2000
for Best Golf Resort in Asia, Best Course in Indonesia and
Best Par 4 in Asia. In May 2001, Ria Bintan Golf Club
obtained the official course ratings from the Indonesia
Golf Association and hosted the Singapore qualifier for
the World Corporate Golf Challenge. In December 2001,
Ria Bintan Golf Club was voted Best Golf Course and
Best Club 2001 by Golf Asia for golf clubs in the region.

REVIEW OF OPERATIONS
The remaining nine holes of the Forest Course will be
completed in later phases of the development. The first
500 waterfront resort homes have been planned on a
22-ha site adjacent to the Club Med Resort. The
development of Phase One, comprising 64 resort homes,
is subject to market conditions.
Surabaya - Galleria Tunjungan
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Keppel Land has an 80% stake in a joint venture to develop
a retail and office complex on a prime 23,384 sm site in the
heart of Surabaya CBD. Named Galleria Tunjungan, the
first phase of the project will comprise about 76,000 sm of
retail space.
Surabaya - Wijaya Centre site
Keppel Land holds an 80% stake in a mixed-use
retail-cum-commercial complex which is being planned
on a 26,000 sm site in Surabaya CBD.
Manado - Hotel Sedona Manado
Hotel Sedona Manado is a resort hotel located at Tateli,
12 km from Manado, the capital of North Sulawesi.
When completed, it will have 247 rooms and suites with
recreational facilities like a private swimming lagoon, a
swimming pool, a tennis court, a fitness club and other
Ria Bintan Golf Club is ranked number two among 295 golf courses in
Indonesia.
sea-sports facilities. It will also offer easy access to the diving
sites in the area. The opening is subject to market conditions.
Bali - Tanah Lot Beach Resort
Tanah Lot Resort is an integrated resort development
located along the southwestern coastline of Bali,
overlooking the Indian Ocean. International-class hotels
and resort homes have been included in the master
plan of this 108 ha site. Land acquisition activities to
consolidate the site are in the final stages.
M A R K E T R E V I E W
Surabaya
Retail
Positive Demand for Surabaya Retail Space due to Limited New Supply
As at end-December 2001, the cumulative supply of retail space increased by 32,500 sm to 246,900 sm. The increase
came from a new retail centre, Tunjungan Plaza IV, which opened in December 2001. With limited new retail space,
average occupancy level remained high at 93% with quality centres achieving almost full occupancy. For prime ground
floor space, the average monthly rental also improved by 25.4% to Rp 191,300 psm.
With increase in demand and limited available space, the average rentals are likely to increase further in 2002.

REVIEW OF OPERATIONS
MALAYSIA
Johor - Taman Sutera
Taman Sutera is a 500-ha township project in Johor
strategically located close to the city centre of Johor Baru,
Senai International Airport, the North-South Highway and
the second causeway between Malaysia and Singapore.
Keppel Land, together with joint-venture partners, is
developing this township over two main development
zones which will have residential and commercial space as
well as recreational facilities. A bridge across Skudai River has
been constructed and opened to traffic since 1 July 2001,
offering direct access to the Skudai Expressway.
The sales take-up rate has continually improved especially
for the completed units as buyers took advantage of the
stamp duty waiver. In the wake of the September 11
attacks in US, the market started to slow down as buyers
postponed their buying decisions. As at December 2001,
85% of the 1,544 units launched have been sold.
Penang - Taman Jernih
Keppel Land is currently developing a 14.4 ha freehold
site in Bukit Mertajam, Penang for residential and
commercial use. The development, known as Taman Jernih,
85% of the 1,544 units at Taman Sutera have already been sold.
is a joint venture with the Malaysian Boustead Group. To
be developed over four phases, the entire development
will have a total of 515 residential units comprising
352 terraced houses, 28 semi-detached houses, 120 cluster
houses, 15 units of shophouses, and 2 bungalow plots.
Phases 1, 1A, 2, 2C and 3A comprising a total of 382 units
have recorded 94% sales. Phase 3B, comprising 67 units
of terraced and semi-detached houses, is expected to be
launched in 2002.
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M A R K E T R E V I E W
Malaysia
Government Pump Priming Expected to Shore Up Economy
The Malaysian economy avoided a full-year recession, showing only 0.5% decline in the last quarter of 2001, thereby
bringing full-year GDP growth to 0.4%.
Given that the government has stepped up pump priming, as reflected in the rising pace of project awards, visibly stronger
growth is expected in the construction sector within these two years. In recognising the need to attract foreign capital to
boost the domestic economy, the government has further relaxed restrictions on acquisition of properties by foreigners.
The Malaysian Central Bank projects economic growth of about 3.5% in 2002, while private sector economists anticipate
growth ranging from 2% to 5%. Domestic pump priming, coupled with a recovery in external demand anticipated in
2002, is expected to spur growth.

M A R K E T R E V I E W
Malaysia
Residential
Consolidation in the property market is continuing with no clear sign of a broad-based revival. With ongoing projects still
adding to stock, and investors remaining cautious on growth prospects, recovery is expected to be slow.
The uncertain economic outlook and overbuilt commercial property market continue to restrain purchase and investment
decisions. With increasing unemployment rate and decreasing values and rents, the market’s cautious outlook is likely to
remain in the short to medium term.
Gradual Recovery Expected in Johor Baru
In Johor, a number of housing projects was launched in 2001 with a large proportion being lower-end landed houses. In
the first half of 2001, the value and number of transactions in Johor were up 9% and 12% year-on-year, respectively, but
in the second half of 2001, property sales slowed down due to economic downturn.
The stimulation measures introduced by the government in 2001 played an important role in sustaining the demand for
houses in Johor Baru. Apart from incentives offered by the government such as stamp duty waiver, attractive financing
packages offered by the financial institutions have made purchasing of houses more affordable. Recovery is expected to
be gradual in the light of a projected slower economic growth.
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Demand Likely to Soften in Penang in Short to Medium Term
The overhang of residential property in Penang has been reduced tremendously over the past year. With the improvement
in the supply situation, a more stable market is expected in the short term. The average sales rate achieved for units
launched in 2001 was about 57%. The relatively good sales achieved was due to attractive housing loan packages offered
by banks and developers, the Home Ownership Campaign which offered higher discounts on property prices, free legal
fees and stamp duties, and the government’s efforts in providing assistance and incentives such as the withdrawal of EPF
savings for the purchase of a second house. However, with the weaker global economic outlook, the demand for housing
is likely to be softer in the short to medium term.
REVIEW OF OPERATIONS
MYANMAR
Sedona Hotel Yangon
Sedona Hotel Yangon has gained the reputation of being
one of the best business hotels in Myanmar. With its
location just by the famous Kabe Aye Pagoda Road and its
close proximity to the airport, the city centre, and the
Shwedagon Pagoda and Inya Lake, Sedona Hotel Yangon
has been the hotel of choice of business travellers.
Although the on-going trade embargo and the aftermath
of the September 11 attacks have affected the business
environment, the average occupancy rate for the
175 rooms in operation has improved to about 58% as
compared to 44% last year.
Sedona Hotel Yangon - hotel of choice among business travellers
to Myanmar.

REVIEW OF OPERATIONS
Sedona Hotel Mandalay
As the only premier hotel in Mandalay, Sedona Hotel
Mandalay has managed to maintain full occupancy for
the 56 rooms in operation.
With its excellent location opposite the Mandalay Palace
and the high level of service synonymous with the Sedona
brand name, Sedona Hotel Mandalay has also been the
preferred hotel of many business and leisure travellers.
With the strategic business alliances formed with airlines
and travel agents, cross-selling between the two hotels
in Myanmar, and active promotions through Sedona
Hotel International’s website, occupancy rates for the
two hotels are expected to improve further in 2002.
Sedona Hotel Mandalay enjoys good occupancy despite the challenging
economic environment.
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M A R K E T R E V I E W
Myanmar
Myanmar continues to be hampered by economic problems such as declining foreign direct investments, weak industrial
growth as well as depressed conditions in the construction and property sectors. GDP growth for 2001 is estimated at
about 3% and is anticipated to remain within this range in the near term.
With the on-going trade embargo and the aftermath of the September 11 attacks in the US, tourist arrivals have slumped
to almost 50%. However, with the government actively promoting Myanmar as an exotic destination, there may be a
modest increase in tourist arrivals in 2002 as Asian travellers seek vacation spots closer to home.

REVIEW OF OPERATIONS
PHILIPPINES
Keppel Philippines Properties focuses on resilient
market niches
The delayed recovery of the property market has
compelled Keppel Philippines Properties (KPP) to remain
focused on sectors with relatively sound fundamentals,
namely in the middle-income residential and retail
markets.
Metro Manila - Palmdale Heights
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This is KPP’s first residential development under the Buena
Homes brand name, which is being promoted as a choice
developer of affordable quality homes. Palmdale Heights’
strategic location between Makati and Ortigas CBDs
makes it an ideal choice for employees working in the
two business districts. A 4,000-unit condominium
development spread over 29 blocks, Palmdale Heights will
also have two commercial centres, a two-storey club-
Keppel Philippines Properties will continue to leverage on its reputation
as a choice developer of affordable quality homes.
house, swimming pools, parks and playgrounds to
enhance family and community life. Sales commenced in
July 2001. Despite the soft market, almost one block
comprising 138 units has been sold.
M A R K E T R E V I E W
Philippines
Peaceful Transition of Power Reinforced Resilience of Domestic Economy
The government’s pro-business stance has supported the economy. Despite heightened global economic uncertainty
following the September 11 attacks, the economy grew 3.4% in 2001 on the back of strong consumer spending,
prudent fiscal and monetary policies and improving investor confidence. Forecast economic growth in 2002 is about
4.5%.
Residential
Middle-income Residential Prospects Still Sound but Luxury Market Remains Subdued
Despite generally weak market sentiments in the property market, prospects for middle-income residential housing remains
sound especially around the major business districts. Buyers are focused on affordability, the availability of flexible in-house
financing schemes, the developer’s track record and preference for substantially completed projects. In contrast, the luxury
residential sector remains in the doldrums given the soft market conditions.

REVIEW OF OPERATIONS
Metro Manila - SM-KL Towers
Manila - Metro North Township
SM-KL Towers, a tri-tower project linked by a five-level
retail podium, is envisioned to be a prime office, residential
and shopping hub in the Ortigas CBD. In view of the
unfavourable market conditions, the office and residential
components have been deferred. However, the resilient
retail sector has encouraged the development of Phase
One of the retail podium, which was soft-launched in
December 2001. Known as The Podium, the mall targets
young urban professionals and residents of neighbouring
upmarket homes. The curved full-height glass shop front
inside the atrium is a first in the Philippines. The Podium
provides the latest in fashion, merchandise and F&B
concepts. The mall is about 90% occupied, with
well-known retailers such as Lacoste, Calvin Klein,
The Body Shop, Nike CMG, Speedo, Swatch, Rockport,
and Braun Buffel.
Benguet Center, an existing six-storey office building on
the development site, continues to enjoy full occupancy
and above-average rental rates despite the oversupply in
Ortigas.
KPP has an option with Araneta Properties to jointly
develop a residential township called the Metro North
Township. Located in a 600-ha site in San Jose del Monte,
north of the Ortigas CBD, the development incorporates
residential, commercial, and recreational components to
cater to the residents in Bulacan, Quezon City, Caloocan
City, and provinces directly north of Metro Manila.
Preparation of the township’s master plan is in its final
stages.
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SM-KL Towers’ retail podium mall targets young urban professionals
and residents of neighbouring upmarket homes.

M A R K E T R E V I E W
Philippines
Office
Office Market Likely to also Remain Subdued
The office sector remains subdued due to oversupply. The average vacancy rates at end-2001 were about 17% in Makati
and 23% in Ortigas, but are expected to improve to about 14% and 21% respectively in 2002. The office market appears
to have bottomed out in 2001 as rents and capital values have remained unchanged over the last three quarters of 2001.
Grade A monthly rents and capital values are 580 pesos psm and 65,000 psm for Makati CBD, and 345 pesos psm and
40,000 pesos psm for Ortigas CBD. These are expected to remain unchanged in 2002.
Retail
Healthy Consumer Spending Continues to Propel Retail Sector
in Review
78
In view of the continued resilience of the consumer sector, mall development activities remain active. In Metro Manila
alone, supply of leasable retail space is about 3.3 million sm by end-2001, up from 3.15 million sm in the previous year.
Established and well-located malls continue to enjoy full or near-full occupancies. Effective retail rents in both the Makati
and Ortigas CBDs have increased by an average of 8% year-on-year to about 950 pesos psm per month, and 9% to
755 pesos psm respectively in 2001.
The Year
REVIEW OF OPERATIONS
THAILAND
Five Stars Property
Keppel Land made its first foray into Thailand in early
2000, taking a 45.45% stake in Five Stars Property, a listed
company on the Stock Exchange of Thailand. Five Stars
Property is now a debt-free company following the
enlargement of its share capital and restructuring of its
borrowings.
Properties currently under its portfolio include Jewellery
Centre, a 34-storey commercial tower within the CBD in
Surawong, and strata units in Sukhaphiban 3 Mansion.
Nana Tai Mansion, a serviced apartment development
at Sukhumvit 4 in Bangkok, was divested as part of the
Group’s drive towards unlocking asset value and
re-channelling resources to seek higher returns.
The Jewellery Centre is one of the commercial centres under
Five Stars Property’s portfolio.

REVIEW OF OPERATIONS
Five Stars Property will focus on the development of
trading properties, particularly local detached housing.
Such a move is taken in the light of improved market
conditions, lowest mortgage rates in decades, strong
demand on limited supply of new homes and the
government’s measures to encourage home ownership.
The company is actively seeking sites for landed residential
housing to tap on the demand for single detached
housing in Thailand.
Subject to its shareholders’ approval, the company is
proposing to change its name to Keppel Thai Properties
Public Company Limited.
The proposed change if approved, will enable the
company to capitalise on Keppel Land’s reputation as
an established regional property player and enjoy
marketing advantage.
M A R K E T R E V I E W
Thailand
Gradual Economic Recovery with Opportunities Within Certain Property Market Segments
Despite poor sentiments in the global economy, Thailand’s GDP grew by 1.8% in 2001. For 2002, a GDP growth of
between 2.0% to 3.0 % is projected.
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Interest rates remain low and are expected to trend even lower in 2002, with mortgage rates at 4%. Together with
government initiatives, certain segments of the property market, in particular, the middle and upper-end residential
markets are expected to grow in 2002.
Residential
Landed Housing Sector is the Most Active Property Segment
Sales of landed properties have increased with strong end-user demand, especially for developer-built homes. In Bangkok,
the take-up increased by 11% in 2001, compared to a year ago. Housing prices have also gone up by about the same
percentage. Demand is further driven by competitive mortgage rates, tight supply and consumer confidence. Market sales
growth has been forecast at 20%, and the average prices may rise another 8%.

REVIEW OF OPERATIONS
VIETNAM
Ho Chi Minh City - Saigon Centre
Located in the CBD of Ho Chi Minh City and fronting Le Loi
Boulevard, the city’s main thoroughfare, Saigon Centre is a
mixed commercial landmark development on a 2-ha site.
To be developed in phases, Saigon Centre will comprise
international-standard office buildings, serviced apartments
and a hotel interlinked by a retail podium when fully
completed. Keppel Land owns 68% of Saigon Centre.
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Phase One, a 25-storey building comprising 3-level
basement carpark, 3-level retail podium, 11 levels of offices
and 89 units of serviced apartments was completed in 1996
and to date, has won several awards for its high level of
services and management as well as the quality of the
building. Despite stiff competition, all the components
of Phase One have managed to achieve an average
occupancy of more than 95% and Saigon Centre has
maintained its position as the market leader in terms of
occupancy and rental rates in Ho Chi Minh City.
Ho Chi Minh City - Tamarind Park
Tamarind Park, a proposed 20-storey apartment tower,
is designed to meet the high expectations of expatriates.
Located in the prime District 1, it is within walking
Saigon Centre remains the market leader in terms of occupancy
and rental rates in Ho Chi Minh City.
distance to the commercial and shopping areas in the city
centre. As it is located in a cul-de-sac, the development
will provide a private and exclusive area for the residents.
Hanoi - International Centre
International Centre, located in the city centre, is the first
international standard office building in Hanoi. It has
consistently achieved an occupancy level above 85% and
boasts of an international tenant profile comprising
MNCs, legal and financial institutions, and airlines.
Keppel Land holds a 41% stake in this Grade A building
offering more than 7,585 sm of prime office space.
M A R K E T R E V I E W
Vietnam
Foreign Direct Investments Rise Despite Worsening Global Economy
The Bilateral Trade Agreement between Vietnam and US was ratified by Vietnam’s National Assembly in December 2001.
It is expected to pave the way for an open economic relationship between the two countries and will create new market
access for agricultural, industrial and services for US companies. This will spur investors from other countries to explore
either similar or supporting business opportunities in Vietnam as well.
In spite of the worsening global economy, the general statistics office has reported that foreign direct investments surged
to US$3 billion in 2001, an increase of 26% compared to the previous year. While other economies may have gone into
recession, Vietnam’s GDP growth for 2001 is 7.1%. The government anticipates GDP growth to be 7.3% for 2002.

REVIEW OF OPERATIONS
Hanoi - Royal Park
Located adjacent to the picturesque Ho Tay Lake, Sedona
Suites Hanoi has remained the preferred residential address
of the diplomatic corps, businessmen and expatriates.
Comprising 175 serviced apartments and villas and a
clubhouse with a comprehensive range of facilities such
as a free form swimming pool, tennis and squash courts, a
jacuzzi and a private jetty, Sedona Suites Hanoi has enjoyed
an occupancy of more than 90% and is the market leader
in terms of occupancy and rental rates in Hanoi.
Hanoi - Vietcombank Tower
Opened in July 2001, Vietcombank Towers is the latest
international standard office building in Hanoi. Soaring 22
M A R K E T R E V I E W
storeys high and comprising 19,263 sm of prime office
space, Vietcombank Towers offers its tenants a panoramic
view of the city centre of Hanoi and beyond. Only in its
first year of operation, Vietcombank Towers has achieved
occupancy of above 75% with Vietcombank as the
anchor tenant. Keppel Land has a 6% stake in Vietcombank
Towers.
Vung Tau - Petro Vietnam Towers
Keppel Land holds a 12.9% stake in Petro Vietnam Towers,
the first and only international standard commercial
building in Vung Tau.
Completed in mid-1997 with 12,465 sm of prime office
space, it has attracted tenants from the oil and gas,
petrochemical and financial industries.
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VIETNAM
Office Sector
The sector has been affected by the downsizing of some IT related companies and the closure of some airline companies.
However, this is offset by the opening of the insurance industry to foreign companies, resulting in take-up of large office space.
Grade A offices located in the city centre of Hanoi and Ho Chi Minh City (HCMC) still command good occupancy levels of
between 80% and 90% and average rental rates of US$15 - US$20 psm per month. Rental rates also seemed to have
bottomed out and are likely to improve in 2002.
Residential Sector
Serviced Apartments
Well-managed apartments with recreational facilities still enjoy good occupancy levels of 80 - 90% in Hanoi and 85 - 95%
in HCMC. Rental rates have remained steady at US$20 - US$25psm per month in Hanoi and US$25 - US$30 psm per
month in HCMC and are expected to improve in 2002.
Local Housing
The recent amendments to the land law and the decrees issued by the Vietnamese Government allowing overseas Vietnamese to
purchase and own houses or apartments have stimulated the local housing market especially in HCMC. Coupled with
steady economic growth and rising affluence, more local Vietnamese are aspiring to live in a well-planned residential area
with higher quality finishes and amenities compared with the existing housing projects.

REVIEW OF OPERATIONS
The Year
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SEDONA HOTELS INTERNATIONAL
Sedona Hotels International continues to build on its
motto “Experience Sedona, where welcome is not just a
word, it’s our philosophy”, delivering the utmost in guest
satisfaction and Asian hospitality in the region.
In 2001, Sedona Suites in Hanoi and Ho Chi Minh City
enjoyed healthy occupancies of 90% and 95%
respectively. In fact, Sedona Suites Ho Chi Minh City has
bucked the industry trend of falling occupancies despite
the fierce competition in the executive residences market
and the temporary decline in short-term business
travellers, especially from the US in the aftermath of the
September 11 incidents.
The ongoing trade sanctions against Myanmar, the
slowdown in the global economy and the continued
concern over flying after September 11 have not deterred
the Group’s hotels in Myanmar from delivering higher
occupancies than the previous year. Sedona Hotel Yangon
increased its room occupancy to 58% from 44% last
year for the 175 rooms in operation. This increase was
attributed to the aggressive sales and marketing strategies
that generated more demand from the government and
corporate market segments. Sedona Hotel Mandalay
maintained full occupancy with the 56 rooms in
operation. The two hotels are currently market leaders
in Yangon and Mandalay.
In Australia, the tourism industry was dampened with
the fall of Ansett Australia airlines. Occupancies and
average room rates fell for the bigger hotels in the city.
However, the Crescent on Bayswater in Sydney was only
affected minimally, achieving occupancy of 75%, a slight
decline from 77% in 2000. The hotel and retail complex
has since been divested as part of the Group’s direction to
focus on trading development projects.
Marketing Initiatives
Internet
Sedona’s corporate website www.sedonahotels.com.sg
was revamped in July 2001. The revamped website offers
real-time online booking and instant confirmation services.
Online customers from around the world can choose to
receive regular promotional updates from Sedona via the
Sedona Email Club. Holiday planners are able to access
travel information on any of the Sedona hotels. The
website also features destination guides as well as
breaking news and special hotel deals.
Sedona Hotels International continues to deliver the utmost in guest
satisfaction and Asian hospitality.
According to the World Tourism Organisation Business
Council, the Internet will account for one in every four
travel purchases in the main generating markets within
the next five years. Tapping the growth potential in
online travel sales, Sedona has carved exposure in various
popular travel websites such as travelocity.com,

M A R K E T R E V I E W
Signs of Recovery
The September 11 incidents have had a negative impact on the worldwide travel and tourism industry. Consumer confidence
in flying was deeply shaken and the weak global economy has hit business travel more severely than leisure travel.
In the first quarter of 2002, the situation has gradually improved. Reservations worldwide are picking up and renewed
growth is expected for 2002, barring unforeseen circumstances.
In Vietnam, the ratification of the Bilateral Trade Agreement with the US is expected to improve the business climate and
attract more US companies to invest in this emerging market. This will in turn lead to greater demand for short and longterm
accommodation in both Ho Chi Minh City and Hanoi.
In Myanmar, an increase in arrivals in leisure travellers from the ASEAN region is expected due to the close proximity and
the vigorous sales and marketing efforts undertaken to promote the country as an exotic tourist destination. The long haul
leisure market from Europe is expected to recover in 2002 when the European economies recover and the confidence in air
travel returns.
REVIEW OF OPERATIONS
travelweb.com, asiahotels.com, holidaycity.com,
asiatravel.com and placestostay.com.
Advertising
and also explored joint promotion opportunities with
companies and associations that have a huge membership
base, such as Singapore Telecommunications and the
NUS Alumnus.
83
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Sedona’s advertising campaign for 2001 positions
Sedona Hotels as the preferred choice for both discerning
business and leisure travellers. The lifestyle print
advertisement is featured in inflight, travel and business
magazines for maximum exposure and a sound presence
amongst the travel trade and consumers.
Trade Shows
Sedona Hotels International participated in several major
trade shows in 2001, including the Asean Tourism Forum
in Brunei, Travel Indonesia Mart and Exhibition in Jakarta
and the International Tourism Exchange in Berlin.
Strategic Alliances
Business alliances were forged with travel partners such
as airlines and travel agencies. Sedona had been active in
seeking alliances with major credit card companies,
Click here, stay there - Sedona Hotels’ new cyber-experience has
been revamped.

Positioning for China
The Year
in Review
84
With the global economy in the doldrums and major
economies floundering in the aftermath of the
September 11 attacks on the US, China, with its robust
economic growth, looms like a beacon for foreign
investors.
The Chinese economy grew 7.3% in 2001, driven
mainly by domestic consumption and investment.
Despite the sharp decline in external demand caused
by the global slowdown in the second half of the
year, strong economic growth was sustained via the
government’s fiscal stimulus, increased foreign
investments and policies that encourage domestic
consumption and private investment.
Foreign direct investments (FDI) reached US$46 billion
in 2001, outperforming the previous year’s
US$40.7 billion. China approved more than 26,000
new foreign-invested enterprises, 16% more than the
previous year. This brings the total number of foreign
firms in China now to close to 400,000. China’s
successful entry into the World Trade Organisation (WTO)
will attract a flood of fresh investments into the country,
creating more jobs and increasing household incomes
which will in turn result in aspirations for better housing.
local housing demand from state-owned homes to
private homes.
In a move to end the state allocation housing system,
government entities and state-owned enterprises are
banned from engaging in property development.
Instead, employees receive tax-exempt cash subsidies
which can be used to finance the purchase of a home.
To privatise the state-owned units, as well as to
introduce a market mechanism to encourage individual
purchasing and the creation of a secondary market,
existing state-owned housing is being sold at a
significant discount ranging from 20% to 40% below
market price.
While families can continue to rent staff quarters from
state-owned enterprises, rental rates are high and are set
to rise to commercial market levels. In Shanghai, rental
rates for most public housing rose by 40% to 50% after
September 1998. This provides the impetus for more
people to give up their public housing units and
purchase private homes.
Real estate has become one of the driving forces of
the Chinese economy. In 2001, property investment
accounted for 6.6% of GDP, up from 5.5% in 2000. The
government has thus identified the property sector as
one of the main pillars of the country’s economic growth.
Housing Reforms
The current demand for private housing stems from
the government’s vigorous thrust to promote home
ownership since 1999, allowing citizens to realise
long-term capital gains. Government reforms, such as
abolition of welfare housing, easy access to mortgages
and tax incentives, have caused a structural shift in

Liberalisation of Housing Loan Market
To help the locals finance their home purchases,
banking sector reforms were undertaken. All
commercial banks are now allowed to provide
individual home mortgage lending, a vital move for
the development of the property sector. The ceiling on
housing loans has been lifted from 70% to 80% of the
value of the property, while mortgage terms have been
extended from 20 years to 30 years.
Moreover, China cut interest rates on February 21
2002 for the first time in more than two-and-a-half
years. Mortgage rates fell by an average of 50 bps to
5.04 - 5.76%, while deposit rates dropped by 25 bps.
With bank deposits yielding an unattractive rate of
merely 0.72% per annum for current account deposits
and 1.98% for one-year fixed-term deposits, more
people are drawn to invest in property which may give
them a better return in the long term. Housing loans,
which currently accounts for more than 90% of all
consumer lending in China, is forecast to grow at
about 30% per annum over the next five years.
Besides commercial mortgages, employees also have
access to the Housing Provident Fund, from which they
can withdraw their fund contributions to make the
downpayment on the purchase of a home. Established
in 1996, both employers and employees contribute
6% to 8% of wages to the fund. The fund provides low
interest mortgages at about 1% below the normal
mortgage rate when a contributing employee decides
to purchase a flat.
the pool of potential buyers and at the same time
injected greater liquidity into the market and provided
buyers with a wider choice.
Impact on Real Estate Market
The Chinese government’s preferential policies are
bringing local buyers out in strong numbers.
Residential property sales rose by more than 30% in
2001, after a 47% surge in 2000. Prices also jumped
9% year-on-year to an average RMB2,100 (US$254)
per sm in 2001, surpassing the 7% rise in 2000. In
Shanghai and Beijing, average prices have gone up by
10 - 25% to as high as RMB4,738 (US$573) and
RMB4,600 (US$556) per sm respectively.
The residential market in the major cities is booming as
seen in the steady increase in demand for housing over
the last three years. According to property consultants,
the absorption ratio of new supply in 2001 is generally
above 80%, but cities like Shanghai, Dalian and Tianjin
record higher rates of above 90%. The take-up rate
in Shenzhen was close to 100%, reflecting robust
demand. The real estate sector in these major cities
contributes significantly to their respective GDP,
averaging 4% in Beijing and Guangzhou, and 5% in
Shanghai, Shenzhen and Dalian.
Individual housing purchases accounted for 94% of the
total purchases in 2001, compared to 75% in 1998. The
locals form the bulk of the buyers, a trend reflecting
the fast-growing incomes of the local population
bolstered by the influx of FDIs and creation of jobs.
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In Shanghai, the city government has also introduced
preferential policies to boost the residential market. These
include tax rebates which allow purchasers to offset the
full cost of their home purchase against their personal
income tax bill. The merger of the domestic and
foreign housing markets in Shanghai has also enlarged
Encouraged by the rise in domestic confidence
resulting from the strong economy, China’s entry into
the WTO and China hosting the 2008 Olympics
Games, real estate investment rose 30% year-on-year
to RMB737.8 billion (US$89.1 billion) in 2001. In view
of the fast-growing property market, the number of

Positioning for China (continued)
The Year
in Review
86
developers grew to close to 30,000 by 2001, most of
which are small-scale developers.
On the other hand, the rise in supply as a result of
the sharp increase in investment and developers has
generated fears of a repeat of the bursting of the
property market bubble in the mid-1990s. As a result,
various reforms were recently introduced at both the
local and national levels to curtail runaway property
prices and an oversupply situation.
These include allowing bank mortgage lending and
issuing presale permits for high-rise developments
only when construction is two-thirds completed and
when the building structure is completed for low-rise
projects. This effectively raises the capital commitment
required for property development, giving large-scale
developers with greater financial strength and
economies of scale an advantage over the small-scale
developers.
Real estate transaction fees, such as deed and
registration costs, are also being standardised and
reduced to ensure that illegal fees often imposed by
local authorities are eliminated. Authorities in cities
such as Shanghai, Shenzhen and Guangzhou have also
introduced regulations stipulating that land-use rights
for all residential property developments be sold by
auction or tender. This practice is likely to spill over to
other Chinese cities.
Emerging Trends
Going forward, several trends are emerging which will
have a positive impact on the property market in China.
Amongst these is an increasing demand by Hongkongers
for apartments in China. It is estimated that nearly one
in four properties bought by Hongkongers in 2001 was
on the mainland. Most are just across the border in
Shenzhen, where prices are 30% to 40% below those
in Hong Kong districts, and serve either as primary
homes or holiday homes. Around 50,000 Hongkongers
already live in the Pearl River Delta, while another
40,000 have secondary properties in that area. As
restrictions on border crossing eases further, more
Hongkongers will consider buying properties in
Shenzhen and other parts of the mainland.
At the same time, China is in the process of
urbanisation, with more people migrating from rural
areas to the city. The rate of urbanisation is forecast to
increase from around 34% currently, to 45% by 2010.
This will translate into huge demand for residential
space in the cities, with an estimated 300 million sm
of residential space required annually.
China also plans to increase the per capita living area
of its urban households from 13.6 sm as of end-2000
to 22 sm by the end of 2005. To achieve this, the
central government plans to increase civil servants’

pay by another 30% to propel urban income growth.
This will help boost housing demand as increased
affordability enables more people to buy homes for
larger living spaces and better living conditions.
With a huge population base of 1.3 billion, robust
economic growth and rapid urbanisation, the impact
of China’s rising domestic demand for housing is
enormous. The growing affluence of the Chinese
people will fuel the propensity to upgrade to better
quality housing and will be a major driving force
behind aspirations for home ownership. Investment
demand is also expected to surge with individual
rental income tax rate cut from 21% to 5% and growth
of expatriates in the big cities. A March 2002 report by
Political and Economic Risk Consultancy (PERC) revealed
that China jumped from seventh to third place among
12 countries in Asia offering the best quality of life for
expatriates. This will attract more expatriates to China
and further boost housing demand.
The Chinese government thus projects an average 8%
annual growth in the property sector.
Seizing Opportunities
Recognising its market potential, Keppel Land has
seized opportunities to move into the China market.
It has entered the local housing market and aims to
position itself as a provider of good quality residences
for the locals. This participation in the local residential
market is in line with the Group’s emphasis on trading
projects which provide quicker returns compared with
longer-term investment projects.
The development of One Park Avenue, its maiden
residential project in Shanghai, underscores the
Group’s strategy to increase its reach and range in this
economically vibrant country.
This is the first phase of a larger 3,200-unit upmarket
condominium development which has been hailed as
the largest upmarket residential project undertaken by
a foreign developer in the prime Jingan district in
Central Puxi. The locals have shown a preference for
projects by foreign developers as they generally offer
better facilities and quality finishes. Keppel Land has a
99% stake in the development, whilst the Shanghai
Jingan District Land Development Holding Company,
a company wholly owned by Jingan District, holds the
remaining 1%.
The entire development, which sits on a 95,906 sm site,
will form an integral part of the Jingan District Office’s
master plan to revitalise Jingan into a prime residential
area with close proximity to the city-centre of Shanghai.
Strategically located in the heart of the city, the
project is within walking distance to Shanghai’s major
shopping and entertainment belt in Nanjing West Road
where international hotels like Portman Ritz Carlton,
JC Mandarin, and retail malls such as Plaza 66, Kerry
Centre and Westgate Mall are located.
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Positioning for China (continued)
The Year
in Review
88
One Park Avenue alone has a site area of 33,986 sm
and will comprise a total of 1,100 1- to 4- bedroom
apartments, duplexes and penthouses. A comprehensive
range of facilities including an Olympic-length
swimming pool, will be housed in an underground
clubhouse. Designed to cater to the growing middle
and upper income groups in Shanghai, as well as
expatriates, units will be launched for sale in the
second half of 2002.
With Keppel Land’s track record in developing
quality homes with innovative features, this residential
development in Jingan is well-timed to meet the
growing demand of China’s discerning home-buyers.
The development will also provide the Group with
the necessary foundation to ride on the boom in
Shanghai’s residential housing market.
Kunming Residential Project
Keppel Land’s strategy of focusing on trading projects
in China has also extended to other cities.
In December 2001, the Group announced plans to
develop a residential development on a 380-ha site in
Kunming, Yunnan. This marks Keppel Land’s second
foray into Kunming, where it has developed good
business networks as well as an amiable relationship
with the authorities. The Group has also built a
reputable name for itself through the internationally
acclaimed Spring City Golf and Lake Resort which has
generated a lot of goodwill that it is now able to
capitalise on.
A Memorandum of Understanding was signed between
Keppel Land and joint venture partner Yiliang Yang
Zong Hai Tourist Resort Development Holding Co on a
80-20% stakeholding basis respectively. The latter will
inject the land as its 20% equity, while Keppel Land will
hold the remaining stake in the project.
Located just next to the Spring City Golf and Lake
Resort, which is also developed by Keppel Land and
Yiliang Yang Zong Hai together with other foreign
partners, the site is part of a larger area that has been
earmarked for residential and resort development by
the local government authorities.
Targeted at the local middle to upper income market,
Keppel Land’s residential development in Kunming will
be modelled after the modern residential estates of the
West. The Group aims to rejuvenate the area into a
vibrant waterfront town with world-class facilities,
top-notch residential estates and respectable
educational institutions.
Gaining Foothold
In its quest to seek more investment opportunities in
China, Keppel Land set up two more representative
offices in the country. These offices in Beijing and
Chengdu, coupled with those in Shanghai and
Kunming, will enable the Group to better identify and
capture opportunities in these cities. Keppel Land also
plans to acquire Chinese companies engaged in
property development in China to further expand its
operations in the Chinese market.
At the same time, Keppel Land will leverage on its
experience and expertise in developing high-end
residential housing and lifestyle concepts to compete
effectively against the local developers and strengthen
its foothold on the residential market.
Dragon Land
In March 2001, Keppel Land acquired a 24.9% stake in
Dragon Land. The latter is a Singapore-listed company
whose real estate development interests in China cover
an area of more than 2,000 ha in the provincial cities of
Qingdao, Shenyang, Changzhou and Anxi.

to sell the office building by strata-title or in its entirety.
This is in line with its strategy of de-emphasising
property investment and re-channelling resources to
focus on property development for trading.
Despite the growth in rentals to an average of US$20
per sm per month for prime office space by end-2001,
Shanghai is still competitive and is among the less
expensive cities to set up office. A survey by the Far
Eastern Economic Review in July 2001 also revealed
that top businessmen rated Shanghai as the Number One
city they would choose to site a new subsidiary office.
Low labour costs and the lure of the world’s largest
consumer market were key factors influencing their
choice.
As Keppel Land expands its focus beyond the major
gateway cities to include other growing cities, its
strategic stake in Dragon Land will serve as an additional
platform to tap on the growing demand for local
housing especially in the promising secondary cities.
Office Property Development
Ocean Towers is
a Grade A office
building in the
prime Huangpu
commerical district.
Besides residential projects, Keppel Land has also
developed Ocean Towers in Shanghai together with
joint venture partners. This Grade A office building
with a net floor area of about 36,000 sm in the prime
Huangpu commercial district, was completed in
December 2001. Its large, column-free floor plates
have attracted multinational corporations among its
tenants.
Given that the current demand for Grade A office space
in Shanghai is growing significantly, the Group intends
Looking Ahead
China boasts a strong and promising economy, with
real estate playing an increasingly significant role in the
economy. Official growth forecast for 2002 stands at
7.3% and a minimum growth rate of 7% per annum is
expected from 2002-2005. Growth will continue to be
driven by low interest rates, domestic consumption and
impetus from the 2008 Olympics and WTO.
WTO entry will fuel foreign investment flows into the
country, generating demand for office space as well
as housing demand from a growing middle-income
class.
Keppel Land already has a head-start in China,
where it has developed good business networks and
an amiable relationship with the local authorities. It
has also built a reputable name for itself through the
internationally acclaimed Spring City Golf and Lake
Resort as well as being one of the pioneer investors in the
Suzhou Industrial Park. The Group will continue to
leverage on these attributes to expand its operations
in China.
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Financial
Report

“
The Company will also focus on structuring
asset-light deals which produce good earnings
without the commitment of heavy capital.
”

FINANCE
Total Sales
($ million)
Overall Financial Performance
For 2001, Group attributable loss amounted to
$366.5 million. This loss was arrived at after accounting
for provisions of $455.1 million (net of minority interests)
made for the Group’s trading projects and landbank.
Excluding the provisions, Group attributable profit for
the year was $88.6 million.
Loss per share was 51.7 cents, compared with earnings
per share of 17.3 cents in 2000.
1,600
1,400
1,200
1,000
800
600
400
200
0
1,501.5
621.2
1,163.2
317.9
1,326.1
996
826.2
500.5
539.2
300.5
Proposed dividend per share was 3.0 cents, same as that
for the previous year’s and despite the loss for the year.
Group
1997 1998
Associates
1999 2000 2001
At end-2001, shareholders’ funds decreased by
28.2% to $1,617 million. This was due to the abovementioned
provisions and the revaluation adjustments
made for the Group’s investment properties.
Return on shareholders’ funds was negative, compared
with 5.5% in 2000.
Sales
Consolidated sales (i.e. sales excluding associated
companies) were $300.5 million versus $500.5 million
for the previous year. Revenue from Property
Investment rose by 10.3% on account of higher
occupancies of the Group’s office buildings. Property
Trading sales, from principally the sale of six Cluny Hill
bungalow plots, declined by 66.3% because poor
market conditions in the Singapore residential market
delayed the planned launches of several projects.
Hospitality and Property Services showed an increase of
30.1% in sales due mainly to higher revenues achieved
by the Group’s hotels and marketing commissions.
Earnings
After the provisions of $483.7 million (before minority
interests), operating loss was $359.8 million, compared
with an operating profit of $171.2 million for 2000.
300
200
100
0
-100
-400
30
20
10
0
Group Profit
($ million)
209.7
171.0
104.7
-354.1
1997 1998 1999 2000
Profit before Tax
Attributable Profit
Operating Profit
Earnings and Dividend Per Share
(cents)
16.7
24.8
4.0
157.1 171.2
141.3
152.3 161.6 122.1
-349.7
-359.8
-350.6 -371.5 -383.8
3.0
16.8
3.0
11.8
21.1
17.3
3.0
2001
3.0
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The Group’s share of associated companies’ profit was
$8.4 million compared with $10.4 million in 2000.
-10
-60
-50.4
-53.5
-54.3
-51.7
Group loss before tax was $371.5 million, compared
with a profit of $161.6 million in 2000.
1997 1998 1999 2000
Earnings before Tax
Earnings after Tax but before Extraordinary Items
2001
Gross Dividend

Taxation for the year was $12.3 million, equivalent to 10.9%
of Group pre-tax profit before provisions. The effective
taxation rate was lower because the gain from the sale
of the Cluny Hill bungalow plots is not subject to tax.
After accounting for minority interests, Group
attributable result for the year was a profit of $88.6 million
before provisions and a loss $366.5 million after
provisions, compared with a profit of $122.1 million in
the previous year. The higher profit contribution from
the Group’s mostly full office buildings could not offset
the shortfall from Property Trading.
10
5
0
-10
-20
Return on Shareholders' Equity
(%)
3.7
5.5
-15.0
-14.2
5.6
4.0
5.5
6.8
-19.9
-18.9
The Year
in Review
94
Cash Flows
During 2001, the Group incurred $223.7 million in
development expenditure. Purchases of fixed assets
and additional investment in associated companies
amounted to $224.5 million and repurchase of Floating
Rate Notes was $28.5 million. A further $60.1 million
was dividends to shareholders of the Company and
minority shareholders of subsidiary companies .
Net cash generated from operating activities amounted
to $30.2 million. Proceeds from progress billings and
sale of fixed assets and investments were $257.3 million,
and the net loan drawdown was $304.6 million.
25
20
15
10
1997 1998 1999
Return before Tax (%)
2000
Return before Extraordinary Items (%)
Dividend Payout
Total Dividend Paid Dividend Per Share
($ million)
(Cents)
20.7
14.6
15.7
16.0
2001
16.0
25
20
15
10
The overall net cash inflow was $57.2 million,
represented mainly by increase of short-term deposits.
In 2000, there was a net cash inflow of $200.7 million.
5
0
4.0
3.0 3.0 3.0
1997 1998 1999 2000
3.0
2001
5
0
Dividend
A final dividend of 6% (3.0 cents per share) less tax at
24.5% amounting to $16 million on the existing issued
share capital, has been proposed for the financial year
ended 31 December 2001. For 2000, a dividend of 6%
(3.0 per cents per share) less tax of $16 million was
declared and paid.
Financial Condition at End-2001
At 31 December 2001, share capital and reserves
totalled $1.6 billion, which was 28.2% lower than
that at end-2000. As mentioned earlier, this decline
was primarily due to to the property provisions and
downward revaluation adjustments made during the
year. Net borrowings at $2.4 billion represented
128% of total shareholders’ funds (including minority
interests). The corresponding proportion was 83% a
year ago.
6,000
5,000
4,000
3,000
2,000
1,000
0
Total Dividend Paid Dividend Per Share (Gross)
Sources of Finance
($ million)
4,988.7
4,945.3
4,676.7
4,240.5
4,533.4
2,829.9
1,833.8
2,150.6
2,252.6
1,617.4
1997 1998 1999 2000 2001
Shareholders' Equity
Long-term Borrowings
Minority Interests
Short-term Borrowings

The Company’s paid-up share capital was increased by
$0.1 million from the issue of new shares arising from
the exercise of share options, and total reserves fell by
$635.3 million on account of the above-mentioned
provisions and adjustments.
As a result, net tangible assets backing per share was
$2.28, a decrease of 28.3% from the previous year’s
figure of $3.18.
Net borrowings at end-2000 amounted to $2.1 billion.
The increase of $0.3 billion during the year was the
result of the cash flows explained above.
6,000
5,000
4,000
3,000
2,000
1,000
0
Assets Employed
($ million)
4,988.7 4,676.7
4,240.5
4,945.3
4,533.4
Five-Year Profit Record
For 1997, whilst Group’s profit before tax showed a
decline, attributable profit improved by 3% over
1996 to $104.7 million. These results included the
partial sale of Prudential Tower, the disposal of 30%
shareholding in a property subsidiary and shop units
at Heritage Court and Bukit Timah Plaza.
1997 1998 1999 2000
Fixed Assets
Investments
Development Properties
Net Current Assets
2001
In 1998, the Group reported an attributable loss of
$350.6 million. Profit contributions from continuing
businesses, partial sale of Prudential Tower and the sale
of an office building in Australia were insufficient to
cover the provisions made for two leasehold residential
developments and the Group’s freehold landbank.
5.00
4.00
3.00
Net Tangible Asset Per Share
($)
4.32
3.04
3.18
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The Group made a turnaround in 1999 and recorded
a profit before extraordinary items of $78.7 million.
This result included the initial profit from the Villa Verde
project and a further profit contribution from Pebble
Bay. Attributable profit was $152.3 million after
including extraordinary gains of $73.6 million from the
unwinding of the Group’s investments in three related
companies.
2.00
1.00
0
2.80
1997 1998 1999
Net Tangible Asset Per Share
2000
2001
2.28
Further progress was made in 2000. Group’s pre-tax
profit reached $158.9 million, and attributable profit
was $120.6 million. These results included the profit
from Villa Verde and Pebble Bay, the maiden profit
contributions from Caribbean at Keppel Bay and
Freesia Woods condominium projects.
In 2001, the Group incurred an attributable loss of
$366.5 million. High earnings from Group’s office
buildings and profit from the sale of Cluny Hill
bungalow plots were insufficient to cover the
provisions made for trading projects and landbank.

Segmental Reporting
Sales Mix
($ million)
Property Investment
600
500
400
300
48.8 ( 16.2%)
37.5 (7.5%)
338.2 (67.6%)
For 2001, sales from Property Investment were
$138 million or 46% of total Group sales ( excluding
associated companies). This was 10.3% higher than
the previous year’s amount of $125 million which
accounted for 25% of total Group sales for that year.
200
100
0
114.1 (38.0%)
137.6 (45.8%)
Property Investment
Property Trading
2001
124.8 (24.9%)
2000
Hospitality and Services
The Group’s office buildings in Singapore, comprising
Ocean Building, Ocean Towers, Capital Square,
Prudential Towers, The Exchange, Keppel Towers
and GE Tower, continued to enjoy healthy occupancies
in 2001 while the contributions from its integrated
development Bugis Junction, comprising offices,
large-scale retail space and the Hotel Inter-Continental
Singapore, were at levels similar to the previous year’s.
Analyses
96
2,500
2,000
1,500
Profit and Equity Employed by Segment
($ million)
2,435.0
Overseas contributions from Saigon Centre’s office
tower in Ho Chi Minh City, International Centre in
Hanoi and Royal Park Sedona Suites in Hanoi were
maintained on the back of healthy occupancies. This
was further boosted by maiden full-year contributions
from Wisma BCA in Jakarta.
1,000
818.6
500
0
(500)
(1,000)
(1,500)
72.7
(440.2)
(4.9)
(1,378.1)
0.9
19.8
At the pre-tax level, Property Investment’s contribution
was $72.7 million compared with $63.8 million for the
previous year. The improvement was achieved largely
due to continued good occupancies, the benign
interest rate environment which prevailed in 2001
and the maiden profit from Wisma BCA.
Property
Investment
Property
Trading
Hospitality
and Services
Non-
Property
Pre-tax Profit
Equity Employed

Analyses
Property Trading
Sales by Segment
$ ‘000
Sales from Property Trading were $114 million or
38% of total Group revenue. This was $224 million
lower than the previous year’s sales.
160,000
140,000
120,000
137,642
114,079
During the year, the main contributors to profit were
100,000
from the sales of Freesia Woods and Cluny Hill
bungalow plots. The year’s operating loss was due to
provisions of $455.1 million made for the write-down
of the Group’s trading projects and landbank. In the
previous year, the contribution was from Villa Verde,
Pebble Bay, Caribbean at Keppel Bay and Freesia
Woods, and adjustments of costs for the projects
completed in that year.
80,000
60,000
40,000
20,000
0
Property
Investment
Property
Trading
48,816
Hospitality
and Services
Hospitality and Services
This is the hotel operations and the fee-based segment
of the Group’s business. Activities include marketing,
project management, property and hotel/ serviced
apartment management services and their related
technical consultancy services.
100,000
Pre-tax Profit
$ ‘000
72,702
97
Hospitality and Services incurred a pre-tax loss of
$4.9 million from sales of $48.8 million( or 16% of
total Group revenue in 2001). In 2000, sales and
pre-tax profit for this segment were $37.5 million
and $20.5 million respectively. The profit included
the release of certain provisions no longer required.
(440,230)
0
-500,000
(4,903)
917
Property
Investment
Property
Trading
Hospitality
and Services
Non-
Property

Segmental Reporting
continued
Attributable Profit
$ ‘000
Non-Property
100,000
The pre-tax profit of $0.9 million was contributed
by an associated company.
53,301
Equity Employed
Analyses
98
0
-500,000
Property
Investment
(412,127)
Property
Trading
(8,206)
Hospitality
and Services
569
Non-
Property
At 31 December 2001, the Group’s equity employed
amounted to $1.9 billion, and this was 27% lower than
in 2000 due mainly to the provisions made against
the Group’s trading projects and landbank and the
downward revaluation adjustments for the Group’s
investment properties. This came from funds
provided by the Company’s shareholders and
minority shareholders in certain subsidiary companies.
The greater part of these funds was utilised by
Property Investment ($2.4 billion), Property Trading
($ 818.6 million), Hospitality and Services( negative
$1.38 billion) and Non-Property $ 19.8 million.

Analyses
Sales and Profits by Segment
Attributable
Sales Pre-tax profit Profit
2001 2000 2001 2000 2001 2000
$’000 $’000 $’000 $’000 $’000 $’000
Property
Investment 137,642 124,762 72,702 63,830 53,301 44,470
Trading 114,079 338,189 (440,230) 78,429 (412,127) 64,882
Hospitality and Services 48,816 37,541 (4,903) 20,565 (8,206) 14,051
300,537 500,492 (372,431) 162,824 (367,032) 123,403
Non-property - - 917 (1,224) 569 (1,289)
300,537 500,492 (371,514) 161,600 (366,463) 122,114
99
Group 300,537 500,492 (379,962) 151,164 (372,280) 116,267
Associates - - 8,448 10,436 5,817 5,847
300,537 500,492 (371,514) 161,600 (366,463) 122,114

Value Added and Productivity
In 2001, the “value added” by the Group was a negative $270.7 million due mainly to the write-down of the
Group’s trading projects and landbank by $455.1 million. In terms of segmental contribution, this figure can be
analysed as follows:
$ million
Property
Investment 106.7
Trading (409.3)
Hospitality and Services 31.1
(271.5)
Non-property 0.8
(270.7)
The value added by the Group for the previous year was $238.4 million.
Analyses
100
Income from the Group’s investments was $28.7 million. Excluding this investment income, the Group’s “value
added” from operations (after adjusting for the property write-down mentioned above) was absorbed by employees
in salaries and staff benefits of $33.7 million, governments in taxation of $12.3 million, and providers of capital
in interest and dividends totalling $109.6 million.
Value Added
($ million)
300
200
208.0
(382.8)
219.2
207.5
(299.3)
100
0
-100
-200
-600
1997 1998 1999
2000
2001
Wages, Salaries & Benefits
Taxation
Interest Expense & Dividends
Depreciation & Retained Profit

Analyses
Value-Added by Segment
Property Property Hospitality Non-
Investment Trading and Services Property Group
$ million $ million $ million $ million $ million
Total value added
2001 106.7 (409.3) 31.1 0.8 (270.7)
2000 111.4 66.2 62.1 (1.3) 238.4
Distributed as follows:
Employees in salaries and staff benefits
2001 5.7 - 28.0 - 33.7
2000 5.5 - 22.5 - 28.0
Government in taxes
2001 5.8 2.8 3.4 0.3 12.3
2000 6.2 11.9 11.2 - 29.3
Providers of capital in dividends and interest
2001 38.0 34.1 37.5 - 109.6
2000 42.0 49.7 28.1 - 119.8
Retained for reinvestment and asset replacements
2001 57.2 (446.2) (37.8) 0.5 (426.3)
2000 57.7 4.6 0.3 (1.3) 61.3
101
Total distribution
2001 106.7 (409.3) 31.1 0.8 (270.7)
2000 111.4 66.2 62.1 (1.3) 238.4
Total Value Added by Segment
($ million)
300
200
100
0
-500
2001 2000 2001 2000 2001 2000 2001 2000 2001 2000
Group Property Investment Property Trading Hospitality and Services Non-Property
Distribution of Total Value Added
Employees
Providers of Capital
Governments
Retained/Reinvested in Group's Business

Value Added Statement
Analyses
102
1997 1998 1999 2000 2001
$ million $ million $ million $ million $ million
Our sales of goods and services to
non-Group customers totalled 621.2 317.9 996.0 500.5 300.5
Whereas
our purchase of raw materials, supplies and
services from non-Group sources amounted to (424.6) (695.0) (797.5) (303.4) (608.3)
so that
the value added from operations was 196.6 (377.1) 198.5 197.1 (307.8)
In addition:
our share of profits earned by
associated companies was 11.4 (5.7) 20.7 10.4 8.4
income from our investments was 14.7 16.4 14.0 30.9 28.7
extraordinary items were - - 73.5 - -
222.7 (366.4) 306.7 238.4 (270.7)
Excluding investment income and
extraordinary items, total value added
for the Group was distributed as follows:
to employees in wages, salaries, and
benefits 34.7 24.2 24.5 28.0 33.7
to governments in taxation 64.9 24.5 39.4 29.3 12.3
to providers of capital in:
interest paid on borrowings 35.5 41.7 50.5 51.0 48.8
dividends in minority shareholders
in subsidiary companies 16.6 19.9 28.3 52.8 44.8
dividends to shareholders of the
Company 19.4 14.6 15.8 16.0 16.0
71.5 76.2 94.6 119.8 109.6
The balance was reinvested in or ploughed
back from business in:
depreciation 9.4 9.2 6.7 16.7 18.5
minorities’ share of subsidiary previous years’
profits ploughed back by subsidiaries 8.5 (62.4) (1.6) (43.9) (58.4)
profit for the year retained or
previous years’ profits ploughed 19.0 (454.5) 55.6 57.6 (415.1)
back by the Company
36.9 (507.7) 60.7 30.4 (455.0)
208.0 (382.8) 219.2 207.5 (299.4)
And non-operating costs and income were:
investment income 14.7 16.4 14.0 30.9 28.7
extraordinary items - - 73.5 - -
14.7 16.4 87.5 30.9 28.7
222.7 (366.4) 306.7 238.4 (270.7)

Analyses
Productivity Data
(Excluding Associated Companies)
1997 1998 1999 2000 2001
Sales per employee:
- excluding associated companies ($’000) 478.2 251.5 800.0 249.3 163.3
Value added per employee:
- gross value added basis ($’000) 151.3 (298.3) 159.4 98.2 (167.30)
- net value added basis ($’000) 144.1 (305.6) 154.1 89.8 (177.30)
Value added per dollar employment cost:
- gross value added basis ($) 5.67 (15.58) 8.10 7.04 (9.13)
- net value added basis ($) 5.39 (15.96) 7.83 6.44 (9.68)
Value added per dollar investment in fixed assets
and investment properties (before depreciation):
- gross value added basis ($) 0.08 (0.15) 0.07 0.07 (0.12)
- net value added basis ($) 0.07 (0.15) 0.07 0.06 (0.12)
103
300
200
100
Value Added Per Employee
Value Added Per Dollar Employment Cost
($'000) ($)
10.0
8.10
7.04
5.0
5.39 5.67 7.83
6.44
151.3 144.1 159.4 154.1
0.5
98.2 89.8
(15.58)
(15.96)
0
0
-0.5
(100)
-5.0
(200)
(167.3) (177.3)
-10.0
(9.13)
(9.68)
(300)
(298.3) (305.8)
-15.0
(400)
-20.0
1997
1998
1999
2000
2001
1997 1998 1999 2000 2001
Gross Value Added Basis
Net Value Added Basis
Value Added Per Dollar Employment Cost
Gross Value Added Basis
Net Value Added Basis

Property Portfolio Analysis
Analysis by Tenure
The Group’s diversified property portfolio, comprising
office buildings, residential properties, hotels and
resorts, serviced apartments, shophouses and retail
1,582 (43.4%)
1,332 (36.3%)
745 (20.3%)
$ million %
Freehold 1,332 36.3
outlets, and industrial buildings, is owned through
subsidiaries and associated companies. Details of the
Group’s property portfolio is covered in the next few
pages. The following analysis as at 31 December 2001
includes only the Company’s effective interests.
999-year Lease 745 20.3
99-year Lease and Others 1,582 43.4
3,669 100.0
Singapore Properties
(a) Analysis by Tenure
Analysis by Development Stage
Freehold properties constituted 36.3% of the
Group’s properties, while 999-year leases and
Analyses
104
780 (21.3%)
625 (17.0%)
2,264 (61.7%)
99-year leases made up the balance of 20.3%
and 43.4% respectively.
(b) Analysis by Development Stage
$ million %
Completed 2,264 61.7
Under Development 625 17.0
Awaiting Development 780 21.3
3,669 100.0
About 61.7% of the Group’s portfolio was made up
of completed properties. Another 17% was under
development, and this included Freesia Woods and
Caribbean at Keppel Bay. The remaining 21.3% of
Analysis by Sector
the Group’s properties was landbank awaiting
development.
65 (1.8%)
155 (4.2%)
47 (1.3%)
1,320 (36.0%)
2,082 (56.7%)
$ million %
Office 2,082 56.7
Residential 1,320 36.0
Hotel 47 1.3
Retail 155 4.2
Industrial 65 1.8
3,669 100.0

Analyses
(c) Analysis by Sector
Analysis by Estimated Building Area
29 (4.3%)
Office buildings formed 56.8% of the Group’s
property portfolio. These included Ocean Building,
15 (2.2%)
12 (1.8%)
256 (38.2%)
Ocean Towers, The Exchange, Capital Square,
Prudential Tower, Keppel Towers, GE Tower,
Bugis Junction Towers and Wisma BCA. The
359 (53.5%)
proportion of residential properties was 36%.
Hotel, retail and industrial properties made up the
remaining 1.3%, 4.2% and 1.8% respectively.
sq m %
Office 256 38.2
Residential 359 53.5
Hotel 12 1.8
(d) Analysis by Estimated Building Floor Area
Retail 15 2.2
The total building floor area of the Group’s
property portfolio was 671,000 sm. Office buildings
and residential properties formed 38.2% and
Industrial 29 4.3
671 100.0
Analysis by Location - Completed Projects
53.5% respectively of the total building area. The
balance comprised 1.8% for hotel, 2.2% for retail
and 4.3% for industrial buildings.
2,264 (86%)
370 (14%)
105
Overseas Properties
86% of the Group’s completed properties was in
Singapore. The remaining 14% was located overseas.
Taking into account projects currently under
$ million %
Local 2,264 86.0
Overseas 370 14.0
2,634 100.0
development, Singapore and overseas properties
constituted 82% and 18% respectively of the Group’s
portfolio. The Group’s property portfolio amounted to
Analysis by Location - All Projects
$4.476 billion.
807 (18.0%)
3,669 (82.0%)
$ million %
Local 3,669 82.0
Overseas 807 18.0
4,476 100.0

Property Portfolio
continued
SINGAPORE
Office
1. Ocean Building
2. Ocean Towers
3. Keppel Towers
4. GE Tower
5. Prudential Tower
6. Capital Square
7. One Raffles Quay
8. The HarbourFront Office Park
Residential
9. Pebble Bay
10. Nassim Woods
11. Cluny Hill Redevelopment
12. Avenue Park
13. Pinnacles @ Wee Nam
14. Freesia Woods
15. The Linc
16. The Edgewater
17. Viewpoint Condominium
18. Amaranda Gardens
19. Norfolk Garden
20. Duchess Park & 24 Duchess Road
21. Butterworth 8
22. Chen Yuan/Dragon Pearl/River Valley View
23. Naga Court
24. Keppel Bay
25. 283–283G Pasir Panjang Road
26. 6 Mar Thoma Road
27. 22-26 Mar Thoma Road & 40 St Michael’s Road
28. The Crest @ Cairnhill
29. Parc Devon
Mixed Development
30. Bugis Junction*
31. Heritage Court
32. Joo Chiat Shophouses
33. 449A & 451A Geylang Road
Industrial
34. Quartz Industrial Building
35. Orion Industrial Building
Data Centre
36. Keppel Digihub
Analyses
106
........
Mass Rapid Transit Lines
Pan Island Expressway
Proposed MRT North-East Line
Expressway
14
Ayer Rajah Expressway
Office
Residential
SINGAPORE
25
12
20
11
10
24
8
29
22
31
3 4
2
6
1
5 7
Central Expressway
36
18
Pan Island Expressway
26
27
23
15 19 33 21
28 13
32
30
17
9
34 35
16
East Coast Parkway
Mixed Development
Industrial
OVERSEAS
Data Centre
Australia
37. Botanic Cove, Sydney
Indonesia
38. Galleria Tunjungan, Surabaya
39. Wijaya Centre Site, Surabaya
40. Pasadenia Garden, Jakarta
41. Wisma BCA, Jakarta
Vietnam
42. International Centre, Hanoi
43. Saigon Centre, Ho Chi Minh City
44. Tamarind Park, Ho Chi Minh City
Malaysia
45. Taman Sutera, Johor
46. Taman Jernih, Penang
China/Hong Kong
47. Ocean Towers, Shanghai
48. Residential Site in Shanghai
49. The Waterfront at the Kowloon Station, Hong Kong
Philippines
50. SM-KL Towers, Metro Manila
51. Palmdale Heights, Metro Manila
52. Metro North Township, Quezon City^
53. Landbank in Cebu
54. Sampaguita Ville, Cebu
Thailand
55. Jewellery Centre, Bangkok
56. Sukhaphiban 3 Mansion, Bangkok
57. Residential Landbank at Highway 332 in Sattahip
United States of America
58. TCB Building
HOTELS
Indonesia
59. Hotel Sedona Bintan Lagoon
60. Hotel Sedona Manado
61. Melia Purosani Hotel
Myanmar
62. Sedona Hotel Yangon
63. Sedonal Hotel Mandalay
Vietnam
64. Sedona Suites Royal Park, Hanoi
65. Sedona Suites Saigon Centre, Ho Chi Minh City
RESORTS
China
66. Spring City Golf & Lake Resort
Indonesia
67. Ria Bintan
68. Bintan Lagoon Resort
69. Nongsa Point Marina
70. Tanah Lot Resort
* includes Hotel Inter-Continental Singapore,
Parco Bugis Juction and Bugis Junction Towers
^ under acquisition

Analyses
CHINA
Shanghai
48
47
66
Kunming
Hong Kong
49
USA
Texas
58
63 Mandalay
MYANMAR
42
Hanoi
64
62 Yangon
THAILAND
Bangkok
56
55
57
VIETNAM
65
43 44
Ho Chi Minh City
PHILIPPINES
51
52
50
54
53
46
MALAYSIA
45
Batam
SINGAPORE
69 67 68 70
59 Bintan
Manado
60
107
SUMATRA
41
40
Jakarta
INDONESIA
Yogyakarta
61 39
38 Surabaya
Bali
AUSTRALIA
Property
Hotels / Serviced Apartments
Resorts Sydney
37

Property Portfolio
continued
Analyses
108
GROUP PROPERTIES (SINGAPORE)
Description Held by % Owned Site Area Estimated Estimated Year of Tenure
(sm) Building Gross Completion
Floor Lettable
Area (sm) Area (sm)
Completed Properties
Ocean Building
a 29-storey office building located at the Ocean 76% 6,109 50,143 39,255 1974 999-year
Collyer Quay corner of Raffles Place Properties leasehold
Ocean Towers
a 27-storey office tower located in Ocean 76%
#
2,781 32,881 22,990 1992 999-year
Raffles Place Properties leasehold
Capital Square
a 16-storey office building and 19 units Capital 70% 11,102 41,347 37,854 1998 99-year
of shophouses at Church Street Square leasehold
Prudential Tower
a 30-storey office building located at the Keppel Land 100% 1,998 27,700 10,250 1998 99-year
junction of Church Street and Cecil Street (Tower D) (Retained leasehold
interest)
Keppel Towers
a 27-storey office development Mansfield 100% 7,760 43,629 34,909 1991 Freehold
located at Hoe Chiang Road
Realty
GE Tower
a 13-storey office development Mansfield 100% 1,367 9,317 7,378 1993 Freehold
located at Hoe Chiang Road
Realty
Singapore Exchange
a 28-storey office building DL 35% 2,345 31,538 23,962 1992 99-year
located in Raffles Place Properties leasehold
Bugis Junction
an integrated development comprising Bugis City 31% 25,704 119,221 Office 23,201 1995 99-year
a 5-star hotel, office tower and large-scale Holdings Retail 40,389 leasehold
retail space featuring a departmental
store, a supermarket and specialty shops
Heritage Court
eight units of conservation shophouses Glenville 100% 1,150 4,144 534 1996 99-year
located at Peck Seah Street near Estate leasehold
the Tanjong Pagar MRT station.
Investment
Seven units have been sold and
one unit leased.
Joo Chiat Shophouses
four units of conservation shophouses Keppel Land 100% 784 1,436 1,232 1996 Freehold
located in the Joo Chiat area.
Realty
One unit has been sold and two-thirds of
remaining space leased.
Nassim Woods
a 35-unit luxurious condominium development Parksville 50% 5,775 9,255 8,301 1998 99-year
in an exclusive residential district Development leasehold

Analyses
GROUP PROPERTIES (SINGAPORE)
Description Held by % Owned Site Area Estimated Estimated Year of Tenure
(sm) Building Gross Completion
Floor Lettable
Area (sm) Area (sm)
Completed Properties
Pebble Bay
a 510-unit luxurious condominium development Waterfront 50% 32,300 110,881 3,209 1997 99-year
at Tanjong Rhu. 498 units have been sold Properties leasehold
449A & 451A Geylang Road Acresvale 100% 201 - 306 - Freehold
2 adjoining units of 2-storey intermediate Investment
terrace buildings
283 - 283G Pasir Panjang Road Tat Chuan 100% 693 777 - - Freehold
8 units of 3 storey semi-detached houses Development
Five units have been sold
Quartz Industrial Building
a modern 8-storey industrial Harvestland 100% 5,657 14,143 3,569 1997 Freehold
building at 5 Upper Aljunied Link.
Development
37 out of 53 units have been sold.
Orion Industrial Building
a modern 8-storey industrial Acresvale 100% 5,790 14,475 4,723 1997 Freehold
building at Paya Lebar.
Investment
43 out of 72 units have been sold.
Keppel Digihub Keppel 100% 7,333 18,345 - 1997 30-year
a modern 6-storey industrial building at Digihub leasehold
Serangoon North Ave 5.
with
option for
another
30 years
109
#
Part of Ocean Building site area

Property Portfolio
continued
GROUP PROPERTIES (SINGAPORE)
Description Held by % Owned Site Area Estimated Estimated Year of Tenure
(sm) Building Gross Completion
Floor Lettable
Area (sm) Area (sm)
Properties under Development
The HarbourFront Office Park
18-storey twin office towers HarbourFront One & 11.7% 32,340 100,932 85,676 2003 99-year
development and Cable Car Tower HarbourFront Two leasehold
located next to World Trade Centre
One Raffles Quay
two office towers located at the One Marina 33.33% 11,367 152,003 123,013 2005 99-year
New Downtown at Marina South Boulevard leasehold
Cluny Hill Redevelopment
redevelopment of Cluny Hill site into Straits Properties 100% 28,214 - - 2003^ Freehold
good-class bungalows with customised
design and build options
Caribbean at Keppel Bay
a 969-unit waterfront condominium Keppel Bay 30% 97,534 132,780 - 2005 99-year
development at Keppel Bay of which
310 units have been sold leasehold
nalyses
A110
Freesia Woods
a 129-unit condominium development Keppel Land 100% 12,536 17,550 - 2004 Freehold
at Sunset Way of which 23 units
Realty
have been sold
The Linc
a 51-unit apartment development Keppel Land 100% 2,369 6,631 - 2004 Freehold
at Lincoln Road
Realty
Butterworth 8
a 216-unit condominium development Keppel Land 100% 10,082 28,230 - 2004 Freehold
at Butterworth / Ipoh Lane which is
Realty
fully-sold
The Edgewater Keppel Land 100% 4,332 6,065 - 2004 Freehold
a 53-unit condominium development Realty
at Jalan Loyang Besar which is
fully-sold
Amaranda Gardens Sherwood 100% 11,182 23,482 - 2005 Freehold
a 189-unit condominium development Development
at Serangoon Avenue 3 of which
186 units have been sold

Analyses
GROUP PROPERTIES (SINGAPORE)
Description Held by % Owned Site Area Estimated Estimated Year of Tenure
(sm) Building Gross Completion
Floor Lettable
Area (sm) Area (sm)
Landbank
Cockpit Hotel Redevelopment Dovedale 10% 14,018 42,838 - - Freehold
a commercial / residential
Development
mixed development at Penang Road
Avenue Park Mansfield 52% 16,056 22,478 - - Freehold
a condominium development at
Development
Sixth Avenue
Pinnacles @ Wee Nam Keppel Land 100% 13,220 37,017 - - Freehold
a condominium development
Realty
at Wee Nam / Keng Lee Road
Viewpoint Condo Sherwood 100% 7,552 21,145 - - Freehold
a condominium development
Development
at Meyer Road
Norfolk Garden Sherwood 100% 2,909 8,145 - - Freehold
an apartment development
Development
at Norfolk Road
Duchess Park & 24 Duchess Road Keppel Land 100% 7,478 10,468 - - 999-year
a condominium development Realty leasehold
at Duchess Road
111
Chen Yuan/Dragon Pearl/ Sherwood 100% 5,638 15,787 - - Freehold
River Valley View
Development
a condominium development
at River Valley Road
Naga Court Keppel Land 100% 4,568 9,593 - - Freehold
a condominium development
Realty
at Bukit Timah Road
Keppel Bay Plots 1, 3, 5 and 6 Keppel Bay 30% 178,973 264,780 - - 99-year
waterfront condominium
leasehold
developments at Keppel Bay

Property Portfolio
continued
GROUP PROPERTIES (SINGAPORE)
Description Held by % Owned Site Area Estimated Estimated Year of Tenure
(sm) Building Gross Completion
Floor Lettable
Area (sm) Area (sm)
Landbank
HarbourFront Avenue HarbourFront Three 11.7% 29,245 32,000 - - 99-year
a waterfront condominium
leasehold
development at
HarbourFront Avenue
6 Mar Thoma Road Bukit Timah Hill 100% 1,589 4,448 - - 999-year
an apartment development Development leasehold
at 6 Mar Thoma Road
22-26 Mar Thoma Road & Evansville 100% 3,608 10,102 - - 999-year
40 St Michael’s Road Investment leasehold
an apartment development at 22-26
Mar Thoma Road / 40 St Michael’s Road
The Crest @ Cairnhill Tat Chuan 60% 1,039 2,909 - - Freehold
an apartment development
Development
at Cairnhill Circle
nalyses
A112
Parc Devon Evansville 70% 1,280 3,589 - - Freehold
an apartment development
Investment
at Devonshire Road
* Expected year of completion
^ Subject to buyers’ design / schedule

Analyses
GROUP PROPERTIES (OVERSEAS)
Description Location Held by % Owned Site Area Estimated Estimated Year of Tenure
(sm) Building Gross Completion
Floor Lettable
Area (sm) Area (sm)
Completed Properties
Australia
Botanic Cove (Phase 1)
a residential development in Sydney, Keppel Land 100% 35,460 - Mixed 2000/2001 Freehold
Tarban, Hunters Hill municipality Australia Devt townhouses/
about 7 km north-west of
apartments with
Sydney CBD
full facilities.
117 units (Phase 1)
China
Ocean Towers
a 25-storey office tower on Shanghai, Shanghai Sing 29% 4,807 47,923 36,098 2001 50 years
Yan An Road East China Straits Land Co lease
Spring City Golf & Lake Resort
an integrated resort comprising Kunming, Kunming 40% 2,670,000 - Two 18-hole 1999 50 years
golf courses, a Club Med resort, China Yinxin golf courses,
resort homes and resort facilities Tourist a club house
Devt Co 132 resort homes, 1999/2001 70 years
82 resort homes 2001
50 resort homes 2002
Hong Kong
The Waterfront
at the Kowloon Station along Kowloon, Union 7% 16,969 147,639 1,288 residential 2000 51 years
the new airport MTRC line Hong Kong Charm units lease
Development
Indonesia
Club Med Ria Bintan
a beachfront hotel at Ria Bintan, PT Straits - 39% 202,000 - 302-room hotel 1997 30 years
Bintan Resort Indonesia CM Village lease with
option for
another
50 years
Ria Bintan (Phase 1) Bintan, PT Ria Bintan 45.9% 1,465,000 - A 27-hole 1998 30 years
a 27-hole golf course Indonesia golf course lease with
with club house
option for
another
50 years
Bintan Lagoon Resort
an integrated resort with Bintan, SAFE 21% 2,400,000 - A 416-room 1996 30 years
a hotel, bungalows/villas Indonesia Bintan hotel with 100 lease with
and golf courses Resort bungalows/villas option for
another
50 years
Melia Purosani Hotel
a 5-star hotel with retail Yogyakarta, PT Purosani 20% 18,189 26,398 A 296-room 1994 20 years
outlets in Yogyakarta Indonesia Sri Persada hotel lease with
option for
another
20 years
113

Property Portfolio
continued
Analyses
114
GROUP PROPERTIES (OVERSEAS)
Description Location Held by % Owned Site Area Estimated Estimated Year of Tenure
(sm) Building Gross Completion
Floor Lettable
Area (sm) Area (sm)
Completed Properties
Nongsa Point Marina
a waterfront resort with a Batam, PT Nongsa 17% 100,000 - 192 rooms/ 1995 30 years
marina and hotel-style Indonesia Point Marina chalets and lease with
chalets 178 berths option for
another
50 years
Pasadenia Garden (Phase 1)
a residential development Jakarta, PT Pulomas 25% 32,586 32,490 147 units of 1996 30 years
in Pulomas, a fast growing Indonesia Gemala strata-titled lease with
residential district in Jakarta. Misori condominiums, option for
73 units of strata-titled 50 units of rental another
condominiums have been sold. apartments and 20 years
a 2-storey
clubhouse
Wisma BCA
a prime office development Jakarta, PT Kepland 100% 10,444 48,267 37,534 1985 20 years
located in Jakarta CBD Indonesia Investama lease with
option for
another
20 years
Malaysia
Taman Sutera, Skudai
a residential / commercial / retail Johor, Tanah 18% 678,724 - 1,260 residential 2001 Freehold
development Malaysia Sutera units
Development
103 shop offices
Taman Jernih, Bukit Mertajam
(Phases 1, 1A, 2 & 2C)
a residential development Penang, Jernih 49% 93,616 41,287 341 residential 1999/2001 Freehold
Malaysia Rezeki units
Myanmar
Sedona Hotel Yangon
a 5-star hotel fronting Yangon, Straits 100% 31,889 53,489 334 rooms, 1997 30 years
Yangon’s famous Inya Lake Myanmar Greenfield 32 serviced BOT with
apartments and
option for
30 office suites another
three 5-year
extensions
Sedona Hotel Mandalay
an international class hotel Mandalay, Wiseland 100% 16,467 19,835 220 rooms and 1998 30 years
opposite the famous Myanmar Investment 27 serviced BOT
ancient Mandalay Palace (Myanmar) apartments
Philippines
Sampaguita Ville
12 units of linked houses Cebu, Opon Realty 20.2% 5,498 960 - 1996 Freehold
Philippines and
Devt. Corp.

GROUP PROPERTIES (OVERSEAS)
Description Location Held by % Owned Site Area Estimated Estimated Year of Tenure
(sm) Building Gross Completion
Floor Lettable
Area (sm) Area (sm)
Completed Properties
Thailand^^
Jewellery Centre
a 34-storey strata-titled Bangkok, Five Stars 45.45% 5,866 42,834 12,975 1993 Freehold
commercial building Thailand Property (Retained interest)
at Nares Road.
Retained interest in 19 strata units.
Sukhaphiban 3 Mansion
a 19-storey strata residential Bangkok, Gold Star 45.45% 4,440 70,000 11,448 1994 Freehold
apartment at Sukhaphiban 3 Road. Thailand Propery (Retained interest)
Retained interest in 259 strata units.
Vietnam
International Centre
an 8-storey office development Hanoi, Centre for 41% 1,450 9,064 7,585 1995 45 years
at 17 Ngo Quyen Street Vietnam International lease
Transactions
Royal Park Complex
a serviced apartment development Hanoi, Quang Ba 59% 28,400 23,130 155 units of 1998 50 years
at Quang Ba Vietnam Royal Park serviced lease
JV Co
apartments
and 20 villas
115
Analyses
Saigon Centre (Phase 1 Tower)
a 25-storey office, retail-cum- Ho Chi Keppel Land 68% 2,730 32,499 10,263 sm office, 1996 50 years
serviced apartment development Minh City, Watco Co 6,265 sm retail lease
at Le Loi Boulevard Vietnam and 89 units of
serviced apartments
Petro Vietnam Towers
a 10-storey office development Vung Tau, Petro Tower 12.9% 6,191 17,026 12,465 1997 40 years
Vietnam
lease
Vietcombank Towers
a 22-storey office development Hanoi, Vietcombank 6% 1,986 30,900 19,263 2001 40 years
Vietnam Tower lease
USA
TCB Building
a 12-storey office building Houston, Keppel 30% 13,015 27,323 26,858 1982 Freehold
located in the prestigious Texas, Houston
Galleria area of Houston USA Group
Partnership
^^ Assets owned by Five Stars Property Public Company Ltd in which the Group has a 45.45% stake.

Property Portfolio
continued
GROUP PROPERTIES (OVERSEAS)
Description Location Held by % Owned Site Area Estimated Estimated Year of Tenure
(sm) Building Gross Completion
Floor Lettable
Area (sm) Area (sm)
Properties Under Development
Australia
Botanic Cove (Phase 2)
a residential development Sydney, Keppel Land 100% 35,460 - Mixed *2002/2003 Freehold
in Tarban, Hunters Hill Australia Devt townhouses
municipality about 7 km
apartments
north-west of Sydney CBD
full facilities.
kiosk (Phase 2)
118 unis with
1 retail
China
Spring City Golf & Lake Resort
an integrated resort comprising Kunming, Kunming 40% 5,000,000 - Resort *2004 70 years
golf courses, resort homes and China Yunxin homes lease
resort facilities
Tourist
Devt Co
nalyses
A116
Residential Development
a 3,200-unit residential Shanghai, Shanghai 99% 95,906 407,601 3,200 *2004 70 years
development complete China Merryfield lease
with recreational facilities
Land Co
(Plot A)
Shanghai
Pasir Panjang
Land Co
(Plot B)
Shanghai
Floraville
Land Co
(Plot C)
Indonesia
Hotel Sedona Manado
a 4-star international class Manado, PT Pantai 50% 243,083 - 247-room hotel *2003 30 years
hotel Indonesia Indah Tateli (Phase 1) lease with
option for
another
20 years
Ria Bintan Resort
(Phase 2 onwards)
an integrated resort project Bintan, PT Ria-Bintan 45.9% 2,803,000 - 64 resort homes *2004/2005 30 years
with golf courses and a Indonesia (Phase 2a) (Phase 2a) lease with
Club Med Village and ** option for
resort homes
another
50 years
Pasadenia Garden (Phase 2)
a residential development Jakarta, PT Pulomas 25% 48,332 - Residential *2005 30 years
in Pulomas Indonesia Gemala apartment (Phase 2) lease with
Misori blocks ** option for
another
20 years

Analyses
GROUP PROPERTIES (OVERSEAS)
Description Location Held by % Owned Site Area Estimated Estimated Year of Tenure
(sm) Building Gross Completion
Floor Lettable
Area (sm) Area (sm)
Properties Under Development
Galleria Tunjungan
a retail/commercial complex Surabaya, PT Sentral 80% 23,384 - 76,000 sqm retail *2005 30 years
in Surabaya Indonesia Tunjungan (Phase 1) (Phase 1) lease with
Perkasa
option
for
another
20 years
Wijaya Centre Site
a proposed retail/commercial Surabaya PT Sentral 80% 26,000 - Retail *2004/2005 30 years
in Surabaya Indonesia Supel (Phase 1) lease with
Perkasa
option
for
another
20 years
Tanah Lot Resort
an integrated resort project Bali, PT Purimas 26% 910,020 - Resort *2004/2005 30 years
incorporating resort bungalows, Indonesia Straits Resort bungalows (Phase 1) lease with
spa village and recreational facilities (Phase 1) ** option for
** another
20 years
Malaysia
Taman Sutera, Skudai
a residential / commercial Johor, Tanah 18% 4,201,214 - 158 residential *2002 Freehold
development Malaysia Sutera units
Development (Phase I,
Stage 5-6)
46 residential
units
(Phase II,
Stage 2)
Taman Jernih, Bukit Mertajam
a residential development Penang, Jernih 49% 50,476 27,979 174 residential *2003/4 Freehold
Malaysia Rezeki and commercial
units
Philippines
SM-KL Towers, Ortigas
two 55-storey office towers and Manila, SM Keppel 24.15% 20,000 13,630 9,859 1985 Freehold
a 70-storey residential tower, Philippines Land (Existing) (Existing) (Existing)
interlinked by a 5-storey retail 26,687 17,316 2001
podium called The Podium. (Phase 1- (Phase 1- (Phase 1-
To be developed in phases. The Podium) The Podium) The Podium)
Vacant Land
at Caragay Road Cebu, Opon 20.2% 7,803 - - - Freehold
Philippines Realty and
Development
Corp.
117

Property Portfolio
continued
Analyses
118
GROUP PROPERTIES (OVERSEAS)
Description Location Held by % Owned Site Area Estimated Estimated Year of Tenure
(sm) Building Gross Completion
Floor Lettable
Area (sm) Area (sm)
Properties Under Development
Palmdale Heights Pasig City, Buena Homes 30.88% 76,156 229,416 174,653 *2003 Freehold
a 29-block residential Philippines (Sandoval) (Residential) (Residential) (Phase 1
development with 5,749 3,031 comprising
4,000 apartment units, (Commercial) (Commercial) 6 residential
3 parking buildings and 19,137 820 slots blocks and
and 2 commercial (Parking) (Parking) 1 building)
buildings
Metro North Township San Jose KFP and 35.34% 6,000,000 ** ** ** Freehold
an option with Araneta Properties del Monta, Opon-KE
to jointly develop a residential Bulacan Properties
township on a 600-ha site.
To be developed in phases
(north of
Ortigas CBD),
Philippines
Thailand^^
Vacant Land
for residential development Chonburi, Five Stars 45.45% 355,996 - - - Freehold
at Highway 332 in Sattahip Thailand Property
Vietnam
Saigon Centre
(Phase 2 onwards)
a 25-storey office, retail cum Ho Chi Keppel Land 68% 2,886 - 212 units *2004 50 years
serviced apartments Minh City, Watco Co (Phase 2) of serviced (Phase 2) lease
at Le Loi Boulevard Vietnam 14,090 apartments with
(subsequent
retail podium
phases) (Phase 2)
Tamarind Park
a 20-storey apartment tower Ho Chi Keppel Land 60% 2,808 - 173 units of *2004 45 years
with swimming pool and Minh City, Agtex furnished lease
recreational facilities located Vietnam apartments
in prime District 1
* Expected year of completion
^^ Assets owned by Five Stars Property Public Company Ltd in which the Group has a 45.45% stake.
** Plans are in the process of being finalised

Analyses
Gearing Structure
as at 31 December 2001
At end-2001, the credit facilities available to the
Group for drawdown totalled $2.9 billion. As 90%
2.5
Credit Facilities
($ billion)
was utilised, the unutilised balance was 10% or
$289 million. This did not include cash in hand and
on deposit of $238 million. Of the credit facilities that
were drawndown, 27% was in fixed rate borrowings
and 73% in floating rate borrowings.
2.0
1.5
1.0
2.2
1.9
0.7 0.7
1.8
0.8
1.6
0.8
During the year, funds were raised by way of increased
0.5
borrowings from banks and from related companies.
For 2001, the Group’s interest cover was 1.3 times
before provisions for write-down in the values of the
Group’s landbank compared with 1.9 times for the
previous year. The effective cost of borrowing was
4.4% compared with 4.5% in 2000. Net interest
cost expensed and capitalised totalled $100.5 million,
whilst average net borrowings amounted to
$2,291 million.
0.0
200
180
160
140
120
100
Available
2001
Floating Rate Borrowings
Interest Cover
($ million) (Number of Times)
134.6
Utilised
2001
1.9
100.5 96.5
1.3
Available
2000
Fixed Rate Borrowings
184.5
Utilised
2000
2.5
2.0
1.5
119
80
1.0
Secured borrowings as a percentage of total
borrowings at 31 December 2001 amounted to
15.3%, an increase from 11.4% in 2000.
60
40
20
0
0.5
0.0
2001
2000
With total borrowings of $2.6 billion at
Net Interest
Profit
Cover
31 December 2001, the Group’s debt-equity ratio
(including minority interests) was 140%. Taking cash
in hand and on deposit into account, the ratio was
128%. At the previous year-end, the Group’s
4,000
3,500
Debt-equity Ratio
($ million) (Debt-equity Ratio) %
1.49
1.6
1.4
debt-equity ratios were lower at 92% and 83%
3,000
1.2
respectively. The higher gearing at end-2001 was due
to an increase in borrowings and a decrease in the
Group’s shareholders’ funds.
2,500
2,000
1,500
2,416
1,617
0.96
2,166 2,253
1
0.8
0.6
1,000
0.4
500
0.2
0
0
2001
2000
Debt Equity Debt-equity Ratio (%)

Gearing Structure
continued
Fixed Rate Floating Rate
Borrowings Borrowings Total
$’000 % $’000 % $’000 %
Facilities available for drawdown 726,000 100 2,218,009 100 2,944,009 100
Amount utilised 712,913 98 1,942,320 88 2,655,233 90
Balance unutilised 13,087 2 275,689 12 288,776 10
Cash in hand and on deposit 238,807
527,583
2001 2000
Interest cover
Profit before interest and tax 134,618 184,515
Net interest cost expensed and capitalised ($’000) 100,500 96,515
Interest cover 1.3 1.9
nalyses
A120
Effective cost of borrowings
Net interest cost expensed and capitalised ($’000) 100,500 96,515
Average net borrowings ($’000) 2,291,028 2,164,725
Effective cost of borrowings (%) 4.4 4.5
Secured borrowings ratio
Total secured borrowings ($’000) 405,458 272,741
Percentage of total borrowings (%) 15.3 11.4
Debt-equity ratio
Total borrowings:
Gross ($’000) 2,655,233 2,401,873
Net of cash ($’000) 2,416,426 2,165,630
Total equity (excluding minority interests) ($’000) 1,617,408 2,252,660
Debt-equity ratio (excluding minority interests) :
Gross (%) 164 107
Net of cash (%) 149 96
Total equity (excluding minority interests) ($’000) 1,895,312 2,616,379
Net debt-equity ratio (including minority interests) (%) 128 83

Keppel Land Limited
Statutory Report121
and Accounts

Keppel Land Limited
Directors’ Report
The Directors submit their report together with the audited accounts of the Company and of the Group for the year ended
31 December 2001.
1 Principal Activities
The principal activities of the Group consist of property investment, development and management, and property-related
services.
The principal activity of the Company is that of a holding, management and investment company.
2 Results
Group Company
$’000 $’000
Profit / (loss) after taxation and minority interests attributable to (366,463) 112,850
shareholders, transferred to revenue reserves
The following amounts have been credited/(debited) to:
Statutory Report and Accounts
122
Capital reserves:
Net deficit on revaluation of subsidiary and associated companies - (666,246)
Net surplus / (deficit) on revaluation of investment properties (202,653) 11,800
Transfer to revenue reserves (4,166) (4,057)
Transfer to profit and loss account (46,476) (50,451)
Foreign currency translation account:
Exchange differences arising on consolidation 23,545 -
Exchange differences on foreign currency borrowings (27,409) (27,409)
Revenue reserves:
Transfer from capital reserves 4,166 4,057
There were no material transfers to or from provisions during the year except for amounts set aside for such items as
depreciation, provisions for doubtful debts, provisions for write-down in values of landbank and income tax as disclosed in
the accounts.
3 Dividends
During the year, a final dividend of 6% (or 3.0 cents per share) less tax amounting to $16,045,000, in respect of the
previous year as proposed in the Directors’ report for that year, was paid to shareholders.
The Directors propose that a final dividend of 6% (or 3.0 cents per share) less tax, amounting to $16,049,000 on the
existing issued share capital, be paid for the current financial year.

Keppel Land Limited
4 Share Issues
During the year, the Company issued the following shares of $0.50 each, fully paid:
194,000 shares under the Keppel Land Share Option Scheme, comprising 27,000 shares at $1.58 per share, 67,000 shares
at $0.56 per share and 100,000 share at $1.71 per share.
Shares issued by subsidiary companies during the year were as follows:
Name of Company Number of Shares Issued Purpose of Share Issue
Keplandehub Limited 99,998 ordinary shares of $1 each at par, and To provide working capital
4,000 redeemable, convertible preference shares To provide working capital
of $1 each at $10,000 each
Shanghai Merryfield Land Co., Ltd Paid up capital of US$31,000,000 To provide working capital
Shanghai Floraville Land Co., Ltd Paid up capital of US$942,716 To provide working capital
Shanghai Pasir Panjang Land Co., Ltd Paid up capital of US$1,486,860 To provide working capital
Pembury Properties Ltd 916,000 shares of US$1 each at par To provide working capital
5 Acquisition and Disposal of Shares in Subsidiaries
Shares in the following subsidiary were acquired during the year:
Name of Company % Ownership Attributable Net
before
Tangible Assets
Acquisition % Acquired Consideration on Date of
Acquisition
$’000 $’000
123
and Accounts
Report
Statutory
Keppel Philippines Properties, Inc 49.7 0.8 61 61

Keppel Land Limited
Directors’ Report
(continued)
6 Directors
The Directors in office at the date of this report are:
Lim Chee Onn, Chairman
Kevin Wong Kingcheung, Managing Director
Lim Leong Geok
Thai Chee Ken
Khor Poh Hwa
Lim Ho Kee (Appointed on 8 November 2001)
Tsui Kai Chong (Appointed on 8 November 2001)
Loh Wing Siew
Choo Chiau Beng
Teo Soon Hoe
Mr Alan F.C. Choe and Dr Kwa Soon Bee retired as Directors of the Company on 22 May 2001.
The Directors holding office at the end of the financial year and their interests in the share capital of the Company and
related companies as recorded in the register of Directors’ shareholdings were as follows:
Statutory Report and Accounts
124
At 1.1.01 or Date
of Appointment At 31.12.01 At 21.1.02
Interest in the Company
(Shares of 50 cents each):
Kevin Wong Kingcheung 157,400 157,400 157,400
Interest in share options in the Company:
Kevin Wong Kingcheung 633,000 763,000 763,000
Interest in Keppel Corporation Limited (“KCL”)
(Shares of $1 each up to 23 November 2001 and
50 cents each thereafter):
Lim Chee Onn 462,083 462,083 462,083
Lim Leong Geok 30,000 30,000 30,000
Loh Wing Siew 316,458 316,458 316,458
Loh Wing Siew (Deemed interest) 100,000 100,000 100,000
Choo Chiau Beng 239,583 239,583 239,583
Teo Soon Hoe 629,166 629,166 629,166
Interest in share options in KCL:
Lim Chee Onn 751,250 1,018,750 1,018,750
Loh Wing Siew 541,250 428,750 428,750
Choo Chiau Beng 681,250 848,750 848,750
Teo Soon Hoe 681,250 848,750 848,750

Keppel Land Limited
At 1.1.01 or Date
of Appointment At 31.12.01 At 21.1.02
Interest in Keppel FELS Energy & Infrastructure Limited
(Shares of 50 cents each):
Lim Chee Onn 10,500 - -
Loh Wing Siew 32,500 - -
Choo Chiau Beng 127,875 - -
Teo Soon Hoe 10,500 - -
Interest in Singapore Petroleum Company Limited
(Shares of 50 cents each):
Choo Chiau Beng 50,000 50,000 50,000
Interest in Keppel Telecommunications
& Transportation Limited (“Keppel T & T”)
(Shares of 20 cents each):
Lim Chee Onn 23,000 23,000 23,000
Choo Chiau Beng 26,000 26,000 26,000
Teo Soon Hoe 28,000 28,000 28,000
Interest in Warrants 2002 to subscribe
for shares in Keppel T & T:
Lim Chee Onn 4,500 4,500 4,500
Choo Chiau Beng 4,000 4,000 4,000
Teo Soon Hoe 5,000 5,000 5,000
125
and Accounts
Report
Statutory
Interest in Keppel Capital Holdings Limited
(Shares of $1 each):
Lim Chee Onn 37,500 - -
Lim Leong Geok 4,000 - -
Loh Wing Siew 50,000 - -
Choo Chiau Beng 50,000 - -
Choo Chiau Beng (Deemed interest) 7,656 - -
Teo Soon Hoe 56,250 - -
Interest in Keppel TatLee Finance Limited (“KTLF”)
(Shares of 50 cents each)
Loh Wing Siew 31,808 - -
Interest in Warrants 2001 to subscribe for shares in KTLF:
Loh Wing Siew 8,000 - -

Keppel Land Limited
Directors’ Report
(continued)
At 1.1.01 or Date
of Appointment At 31.12.01 At 21.1.02
Interest in Keppel Philippines Holdings Inc
(“B” shares of 1 Peso each)
Lim Chee Onn 2,000 2,000 2,000
Loh Wing Siew 4,592 4,592 4,592
Choo Chiau Beng 2,000 2,000 2,000
Teo Soon Hoe 2,000 2,000 2,000
Interest in Keppel Philippines Marine Inc
(Shares of 1 Peso each)
Lim Chee Onn 246,457 246,457 246,457
Loh Wing Siew 495,170 495,170 495,170
Choo Chiau Beng 283,611 283,611 283,611
Teo Soon Hoe 302,830 302,830 302,830
Statutory Report and Accounts
126
Interest in Keppel Philippines Properties Inc
(Shares of 1 Peso each):
Loh Wing Siew 20,000 20,000 20,000
Teo Soon Hoe 2,916 2,916 2,916
Since the end of the previous financial year, no Director has received or become entitled to receive benefits under
contracts required to be disclosed by Section 201(8) of the Companies Act, Cap 50.
Neither at the end of the financial year, nor at any time during the year, did there subsist any arrangements, to which the
Company or any of its subsidiary companies is a party, whereby the Directors might acquire benefits by means of
acquisition of shares in or debentures of the Company or any other body corporate other than the Keppel Land Share
Option Scheme approved by shareholders at an Extraordinary General Meeting.
In accordance with the Company’s Articles of Association, the following Directors retire, and being eligible, offers
themselves for re-election:
Lim Chee Onn
Lim Ho Kee
Tsui Kai Chong
Choo Chiau Beng

Keppel Land Limited
7 Audit Committee
In relation to the accounts of the Company and the Group for the year ended 31 December 2001, the Audit Committee
reviewed the audit plans and scope of the audit examination of the external auditors of the Company. The external and
internal auditors’ findings on the internal controls of the companies within the Group, and management’s response to
these findings were also discussed with the auditors and management. The Audit Committee’s activities included a
review of the accounts of the Company and the Group for the year ended 31 December 2001, and the report of the
external auditors thereon.
The Audit Committee has recommended to the Board of Directors the re-appointment of Ernst & Young, Certified Public
Accountants as external auditors of the Company at the forthcoming Annual General Meeting.
The members of the Committee are:
Thai Chee Ken, Chairman
Lim Leong Geok
Kevin Wong Kingcheung
8 Options
The particulars of share options of the Company are as follows:
The Keppel Land Share Option Scheme which has been approved by the shareholders of the Company is administered by
the Share Option Committee whose members are:
Lim Chee Onn
Thai Chee Ken
Teo Soon Hoe
127
and Accounts
Report
Statutory
Under the Keppel Land Share Option Scheme, an option may, except in certain special circumstances, be exercised at any
time after two years but no later than the expiry date. The shares under option may be exercised in full or in respect of
100 shares or a multiple thereof, on the payment of the subscription price.
The subscription price is based on the average last business done price for the shares of the Company on the Singapore
Exchange Securities Trading Limited for the three market days preceding the date of offer. The Share Option Committee
may at its discretion fix the subscription price at a discount not exceeding 20 per cent to the above price. None of the
options offered in the financial year was granted at a discount.
The employees to whom the options have been granted do not have the right to participate by virtue of the options in a
share issue of any other company.
Options to take up 3,733,000 shares were granted during the financial year. 194,000 shares were issued by virtue of the
exercise of options, and options to take up 1,196,000 shares were cancelled during the financial year. At the end of the
financial year, there were 10,551,000 shares under option as follows:

Keppel Land Limited
Directors’ Report
(continued)
Number of Share Options
At 1.1.01
Date of or Date Subscription
Grant of Grant Exercised Cancelled 31.12.01 Price ($) Expiry Date
21.3.96 375,000 - (375,000) - 4.53 20.3.01
19.8.96 400,000 - (400,000) - 4.67 18.8.01
21.4.97 781,000 - (53,000) 728,000 4.16 20.4.02
5.9.97 795,000 - (56,000) 739,000 3.86 4.9.02
12.3.98 361,000 (27,000) (4,000) 330,000 1.58 11.3.03
7.9.98 547,000 (67,000) - 480,000 0.56 6.9.03
5.3.99 541,000 (100,000) (14,000) 427,000 1.71 4.3.09
20.8.99 1,290,000 - (82,000) 1,208,000 2.48 19.8.09
6.4.00 1,341,000 - (83,000) 1,258,000 1.87 5.4.10
29.11.00 1,777,000 - (114,000) 1,663,000 2.47 28.11.10
8,208,000 (194,000) (1,181,000) 6,833,000
11.10.01 3,733,000 - (15,000) 3,718,000 1.35 10.10.11
11,941,000 (194,000) (1,196,000) 10,551,000
Statutory Report and Accounts
128
Information on Directors of the Company participating in the Scheme is as follows:
Aggregate Options Aggregate Options
Granted since Exercised since Aggregate Options
Options Granted Commencement of Commencement of Outstanding as at the
Name of Director during the Financial the Scheme to the the Scheme to the End of the Financial
Year End of the Financial Year End of the Financial Year Year
Kevin Wong
Kingcheung 200,000 1,202,360 227,400 763,000
No employee has received 5 per cent or more of the total number of options available under the Keppel Land Share
Option Scheme.
9 Asset Values
Before the accounts of the Company and of the Group were prepared, the Directors took reasonable steps:
(a)
(b)
to ascertain that proper action had been taken in relation to writing off and providing for bad and doubtful debts,
and satisfied themselves that all known bad debts had been written off and that adequate provision had been made
for doubtful debts; and
to ensure that any current assets which are unlikely to realise their book values in the ordinary course of business
were written down to their estimated realisable values.

Keppel Land Limited
Asset Values (continued)
At the date of this report, the Directors are not aware of any circumstances which would render:
(a)
(b)
the amount written off for bad debts or the amount of the provision for doubtful debts in the accounts of the
Company and of the Group inadequate to any substantial extent; or
the values attributed to current assets in the accounts of the Company and of the Group misleading.
10 Contingent Liabilities
As at the date of this report:
(a)
(b)
there are no charges on the assets of the Company and of the Group which have arisen since the end of the
financial year to secure the liabilities of any other person; and
there are no contingent liabilities which have arisen since the end of the financial year.
No contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve
months after the end of the financial year which, in the opinion of the Directors, will or may affect the ability of the
Company and of the Group to meet their obligations as and when they fall due.
11 Accounts
At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in the accounts of the
Company and of the Group which would render any amount stated in the accounts misleading.
In the opinion of the Directors, the results of the operations of the Company and of the Group during the financial year
have not been substantially affected by any item, transaction or event of a material and unusual nature, other than the
items shown as direct movements in capital and revenue reserves.
129
and Accounts
Report
Statutory
In the opinion of the Directors, the results of the Company and of the Group for the financial year in which this report is
made are not likely to be substantially affected by any item, transaction or event of a material and unusual nature which
has arisen in the interval between the end of the financial year and the date of this report.
12 Auditors
The auditors, Ernst & Young, Certified Public Accountants, have expressed their willingness to accept re-appointment as
auditors.
On Behalf of the Board
LIM CHEE ONN
CHAIRMAN
KEVIN WONG KINGCHEUNG
MANAGING DIRECTOR
Singapore, 22 March 2002

Keppel Land Limited
Statement by the Directors
We, LIM CHEE ONN and KEVIN WONG KINGCHEUNG, being two of the Directors of Keppel Land Limited, do hereby state that,
in the opinion of the Directors:
(a)
the balance sheets, profit and loss accounts, statements of changes in equity and consolidated cashflow statement,
together with the notes thereon, set out on pages 132 to 174 are drawn up so as to exhibit a true and fair view of the state
of affairs of the Company and of the Group as at 31 December 2001 and of the results and changes in equity of the
Company and the Group, and cash flows of the Group for the 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 Board
Statutory Report and Accounts
130
LIM CHEE ONN
CHAIRMAN
KEVIN WONG KINGCHEUNG
MANAGING DIRECTOR
Singapore, 22 March 2002

Keppel Land Limited
Auditors’ Report
We have audited the financial statements of Keppel Land Limited and the consolidated financial statements of the Group as set
out on pages 132 to 174, comprising the balance sheets of the Company and of the Group as at 31 December 2001, and the
profit and loss accounts and the statements of changes in equity of the Company and of the Group and cashflow of the Group
for the year ended 31 December 2001, and notes thereto. These financial statements are the responsibility of the Company’s
Directors. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with Singapore Standards on Auditing. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and significant estimates made by the Directors, as well as
evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion,
(a)
the financial statements are properly drawn up in accordance with the provisions of the Companies Act (“Act”) and
Statements of Accounting Standard and so as to give a true and fair view of :
(i)
the state of affairs of the Company and of the Group as at 31 December 2001, the results and changes in equity of
the Company and of the Group and the cash flows of the Group for the year then ended; and
(b)
(ii) the other matters required by Section 201 of the Act to be dealt with in the financial statements and consolidated
financial statements;
the accounting and other records, and the registers 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.
131
and Accounts
Report
Statutory
We have considered the financial statements and auditors’ reports of all subsidiaries of which we have not acted as auditors,
being financial statements included in the consolidated financial statements. The names of those subsidiaries audited by our
associated firms and those audited by other firms are stated in the notes to the accounts.
We are satisfied that the financial statements of the subsidiaries that have been consolidated with the financial statements of
the Company are in form and content appropriate and proper for the purposes of the preparation of the consolidated financial
statements and we have received satisfactory information and explanations as required by us for those purposes.
The auditors’ reports on the financial statements of the subsidiaries were not subject to any qualification and in respect of
subsidiaries incorporated in Singapore did not include any comment made under Section 207(3) of the Act.
ERNST & YOUNG
Certified Public Accountants
Singapore, 22 March 2002

Keppel Land Limited
Profit and Loss Accounts
for the Year ended 31 December 2001
Group
Company
2001 2000 2001 2000
Note $’000 $’000 $’000 $’000
SALES 2 300,537 500,492 - -
COST OF SALES (140,268) (317,278) - -
GROSS PROFIT 160,269 183,214 - -
Marketing expenses (2,378) (3,781) - -
Administrative expenses (32,244) (24,917) - -
Other operating income / (expenses) (1,773) 16,704 (3,553) (1,233)
OPERATING PROFIT / (LOSS) 3 123,874 171,220 (3,553) (1,233)
Interest and investment income 2 & 4 28,685 30,944 169,943 164,844
Interest expense 5 (48,827) (51,000) (85,617) (73,811)
Share of results of associated companies 17 8,448 10,436 - -
PROFIT BEFORE EXCEPTIONAL ITEMS 112,180 161,600 80,773 89,800
Exceptional items 6 (483,694) - 50,553 (2,852)
Statutory Report and Accounts
132
PROFIT / (LOSS) BEFORE TAXATION (371,514) 161,600 131,326 86,948
Taxation 7 (12,267) (29,362) (18,476) (24,070)
PROFIT / (LOSS) AFTER TAXATION (383,781) 132,238 112,850 62,878
Minority interests 17,318 (10,124) - -
PROFIT / (LOSS) ATTRIBUTABLE
TO SHAREHOLDERS (366,463) 122,114 112,850 62,878
Basic earnings per share (cents) 9 (51.7) 17.3
Diluted earnings per share (cents) 9 (51.6) 17.3
The notes shown on pages 140 to 174 form an integral part of these financial statements.

Keppel Land Limited
Balance Sheets
as at 31 December 2001
Group
Company
2001 2000 2001 2000
Note $’000 $’000 $’000 $’000
SHARE CAPITAL 10 354,287 354,190 354,287 354,190
RESERVES 11 1,263,121 1,898,470 1,263,121 1,898,470
SHARE CAPITAL AND RESERVES 1,617,408 2,252,660 1,617,408 2,252,660
MINORITY INTERESTS 277,904 363,719 - -
LONG-TERM BORROWINGS 12 2,508,996 1,367,469 1,826,198 1,093,623
4,404,308 3,983,848 3,443,606 3,346,283
Represented by:
FIXED ASSETS 13 277,869 277,437 88 93
INVESTMENT PROPERTIES 14 2,344,734 2,695,460 - 39,700
PROPERTIES HELD FOR DEVELOPMENT 15 168,061 156,143 - -
INVESTMENTS
Subsidiary companies 16 - - 3,114,772 3,575,822
Associated companies 17 736,285 522,786 356,303 370,523
Other investments 18 72,597 160,580 4,120 4,120
808,882 683,366 3,475,195 3,950,465
CURRENT ASSETS
Properties held for sale 19 1,042,210 1,423,284 - -
Stocks 20 3,732 3,641 - -
Trade debtors 21 64,706 22,032 - -
Other debtors 22 84,580 113,365 1,674 3,402
Amounts owing by holding
and related companies 23 141,241 150,787 41,577 57,914
Fixed deposits, bank balances and cash 24 120,886 61,943 20,677 2,262
133
and Accounts
Report
Statutory
1,457,355 1,775,052 63,928 63,578
Less:
CURRENT LIABILITIES
Trade creditors 20,359 28,375 - -
Other creditors 25 456,295 544,578 8,505 64,363
Net tax provision 26 46,868 69,175 3,600 10,735
Short-term borrowings 27 129,071 961,482 83,500 632,455
652,593 1,603,610 95,605 707,553
NET CURRENT ASSETS / (LIABILITIES) 804,762 171,442 (31,677) (643,975)
4,404,308 3,983,848 3,443,606 3,346,283
The notes shown on pages 140 to 174 form an integral part of these financial statements.

Keppel Land Limited
Group Statement of Changes in Equity
for the Year ended 31 December 2001
Property Foreign
Revaluation and Currency
Share Share Other Capital Translation Retained
Capital Premium Reserves Account Profit/(Loss) Dividend Total
$’000 $’000 $’000 $’000 $’000 $’000 $’000
Balance at 1 January 2001
As previously reported 354,190 811,932 906,704 (134,118) 301,388 - 2,240,096
Adjustment for changes in
accounting policies - - - - (3,481) 16,045 12,564
As restated 354,190 811,932 906,704 (134,118) 297,907 16,045 2,252,660
Net deficit on revaluation of
investment proper properties - - (202,653) - - - (202,653)
Exchange differences arising on - - - 23,545 - - 23,545
consolidation
Exchange differences on foreign - - - (27,409) - - (27,409)
currency borrowings
Statutory Report and Accounts
134
Net losses not recognised in - - (202,653) (3,864) - - (206,517)
income statement
Net loss for the year - - - - (366,463) - (366,463)
Total recognised gains
and losses for the year - - (202,653) (3,864) (366,463) - (572,980)
Issue of shares under the Keppel
Land Share Option Scheme 97 154 - - - - 251
Net revaluation deficit realised
and transferred to
profit and loss account - - (46,476) - - - (46,476)
Transfers - - (4,166) - 4,166 - -
Final dividend for the previous
year , paid - - - - (2) (16,045) (16,047)
Final dividend for the year,
proposed - - - - (16,049) 16,049 -
Balance at 31 December 2001 354,287 812,086 653,409 (137,982) (80,441) 16,049 1,617,408

Keppel Land Limited
Property Foreign
Revaluation and Currency
Share Share Other Capital Translation Retained
Capital Premium Reserves Account Profit Dividend Total
$’000 $’000 $’000 $’000 $’000 $’000 $’000
Balance at 1 January 2000
As previously reported 353,267 810,903 830,793 (116,570) 272,159 - 2,150,552
Adjustment for changes in
accounting policies - - - - (4,977) 15,791 10,814
As restated 353,267 810,903 830,793 (116,570) 267,182 15,791 2,161,366
Net surplus on revaluation
of investment properties - - 8,650 - - - 8,650
Exchange differences arising on - - - (4,312) - - (4,312)
consolidation
Exchange differences on foreign - - - (13,162) - - (13,162)
currency borrowings
Net gains / (losses) not recognised
in income statement - - 8,650 (17,474) - - (8,824)
Net profit for the year
As previously reported - - - - 120,618 - 120,618
Adjustment for change in
accounting policy - - - - 1,496 - 1,496
As restated - - - - 122,114 - 122,114
135
and Accounts
Report
Statutory
Total recognised gains
and losses for the year - - 8,650 (17,474) 122,114 - 113,290
Issue of shares under the Keppel Land
Share Option Scheme 923 1,029 - - - - 1,952
Adjustment for changes in Group
structure - - 204 (90) (4,237) - (4,123)
Transfer of goodwill to retained
earnings - - 71,086 - (71,086) - -
Net revaluation surplus realised and
transferred to profit and loss
account - - (4,029) - - - (4,029)
Transfers - - - 16 (16) - -
Final dividend for the previous year,
paid - - - - (5) (15,791) (15,796)
Final dividend for the year, proposed - - - - (16,045) 16,045 -
Balance at 31 December 2000 354,190 811,932 906,704 (134,118) 297,907 16,045 2,252,660

Keppel Land Limited
Company Statement of Changes in Equity
for the Year ended 31 December 2001
Property Foreign
Revaluation and Currency
Share Share Other Capital Translation Retained
Capital Premium Reserves Account Profit Dividend Total
$’000 $’000 $’000 $’000 $’000 $’000 $’000
Balance at 1 January 2001
As previously reported 354,190 811,932 791,808 (55,128) 337,294 - 2,240,096
Adjusments for changes in
accounting policies - - (3,481) - - 16,045 12,564
As restated 354,190 811,932 788,327 (55,128) 337,294 16,045 2,252,660
Surplus on revaluation of
investment property - - 11,800 - - - 11,800
Net deficit on revaluation of (666,246) (666,246)
subsidiary and
associated companies
Statutory Report and Accounts
136
Exchange differences on foreign - - - (27,409) - - (27,409)
currency borrowings
Net losses not recognised - - (654,446) (27,409) - - (681,855)
in income statement
Net profit for the year - - - - 112,850 - 112,850
Total recognised gains and
losses for the year - - (654,446) (27,409) 112,850 - (569,005)
Issue of shares under the
Keppel Land Share
Option Scheme 97 154 - - - - 251
Net revaluation surplus realised
and transferred to profit and
loss account - - (50,451) - - - (50,451)
Transfers - - (4,057) - 4,057 - -
Final dividend for the previous year,
paid - - - - (2) (16,045) (16,047)
Final dividend for the year,
proposed - - - - (16,049) 16,049 -
Balance at 31 December 2001 354,287 812,086 79,373 (82,537) 438,150 16,049 1,617,408

Keppel Land Limited
Property Foreign
Revaluation and Currency
Share Share Other Capital Translation Retained
Capital Premium Reserves Account Profit Dividend Total
$’000 $’000 $’000 $’000 $’000 $’000 $’000
Balance at 1 January 2000
As previously reported 353,267 810,903 737,882 (41,966) 290,466 - 2,150,552
Adjustments for changes in
accounting policies - - (4,977) - - 15,791 10,814
As restated 353,267 810,903 732,905 (41,966) 290,466 15,791 2,161,366
Net surplus on revaluation
of subsidiary
and associated companies
As previously restated - - 51,100 - - - 51,100
Changes in accounting policies - - 1,496 - - - 1,496
As restated - - 52,596 - - - 52,596
Exchange differences on foreign - - - (13,162) - - (13,162)
currency borrowings
Net gains/(losses) not recognised
in income statement - - 52,596 (13,162) - - 39,434
137
and Accounts
Report
Statutory
Net profit for the year - - - - 62,878 - 62,878
Total recognised gains and
losses for the year - - 52,596 (13,162) 62,878 - 102,312
Issue of shares under the
Keppel Land Share
Option Scheme 923 1,029 - - - 1,952
Net revaluation surplus realised
and transferred to profit and
loss account - - 2,826 - - - 2,826
Final dividend for the previous year,
paid - - - - (5) (15,791) (15,796)
Final dividend for the year,
proposed - - - - (16,045) 16,045 -
Balance at 31 December 2000 354,190 811,932 788,327 (55,128) 337,294 16,045 2,252,660

Keppel Land Limited
Consolidated Cash Flow Statement
for the Year ended 31 December 2001
2001 2000
$’000 $’000
CASH FLOW FROM OPERATING ACTIVITIES:
Operating profit before interest, exceptional items and taxation 123,874 171,220
Adjustments for:
Depreciation of fixed assets 18,512 16,735
Write-back of provision for doubtful debts (3,161) -
Provisions for write-down in value of investments 7,300 -
Exchange difference on US$ bonds - 2,826
Loss from disposal of fixed assets 337 51
Profit from disposal of investment properties (1,338) -
Profit from disposal of investments (2,390) -
Operating income before reinvestment in working capital 143,134 190,832
Increase in debtors (36,114) (21,197)
Decrease in stocks and properties held for sale 38,374 20,314
Increase / (decrease) in creditors (63,093) 26,596
Cash generated from operations 82,301 216,545
Statutory Report and Accounts
138
Income from investment received 2,296 2,859
Interest received 20,435 21,588
Income from interests in associated companies 5,954 6,497
Interest paid (48,827) (51,000)
Income taxes paid (31,943) (19,679)
Net cash provided by operating activities 30,216 176,810
CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of fixed assets and additions to investment properties (17,545) (102,453)
Sale / (purchase) of marketable securities and other investments 83,167 (31,320)
Additional investment in subsidiary and associated companies (36,135) (171,786)
Development expenditure (223,726) (512,768)
Proceeds from progress billings 164,428 668,866
Proceeds from sale of investment properties and fixed assets 9,674 211
Sale of shares in subsidiary and associated companies - 295
Net cash used in investing activities (20,137) (148,955)
CASH FLOW FROM FINANCING ACTIVITIES
Net proceeds from issue of shares by the Company 251 1,952
Net loan drawdown 304,635 124,228
Proceeds from / (repurchase of) Floating Rate Notes (28,500) 55,750
Advances from minority shareholders of certain companies 2,428 47,713
Loans from / (to) related and associated companies, less dividends (170,803) 9,237
Dividends paid to shareholders (16,047) (15,796)
Dividends to, less contribution by minority shareholders of subsidiary companies (44,877) (50,189)
Net cash provided by financing activities 47,087 172,895
Net increase in cash and cash equivalents 57,166 200,750
Cash and cash equivalents at beginning of year 163,321 (35,285)
Exchange gain / (loss) 1,154 (2,144)
Cash and cash equivalents at end of year 221,641 163,321

Keppel Land Limited
2001 2000
REPRESENTED BY: $’000 $’000
CASH AND CASH EQUIVALENTS
Fixed deposits, bank balances and cash 120,886 61,943
Deposits with related companies 117,921 174,300
Short-term borrowings from related companies (17,166) (72,922)
221,641 163,321
The acquisition and disposal of shares in subsidiary companies have been shown as separate items, and their effect on the
individual assets and liabilities of the Group is not reflected in the above statement. The net assets of subsidiary company sold,
acquired or reclassified as associated companies may be analysed as follows:
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Fixed assets 446 - Purchase
Investment properties - 16,359 consideration 61 126,810
Properties held for development - 88,080 Sale proceeds - (627)
Investment in associated companies 25,777 -
Other investments 94 22,219
Stocks, debtors and creditors (8,035) 2,695
Net bank balances, cash and deposits with,
and deposits from related company 3,243 10,927
Minority interests (10,707) (14,365)
Reclassification of investments in
associated companies (10,757) 268
139
and Accounts
Report
Statutory
61 126,183 61 126,183

Keppel Land Limited
Summary of Significant Accounting Policies
The following summary explains the Group’s significant accounting policies which have been consistently applied, except
where otherwise indicated:
(a)
Basis of Accounting
The financial statements are prepared in accordance with the historical cost convention modified by revaluation of certain
fixed assets, investment properties and investments in subsidiary and associated companies.
The financial statements are prepared in accordance with Singapore Statements of Accounting Standard (“SAS”).
The financial statements are expressed in Singapore dollars.
(b)
Basis of Consolidation
The Group accounts consolidate the accounts of the Company and its subsidiary companies, all of which prepare audited
accounts at 31 December. Subsidiary companies are those in which more than 50% of the issued share capital is held or
in which the Group has Board control.
Statutory Report and Accounts
140
(c)
The accounts of subsidiary companies acquired or disposed of during the year are included in or excluded from Group
figures from the effective dates of acquisition or disposal. Any excess of the cost of investments over the fair value of
identifiable net assets acquired is shown as goodwill and is amortized over its estimated useful life of not more than
20 years.
Minority interests are recorded on the basis of their share of the post-acquisition values of the net assets of the non-wholly
owned subsidiaries.
Subsidiary Companies
Investments in subsidiary companies are stated in the accounts of the Company at the attributable share of their
combined net asset value. Any revaluation surplus or deficit arising each year is transferred direct to capital reserves.

Keppel Land Limited
(d)
Associated Companies
Associated companies are those in which the Group has a long-term substantial equity interest and in whose commercial
and financial policy decisions the Group actively participates. The Group’s share of profits less losses of associated
companies, as shown in their audited accounts for the year ended 31 December (except for certain associated
companies), is included in the Group’s results.
The results of certain associated companies which do not prepare audited accounts at 31 December are based on their
latest audited accounts and unaudited management accounts for the ensuing months up to 31 December.
Investments in associated companies are stated in the Company’s and Group’s accounts at the attributable share of their
combined net asset value as shown in their accounts. Any revaluation surplus or deficit arising each year is taken direct to
capital reserves.
(e)
(f)
Other Investments
Investments held on a long-term basis are stated at average cost. Provision is made for any diminution in value which is
considered to be permanent.
Fixed Assets
Fixed assets are stated at cost except for those which have been revalued. Surpluses arising on revaluation are credited
direct to capital reserves. Revaluation deficits are taken to the profit and loss account in the absence of or to the extent
that they exceed any surpluses held in reserves relating to previous revaluations.
The carrying amounts in respect of both revalued assets and those measured at cost are reviewed at each balance sheet
date to assess whether they are recorded in excess of their recoverable amounts. If carrying values exceed the recoverable
amounts, the assets are written down accordingly.
141
and Accounts
Report
Statutory
All fixed assets, except for freehold and long leasehold (i.e. with unexpired tenures of over 20 years) land, are depreciated
evenly over their expected useful lives and residual values have also been taken into account where appropriate. The
estimated useful lives of the Group’s fixed assets have been taken as follows:
Buildings
Short leasehold land and buildings
Machinery and equipment
Motor vehicles
30 to 50 years
Over period of lease (ranging from 2 to 20 years)
3 to 7 years
4 to 5 years
Profits or losses on disposal of all fixed assets are included in the profit and loss account. Any surpluses held in capital
reserves in respect of previous revaluations of fixed assets disposed of during the year are regarded as having become
realised and are transferred to the revenue reserves.

Keppel Land Limited
Summary of Significant Accounting Policies
(continued)
(g)
Investment Properties
Revaluation surpluses arising on annual valuations of the Group’s investment properties are credited direct to capital
reserves. Revaluation deficits are taken to the profit and loss account in the absence of or to the extent that they exceed
any surpluses held in reserves relating to previous revaluations.
Profits or losses on disposal of all investment properties are included in the profit and loss account. Any surpluses held in
capital reserves in respect of previous revaluations of investment properties disposed of during the year are regarded as
having become realised and are transferred to the profit and loss account.
(h)
Properties Held for Development
Properties held for development are stated at cost less impairment losses. Cost includes cost of land and construction,
related overhead expenditure and financing charges and other net costs incurred during the period of development.
They are considered completed and are transferred to investment properties or fixed assets when they are ready for their
intended use as defined in SAS 19.
Each property under development is accounted for as a separate project. Where a project comprises more than one
component, each component is treated as a separate project, and interest and other net costs are apportioned
accordingly.
Statutory Report and Accounts
142
(i)
Properties Held for Sale
Development properties held for sale are stated at the lower of cost and net realisable value. Cost includes cost of land
and construction, related overhead expenditure and financing charges and other net costs incurred during the period of
development. Upon receipt of temporary occupation permits, they are transferred to completed properties held for sale.
Profit recognised on partly completed projects which are held for sale is based on the percentage of completion method.
The profit recognition upon the signing of sales contracts for Singapore trading properties under development is 20% of
the total estimated profit attributable to the actual contracts signed. Subsequent recognition of profit is based on the
stage of development completion.
When losses are expected, full provision is made in the accounts after adequate allowance has been made for estimated
costs to completion. Any expenditure incurred on abortive projects is written off in the profit and loss account for the
year.
Profit on partly completed projects which are held for sale less any provision to reduce cost to estimated realisable value
as well as the profit or loss on sale of completed properties are included in the operating results for the year.
Completed properties held for sale are stated at the lower of cost and net realisable value. Cost includes cost of land and
construction, and interest incurred during the period of construction.

Keppel Land Limited
(j)
Stocks
Stocks are valued at the lower of weighted average cost and net realisable value after adequate provision is made for
damaged, obsolete or slow-moving stocks on an item by item basis. For finished goods and work-in-progress, cost
comprises materials, direct labour and an appropriate proportion of fixed and variable overheads.
Profits are not recognised on short-term contracts until the contracts are completed. In the case of partly completed
long-term contracts, profits are recognised using the percentage of completion method based on the stage of physical
completion. When losses are expected, full provision is established in the accounts after adequate allowance has been
made for estimated costs to completion.
Progress claims made against work-in-progress are offset against the cost of work-in-progress and the profits recognised
on partly completed long-term contracts less any provision required to reduce cost to estimated realisable value.
(k)
Trade Debtors and Other Debtors
Trade debtors are recognised and carried at original invoiced amounts less provisions for any uncollectible amounts.
Receivables from related companies are recognised and carried at cost less provosions for any uncollectible amounts.
Known bad debts are written off and specific provisions are made for any debts which are considered doubtful.
(l)
Trade and Other Creditors
Trade and other creditors are carried at cost which is the fair value of the consideration to be paid in the future for goods
and services received, whether or not billed to the Group. Payables to related companies are carried at cost.
(m) Revenue Recognition
Rental and related income from investment properties are recognised on an accrual basis.
143
and Accounts
Report
Statutory
Revenue recognition from trading properties are set out in paragraph (i) above.
Revenue from the rendering of services is recognised when the service is rendered.
Dividend income is recognised in the accounts when it is declared to be payable by the investee companies.
Interest income is recognised on an accrual basis.
(n)
Employee Benefits
The Company has in place Keppel Land Share Option Scheme for the granting of options to eligible employees of the
Group to subscribe for shares in the Company. Details of the scheme are disclosed in the Directors’ Report. Upon the
grant or exercise of the options, there are no charges to the profit and loss account as the exercise price of each grant of
options equals or approximates the market value of the shares at the time of grant.

Keppel Land Limited
Summary of Significant Accounting Policies
(continued)
(o)
Deferred Taxation
Deferred taxation is provided for under the liability method at current rates of taxation on the excess of book values of
fixed assets over their tax written down values, and timing differences on certain provisions or charges in the accounts for
which tax relief is not immediately available.
Future tax benefits arising from unutilised tax losses and capital allowances are recognised in the accounts only if there is
reasonable assurance that they will be utilised against future taxable profits. These future tax benefits are offset against
the deferred tax liability in the Group’s accounts.
(p)
Foreign Currencies
Foreign currency monetary assets and liabilities are converted into Singapore dollars, the currency in which these
accounts are stated, at the exchange rates ruling at the end of the year. Exchange differences arising from the conversion
are dealt with through the profit and loss account, or in reserves when foreign equity investments are hedged by foreign
currency borrowings.
Transactions arising in foreign currencies during the year are converted at rates closely approximating those ruling on the
transaction dates. Profits or losses arising from completed transactions are taken to the profit and loss account.
Statutory Report and Accounts
144
For inclusion in Group accounts, all assets and liabilities of foreign subsidiaries and associated companies are translated
into Singapore dollars at the exchange rates ruling at the end of the year. Exchange differences due to such currency
translations as well as the exchange differences in respect of offsetting foreign currency loans or other hedging
instruments are dealt with in reserves. The trading results of foreign subsidiaries and associated companies are translated
into Singapore dollars at the average exchange rates for the year.

Keppel Land Limited
(q)
Changes in Accounting Policy
In compliance with new SAS 8 on extraordinary items, SAS 34 on intangible assets and SAS 10 on events occurring after
the balance sheet date, the Group made the following modifications to its accounting policies:
(a)
(b)
(c)
Items outside normal business activities are now treated as “exceptional” instead of “extraordinary” and are shown
before determining profit before taxation;
Deferred expenditures (mainly pre-operating expenses) are now written-off in the year in which they are incurred
instead of being amortised over a few years; and
Proposed dividend previously recognised as a liability at balance sheet date is now recognised only after the
dividend has been declared payable. The final dividend proposed is presented as a separate component of
shareholders’ equity.
As a result of the abovementioned accounting changes, the comparative figures in the profit and loss accounts for the
year ended 31 December 2000 had been restated accordingly. The Company’s profit before taxation was reduced by
$2.8 million to $86.9 million, and Group attributable profit increased by $1.5 million to $122.1 million.
In addition, deferred expenditure of $15.5 million as at 1 January 2001 was adjusted against revenue reserves and
minority interests.
Goodwill arising on the acquisition of businessess being any excess of the cost of investments over the fair value of
identifiable net assets acquired is now amortised over its estimated useful life of not more than 20 years instead of
showing as a direct movement against shareholders’ interests. There was no impact due to this change in 2001 and 2000
as there were no additional goodwill amounts in both the years.
145
and Accounts
Report
Statutory

Keppel Land Limited
Notes to the Accounts
for the Year ended 31 December 2001
1. Principal Activities
The principal activity of the Company is that of a holding, management and investment company.
The principal activities of the Company and its subsidiary companies (“the Group”) consist of property investment,
development and management, and property-related services.
2. Revenue
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Sale of trading properties 114,079 338,189 - -
Rental income from investment properties 137,642 124,762 - -
Revenue from hotels, serviced apartments,
property services 48,816 37,541 - -
Sales / operating revenue 300,537 500,492 - -
Dividend income 2,296 2,859 71,721 67,362
Interest income 26,389 28,085 98,222 97,482
28,685 30,944 169,943 164,844
Statutory Report and Accounts
146
Total revenue 329,222 531,436 169,943 164,844
Sales represent the invoiced value of goods and services supplied. In respect of the Group, inter-company transactions
and the sales of associated companies have been excluded.

Keppel Land Limited
3. Operating Profit/(Loss)
The following amounts have been charged/
(credited) in arriving at the operating profit/ (loss):
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Depreciation of fixed assets:
Freehold buildings 5 651 5 6
Leasehold buildings 8,234 4,077 - -
Machinery, equipment and vehicles 10,273 12,007 - -
18,512 16,735 5 6
Auditors’ remuneration:
Auditors of the Company 401 341 90 90
Other auditors 49 51 - -
Directors’ remuneration:
Directors of the Company
Fees 147 160 147 160
Other emoluments 1,029 955 - -
Staff costs
Salaries and wages 28,360 24,539 - -
Employer’s contibution to defined contribution 2,553 1,472 - -
plans including Central Provident Fund
Other 2,789 1,998 - -
33,702 28,009 - -
147
and Accounts
Report
Statutory
Loss on sale of fixed assets 392 51 - -
Profit on sale of investment properties (1,393) - - -
Profit on sale of investment (2,390) - - -
Write-back of provision for doubtful debts (3,161) (75) (5,161) -
Provision for stock obsolescence - 822 - -
Provision for diminution in value of other investments 7,300 - - -
4. Investment and Interest Income
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Gross dividends from:
Unquoted subsidiary companies - - 70,052 66,424
Unquoted associated companies - - 1,669 938
Quoted investments 2,296 2,859 - -
Interest from deposits and short-term loans with:
Banks 10,052 12,757 8,252 10,557
Holding and related companies
(See note below) 75,474 72,753 89,103 81,628
Associated companies 5,954 6,497 551 4,788
Other companies 6,589 2,780 316 509
100,365 97,646 169,943 164,844
Interest capitalised (71,680) (66,702) - -
28,685 30,944 169,943 164,844

Keppel Land Limited
Notes to the Accounts
(continued)
Included in interest income of the Group is $71,680,000 (2000: $66,702,000) of interest earned from loans to certain
subsidiary companies which capitalised the interest as property development cost. Interest on deposits with related
companies is earned at rates ranging between 0.38 % to 6.44 % (2000: 0.63% to 6.44%) per annum.
5. Interest Expense
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
On Bonds 2001 and Bonds 2005 (17,938) (23,428) (8,938) (16,549)
On fixed term loans from banks (17,314) (14,801) (12,905) (7,450)
On other term loans and overdrafts from:
Related companies (62,007) (39,355) (54,700) (24,301)
Banks (12,378) (22,181) (206) (10,733)
Other companies (2,262) (3,291) (260) (132)
On Floating Rate Notes (8,608) (11,820) (8,608) (11,820)
Exchange on foreign currency borrowings - (2,826) - (2,826)
(120,507) (117,702) (85,617) (73,811)
Interest capitalised (see also Note 4) 71,680 66,702 - -
(48,827) (51,000) (85,617) (73,811)
Statutory Report and Accounts
148
Interest is charged by related companies at rates ranging from 1.41 % to 7.98 % (2000: 2.5% to 7.98%) per annum.
6. Exceptional Items
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Profit from sale of investment property - - 50,556 -
Loss from sales of shares in subsidiary companies - - (3) (2,852)
Provision for the write-down in the value of landbank (483,694) - - -
(483,694) - 50,553 (2,852)

Keppel Land Limited
7. Taxation
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Provision for current taxation based on
profit for the year:
Singapore 13,996 26,177 18,476 24,070
Other - - - -
Provision on share of profits of
associated companies 2,631 5,334 - -
Overprovision in respect of prior years (4,360) (2,149) - -
12,267 29,362 18,476 24,070
The Company’s tax rate is lower than the statutory rate due to profit on sale of an investment property and offshore
income which are not subject to tax.
The taxation charge for the Group is lower than the statutory rate due to (a) the gain from the sale of Cluny Hill bungalow
land plots which is not subject to tax, and (b) the utilisation of the tax losses and capital allowances by certain subsidiary
companies.
Tax losses and capital allowances relating to previous years of certain subsidiary and associated companies which were
utilised against taxable profit during the current year had the effect of reducing the Group’s overall taxation charge by
approximately $ 2,583,000 (2000: $3,876,000).
8. Dividend
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
149
and Accounts
Report
Statutory
Proposed dividend: 6 % (or 3 cents per share) less
tax [2000: 6% (or 3 cents per share) less tax] 16,049 16,045 16,049 16,045
Under-provision in respect of shares issued under
the Keppel Land Share Option Scheme 2 5 2 5
16,051 16,050 16,051 16,050

Keppel Land Limited
Notes to the Accounts
(continued)
9. Earnings per Share
Group
2001 2000
$’000 $’000
(a) The calculation of basic earnings / (loss) per
share is based on the following:
Profit / (loss) after tax and minority interests
but before extraordinary items (366,463) 122,114
Weighted average number of shares (‘000) 708,506 706,896
(b) The calculation of diluted earnings / (loss)
per share is based on the following:
The average fair value of one ordinary share ($) 1.87 2.28
Statutory Report and Accounts
150
Weighted average number of shares
(used in the calculation of basic earnings
per share) (‘000) 708,506 706,896
Number of unissued shares under
option (‘000) 4,955 2,790
Number of shares that would have been
issued at fair value (‘000) (3,497) (1,890)
Weighted average number of shares 709,964 707,796

Keppel Land Limited
10. Share Capital
Group and Company Company and Company
2001 2000 2001 2000
Shares Shares $’000 $’000
$’000 $’000
Authorised: 1,000,000,000 shares of 50 cents each with
equal voting rights 1,000,000 1,000,000 500,000 500,000
Issued and fully paid: 708,573,081 (2000: 708,379,081)
shares of $0.50 each 708,573 708,379 354,287 354,190
Issued and fully paid:
At 1 January 708,379 706,534 354,190 353,267
Shares issued under the Keppel Land
Share Option Scheme 194 1,780 97 890
Shares issued upon exercise of Keppel
Land Warrants 2000 - 65 - 33
At 31 December 708,573 708,379 354,287 354,190
During the year, the Company issued 194,000 shares comprising 27,000 shares at $1.58 per share, 67,000 shares at
$0.56 per share and 100,000 shares at $1.71 per share to certain full time employees on exercise of options under the
Keppel Land Option Scheme.
At 31 December 2001, there were options granted to certain employees to take up 10,551,000 unissued shares in the
Company as follows:
Subscription Price Number of
$ Shares
151
and Accounts
Report
Statutory
4.16 728,000
3.86 739,000
1.58 330,000
0.56 480,000
1.71 427,000
2.48 1,208,000
1.87 1,258,000
2.47 1,663,000
1.35 3,718,000
10,551,000
Except under certain circumstances, an option may be exercised after two years from the date of grant but not
later than the expiry date. The shares under option may be exercised in full or in respect of 100 shares or a multiple
thereof on the payment of the subscription price.
The full-time employees to whom the options have been granted do not have the right to participate by virtue of the
options in a share issue of any other company.
Further information on the Keppel Land Share Option Scheme is disclosed in the Directors’ Report.

Keppel Land Limited
Notes to the Accounts
(continued)
11. Reserves
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Share premium 812,086 811,932 812,086 811,932
Capital reserves
Capital redemption reserves 3,993 3,993 - -
Bond premium - 4,057 - 4,057
Asset revaluation and other reserves 649,416 898,654 79,373 784,270
653,409 906,704 79,373 788,327
Foreign currency translation account (137,982) (134,118) (82,537) (55,128)
Revenue reserves
Retained profit / (loss) (80,441) 297,907 438,150 337,294
Dividend 16,049 16,045 16,049 16,045
(64,392) 313,952 454,199 353,339
Statutory Report and Accounts
152
1,263,121 1,898,470 1,263,121 1,898,470
Revenue reserves retained in:
Company 454,199 353,339 454,199 353,339
Subsidiaries (521,473) (49,284) - -
Associated companies 2,882 9,897 - -
(64,392) 313,952 454,199 353,339
Capital redemption reserves represent the amount by which the issued share capital of the subsidiaries are diminished on
cancellation of shares bought-back.
Asset revaluation reserves of the Group represent mainly the revaluation surplus from the Group’s investment buildings.
Asset revaluation reserves of the Company represent mainly the revaluation surplus of its subsidiary and associated
companies.
None of the above capital reserves is free for distribution as dividends.
The foreign currency translation account represents exchange differences arising from the translation of the financial
statements of foreign subsidiaries and associated companies, and exchange differences in respect of offsetting foreign
currency loans. The Group’s investments in Indonesia have been written down vide such year-end translation of foreign
currencies, and the deficits have been included in this foreign currency translation account.
Revenue reserves are retentions of distributable profits. However, based on estimated tax-exempt shipping profits and
tax credits available in Singapore and Malaysia, and the prevailing tax rates applicable to dividends, reserves of the
Company amounting to $212,010,000 (2000: $152,267,000) are available for distribution as dividends without incurring
additional tax liability.

Keppel Land Limited
12. Long-term Borrowings
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Bonds due 2005, secured 180,000 180,000 - -
Floating Rate Notes, unsecured:
Due 2002 (See Note 27) - 112,000 - 112,000
Bank borrowings:
Secured (see also Note 27) 405,458 - - -
Unsecured 310,156 204,095 252,816 150,000
715,614 204,095 252,816 150,000
Loans from related companies, unsecured 1,613,382 871,374 1,573,382 831,623
Total 2,508,996 1,367,469 1,826,198 1,093,623
The Group’s secured bonds due 2005 bear interest at a fixed rate of 5% per annum. The security is a mortgage of
property held by a subsidiary company.
The Group’s secured bank borrowings bear interest at rates ranging from 2.53% to 2.81% (2000: 4.69% to 4.81%)
per annum. The securities are mortgages of properties held by subsidiary companies.
153
and Accounts
Report
Statutory
Interest on the Group’s unsecured bank borrowings is payable at rates ranging from 2.44% to 10% (2000: 4.5% to
10%) per annum.
The above long-term borrowings are repayable between two to five years. Borrowings repayable within one year are
shown under current liabilities.
Loans from related companies have no fixed terms of repayment and are not expected to be repaid over the next
12 months. Interest is payable at rates ranging from 1.41% to 7.98% (2000: 2.5% to 7.98%) per annum.

Keppel Land Limited
Notes to the Accounts
(continued)
13. Fixed Assets
Land and Buildings Machinery,
Long Equipment
Freehold Lease & Vehicles Total
$’000 $’000 $’000 $’000
GROUP
Cost or Valuation
At 1 January 2001
Valuation 2000 8,279 - - 8,279
Cost 1,842 199,694 136,573 338,109
10,121 199,694 136,573 346,388
Additions - 6,777 881 7,658
Disposals - (338) (4,630) (4,968)
Assets of subsidiaries acquired - 480 55 535
Reclassification (1,721) - 1,721 -
Exchange differences arising on consolidation (52) 7,540 5,753 13,241
At 31 December 2001 8,348 214,153 140,353 362,854
Statutory Report and Accounts
154
Representing:
Valuation 2000 6,506 - - 6,506
Cost 1,842 214,153 140,353 356,348
8,348 214,153 140,353 362,854
Land and Buildings Machinery,
Long Equipment
Freehold Lease & Vehicles Total
$’000 $’000 $’000 $’000
Depreciation
At 1 January 2001 677 4,089 64,185 68,951
Depreciation for the year 5 8,234 10,273 18,512
Disposals - (54) (4,555) (4,609)
Asset of subsidiaries acquired - 74 15 89
Reclassification (627) - 627 -
Exchange differences arising on consolidation 13 361 1,668 2,042
At 31 December 2001 68 12,704 72,213 84,985
Depreciation for 2000 651 4,077 12,007 16,735
Net Book Value
At 31 December 2001 8,280 201,449 68,140 277,869
At 1 January 2001 9,444 195,605 72,388 277,437
As at 31 December 2001, the net book value of assets which had been revalued, if based on cost, would be $33,284,000
(2000: $33,523,000).
The freehold property stated at Directors’ valuation is based on the valuation (open market value basis) by Herron Todd
White, an independent firm of professional valuers as at 31 December 2000. There is no valuation report as at
31 December 2001 as a sale and purchase agreement has been entered into for the sale of the property before the
balance sheet date, and the sale price is higher than the carrying value.

Keppel Land Limited
Freehold
Land and
Buildings
$’000
COMPANY
Cost
At 1 January 2001 and at 31 December 2001 156
Depreciation
At 1 January 2001 63
Depreciation for the year 5
At 31 December 2001 68
Depreciation for 2000 6
Net Book Value
At 31 December 2001 88
At 1 January 2001 93
14. Investment Properties
Group
Land and Buildings
Company
Freehold
Long
Land and
Freehold Lease Total Building
$’000 $’000 $’000 $’000
At valuation
At 1 January 2001 697,652 1,997,808 2,695,460 39,700
Additions 70 3,855 3,925 -
Disposals (4,940) (2,430) (7,370) -
Transfer to a subsidiary company - - - (51,500)
Revaluation surplus / (deficit) (46,486) (179,645) (226,131) 11,800
Reclassification to properties held for sale (128,096) - (128,096) -
Exchange differences arising on consolidation 60 6,886 6,946 -
155
and Accounts
Report
Statutory
At 31 December 2001 518,260 1,826,474 2,344,734 -
The Group’s investment properties (including integral plant and machinery) are stated at Directors’ valuation based on
the following valuations (open market value basis) by independent firms of professional valuers as at 31 December 2001:
(a) Colliers Jardine Consultancy & Valuation (Singapore) Pte Ltd for properties in Singapore;
(b) F P D Savills (Singapore) Pte Ltd for properties in Vietnam.
Based on these valuations, the Group’s share of net deficit over their book value amounted to $186,885,000 and has
been taken direct to capital reserves. As at 31 December 2000, the Group’s share of net surplus over their book value
amounted to 40,900,000 and had not been taken up in the accounts for that financial year.
Included in the above item of ”Reclassification to properties held for sale” of $128,096,000 is the value of the ten
bungalows located at Cluny Hill previously held as investment properties. During 2001, the bungalows were
demolished and the land subdivided into 16 land plots. These land plots are intended for sale, and have been
reclassified to “Properties held for sale” (Note 19).
Properties amounting to $1,016,400,000 (2000: $1,140,000,000) in value and included in the above balances are jointly
mortgaged to banks as securities for borrowings referred to in Note 12.

Keppel Land Limited
Notes to the Accounts
(continued)
15. Properties Held for Development
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Properties held for development comprise:
Land cost 96,062 92,666 - -
Development cost incurred todate 71,999 63,477 - -
168,061 156,143 - -
Properties held for development are transferred to fixed assets or investment properties when the respective
development is completed.
16. Subsidiary Companies
Company
2001 2000
$’000 $’000
Statutory Report and Accounts
156
At Directors’ valuation
Quoted shares 27,455 11,674
(Market value $12,825,000; 2000 : $ 9,035,000)
Unquoted shares 1,234,386 1,843,026
1,261,841 1,854,700
Advances to subsidiary companies (Non-trade) 1,858,611 1,913,805
3,120,452 3,768,505
Less: Advances from subsidiary companies (Non-trade) (5,680) (192,683)
3,114,772 3,575,822
The advances to and from subsidiary companies are unsecured and have no fixed terms of repayment. Interest-bearing
advances to and from subsidiary companies are charged at rates ranging from 4.2% to 6% (2000: 4.5% to 8.75%)
per annum.
The Company’s investment in its subsidiary companies is stated at the attributable share of their combined net asset
value. The revaluation deficit for the year amounting to $666,592,000 (2000: surplus of $31,063,000) is taken direct to
capital reserves.

Keppel Land Limited
17. Associated Companies
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
At Directors’ valuation - - 306,376 312,043
At cost 324,882 292,826 - -
Share of post-acquisition retained revenue reserves
(Distributable) 2,882 9,897 - -
Capital and other reserves (Non-distributable) 60,871 60,411 - -
Investment in associated companies
(See note below) 388,635 363,134 306,376 312,043
Advances to associated companies (Non-trade) 352,450 163,216 52,046 60,233
Advances from associated companies (Non-trade) (4,800) (3,564) (2,119) (1,753)
736,285 522,786 356,303 370,523
Investment in associated companies is represented by:
Quoted shares
(Market value $18,352,000; 2000: $5,565,000) 26,071 33,443 26,071 33,443
Unquoted shares 362,564 329,691 280,305 278,600
388,635 363,134 306,376 312,043
The advances to and from associated companies are unsecured, have no fixed terms of repayment and are not expected
to be repaid during the next 12 months. Interest is charged at rates ranging from 1.63% to 3.13% (2000: 2.85% to
3.73%) per annum on interest-bearing advances to associated companies.
157
and Accounts
Report
Statutory
The Company’s and the Group’s investments in associated companies are stated at the attributable share of their
combined net asset value. The revaluation surplus for the Company for the year of $346,000 (2000: $16,556,000) is
taken direct to capital reserves.

Keppel Land Limited
Notes to the Accounts
(continued)
Details of the Group’s share of the sales, profits less losses, and retained revenue reserves of associated companies are as
follows:
Group
2001 2000
$’000 $’000
Sales 74,327 97,610
Profit before taxation 8,448 10,436
Taxation (2,631) (5,334)
Profit after taxation 5,817 5,102
Retained revenue reserves:
At 1 January 9,897 13,989
Profit for the year 5,817 5,102
Dividends (3,443) (1,085)
Adjustment arising from change in Group structure 5,628 -
Transfer to capital reserves (15,017) (12,193)
Prior year adjustment - 4,084
At 31 December 2,882 9,897
Statutory Report and Accounts
158
18. Other Investments
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Quoted shares in corporations, at cost 2,692 38,705 - -
Unquoted shares in corporations, at cost 80,373 125,043 7,288 7,288
Convertible loan stock, at cost 2,000 2,000 2,000 2,000
85,065 165,748 9,288 9,288
Provisions (12,468) (5,168) (5,168) (5,168)
72,597 160,580 4,120 4,120
Analysis of provisions:
At 1 January (5,168) (5,168) (5,168) (5,168)
Provision during the year (7,300) - - -
At 31 December (12,468) (5,168) (5,168) (5,168)
Market value of quoted investments 10,125 44,575 - -
Unquoted shares in corporations, at cost represent mainly the Group’s interest in the underlying property development
project undertaken by a Hong Kong corporation.

Keppel Land Limited
19. Properties held for sale
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
(a) Properties under development
Land cost 1,489,180 1,394,891 - -
Development cost incurred todate 76,286 182,792 - -
Related overhead expenditure 241,526 157,310 - -
Development profit / (loss) (18,729) 8,717 - -
Progress billings received and receivable (48,410) (26,878) - -
Provisions (810,050) (326,356) - -
929,803 1,390,476 - -
(b) Completed properties and land held for sale 112,407 32,808 - -
Total 1,042,210 1,423,284 - -
Analysis of provisions:
At 1 January (326,356) (438,233) - -
Provision during the year (483,694) - - -
Provisions utilised - 142,974 - -
New subsidiary companies - (31,097) - -
At 31 December (810,050) (326,356) - -
159
and Accounts
Report
Statutory
Interest capitalised during the year was $ 77,726,000 (2000 : $66,643,000) at rates ranging from 4.95% to 8.44%
(2000 : 4.25% to 8.44%) per annum.
In 2000, properties amounting $43,720,000 in value and included in the above balances are jointly mortgaged to banks
as securities for borrowings referred to in Note 27.
20. Stocks
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Spare parts and consumable stores 3,732 3,641 - -
Analysis of provision for stocks:
At 1 January 822 - - -
Provision during the year - 822 - -
Provisions utilised (616) - - -
At 31 December 206 822 - -

Keppel Land Limited
Notes to the Accounts
(continued)
21. Trade Debtors
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Trade debtors are stated after providing
for doubtful debts of 1,532 1,532 - -
Analysis of provision for doubtful debts:
At 1 January 1,532 1,635 - -
Provision during the year - - - -
Provision written back - (75) - -
Currency alignment - (28) - -
At 31 December 1,532 1,532 - -
22. Other Debtors
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Statutory Report and Accounts
160
Prepaid project costs and prepayments 7,050 2,471 682 644
Deposits paid 1,067 1,322 - -
Staff loans 1,170 1,035 - -
Advances to corporations in which the
Group has investment interests 34,808 39,969 1,608 6,769
Advances to minority shareholders of
subsidiary companies 11,601 47,241 - -
Other debtor 13,911 13,637 - -
Other recoverable amounts 18,739 14,617 1,092 2,858
88,346 120,292 3,382 10,271
Less: Provision (3,766) (6,927) (1,708) (6,869)
84,580 113,365 1,674 3,402
Analysis of provision:
At 1 January (6,927) (6,927) (6,869) (6,869)
Provision during the year (2,000) - - -
Provision written back 5,161 - 5,161 -
At 31 December (3,766) (6,927) (1,708) (6,869)
Advances to corporations are unsecured and have no fixed terms of repayment. Interest is charged at rates ranging from
3.31% to 7.94% (2000: 7.19% to 7.94%) per annum on interest-bearing advances. These advances represent mainly the
Group’s interest in the underlying property development project undertaken by a Singapore corporation.
Advances to minority shareholders are unsecured, have no fixed terms of repayment and are interest free.

Keppel Land Limited
23. Amounts Owing by / (to) Holding and Related Companies
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Current account (non-trade):
Amount owing by / (to) holding company 1,339 (397) (21) -
Amount owing by / (to) related companies (2,412) (1,959) (3,028) (3,421)
(1,073) (2,356) (3,049) (3,421)
Deposits and short-term borrowings:
Surplus cash deposited with related companies 117,921 174,300 38,273 48,055
Advances to holding company 5,000 5,000 - -
Advances to related companies 36,559 46,765 6,353 13,280
Short-term borrowings from related
companies, unsecured (17,166) (72,922) - -
142,314 153,143 44,626 61,335
Total 141,241 150,787 41,577 57,914
Included in cash deposited with related companies
are amounts held under Project Account Rules
1985, withdrawals from which are restricted
to payment for expenditures incurred on projects - 25,217 - -
Borrowings from related companies are repayable within one year, and bear interest at rates ranging from 1.41% to
7.98% (2000: 2.5% to 7.35%) per annum.
161
and Accounts
Report
Statutory
The immediate and ultimate holding company is Keppel Corporation Limited, incorporated in Singapore.
Related companies are subsidiary companies of Keppel Corporation Limited.
24. Fixed Deposits, Bank Balances and Cash
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Amounts held under Project Account Rules
1985 withdrawals from which are
restricted to payment for expenditure
incurred on projects 1,423 2,368 - -

Keppel Land Limited
Notes to the Accounts
(continued)
25. Other Creditors
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Deposits received 27,038 28,113 - 75
Loans from minority shareholders of
certain subsidiary companies 200,394 233,606 - -
Interest payable 28,104 48,915 2,468 6,707
Retention monies 10,710 16,433 - -
Payable on acquisition of subsidiaries - 54,176 - 54,176
Accruals 190,049 163,335 6,037 3,405
456,295 544,578 8,505 64,363
The loans from the minority shareholders of certain subsidiary companies are unsecured and have no fixed terms of
repayment. Interest is payable at rates ranging from 4.2% to 6% (2000: 4.5% to 6%) per annum.
Statutory Report and Accounts
162
26. Net Tax Provision
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Provision for taxation 51,983 77,531 3,600 10,735
Income tax refund receivable (5,115) (8,356) - -
46,868 69,175 3,600 10,735
Subject to Sections 23 and 37 of the Income Tax Act, Cap 134, the Group has certain unutilised tax losses of
$392,259,000 (2000: $334,012,000) and capital allowances of $17,196,000 (2000: $25,728,000) at 31 December 2001
for which related tax benefits totalling $100,318,000 (2000: $88,139,000) have not been included in the accounts.
27. Short-term Borrowings
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Floating Rate Notes, due 2001 and due 2002,
unsecured (see Note 12) 83,500 280,250 83,500 280,250
Bonds 4 15/16 % due 2001, unsecured - 200,000 - 200,000
Bank borrowings:
Secured - 256,306 - -
Unsecured 45,571 224,926 - 152,205
45,571 481,232 - 152,205
Total 129,071 961,482 83,500 632,455

Keppel Land Limited
In 1996, the Company entered into a series of agreements relating to $300,000,000 Floating Rate Notes due 2001 and
$200,000,000 Floating Rate Notes due 2002 (“Notes”). The Notes are unsecured and issued in tranches, and will mature
five years from the respective dates of issue. Interest payable is based on money market rates ranging from 1.06% to
4.75% (2000: 2.44% to 4.75%) per annum.
On 26 November 1996, the Company issued $200,000,000 unsecured 4 15/16 % Bonds due 2001. The Bonds were fully
redeemed at their principal amounts on 26 November 2001 and cancelled.
Unsecured bank borrowings bear interest at rates ranging from 4.09 % to 9.06 % (2000: 4.11% to 8.44%) per annum,
and are repayable within one year. In 2000, secured loans were secured by mortgages of properties held by two
subsidiary companies.
As at 31 December 2001, related companies had no holdings of Bonds and Floating Rate Notes. The amounts held as at
31 December 2000 were:
Bonds 4 15/16 % due 2001 $73,750,000
Floating Rate Notes $2,000,000
28. Sales, Profits and Assets Employed by Segment
(a) By Industry – Segment
The Group operates principally in the property sector.
(b) By Geographical Location – 2001
Far East and
ASEAN
other than Australia Consolidated
Singapore Singapore and Others Total
$’000 $’000 $’000 $’000
163
and Accounts
Report
Statutory
Sales to third parties 207,408 67,601 25,528 300,537
Operating profit 118,398 9,506 (4,030) 123,874
Segment assets 3,225,977 826,745 47,326 4,100,048
Capital expenditure 6,222 8,339 89 14,650
Depreciation charge 463 17,905 144 18,512
(c) By Geographical Location - 2000
Far East and
ASEAN
other than Australia Consolidated
Singapore Singapore and Others Total
$’000 $’000 $’000 $’000
Sales to third parties 398,611 49,846 52,035 500,492
Operating profit 160,544 9,021 1,655 171,220
Segment assets 4,022,486 789,765 91,456 4,903,707
Capital expenditure 33,036 85,015 - 118,051
Depreciation charge 1,658 14,946 131 16,735

Keppel Land Limited
Notes to the Accounts
(continued)
29. Capital Commitments
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
(a) Estimated development costs for
investment properties :
(i) Contracted for - 4,702 - -
(ii) Not contracted for 4,600 69,356 - -
(b) Estimated development costs for
properties for sale:
(i) Contracted for 228,948 204,610 - -
(ii) Not contracted for 671,650 265,628 - -
905,198 544,296 - -
Less: Minority shareholders’ share (78,972) (15,208) - -
826,226 529,088 - -
Statutory Report and Accounts
164
(c) Estimated capital subscription in associated
companies 227,243 69,004 67,535 69,004
(d) Capital subscription in other corporations 45,900 43,450 45,900 43,450
30. Contingent Liabilities, Unsecured
Group
Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Guarantees given to financial institutions in
connection with:
(a) Facilities given to subsidiary companies - - 68,596 50,919
(b) Facilities given to associated companies 346,304 328,546 338,861 321,534
(c) Facilities given to corporations in which
the Group has long-term investments - 121,817 - 121,817
No material losses under these unsecured guarantees are expected.

Keppel Land Limited
31. Significant Related Party Transactions
(a) The following are the significant inter-company transactions entered into by the Company with:
2001 2001 2000 2000
Holding
Holding
Company
Company
and Fellow Subsidiary and Fellow Subsidiary
Subsidiaries Companies Subsidiaries Companies
$’000 $’000 $’000 $’000
Interest income 1,497 87,606 2,928 78,700
Interest expense (54,700) - (24,301) -
(b) Significant inter-company transactions entered into by the Group with the holding company, fellow subsidiaries and
related parties are as follows:
2001 2000
$’000 $’000
Interest income 3,794 6,051
Interest expense (62,007) (39,355)
Management fees paid (1,615) (1,324)
Rental income 6,122 9,105
Project management fees received 2,794 1,406
Property management fees received 65 65
Marketing commission received 88 3,059
165
and Accounts
Report
Statutory
32. Information Required by Paragraph 7 of the Ninth Schedule of the Companies Act
Amounts Payable
Amount Payable
by the Company
to the Company
2001 2000 2001 2000
$’000 $’000 $’000 $’000
Not later than two years 359,269 1,017,410 1,956,957 2,038,775
Later than two years but not more than five years 1,573,382 981,623 - -
Later than five years - - - -
1,932,651 1,999,033 1,956,957 2,038,775

Keppel Land Limited
Notes to the Accounts
(continued)
33. Financial Instruments
Financial Risk Management Objectives and Policies
The Group is exposed to a variety of market risks including the effects of changes in interest rate and foreign currency
exchange rates.
To manage the market risks the Group uses derivative financial instruments where appropriate, for example interest rate
swaps, interest rate cap agreements and forward foreign exchange contracts. The Group does not issue or hold derivative
financial instruments for trading purposes.
The risk management policies are summarised as follows:
Interest Rate Risk
The Group’s exposure for changes in interest rates is in respect of deposits and debt obligations with related companies
and external financial institutions.
The interest rate management policy is aimed at optimising net interest cost and reducing volatility. The Group borrows
a mix of fixed and variable rate debt with varying tenors. The Group also uses interest rate swaps to hedge the
underlying debt obligations.
Statutory Report and Accounts
166
Foreign currency risk
The Group is exposed to foreign exchange movements on its net investment in foreign subsidiaries, which generate
revenue and incur costs denominated in foreign currencies. Assets held in foreign currencies are, to a large extent,
financed by borrowings in the same currencies. Where appropriate, the Group will also enter into forward foreign
exchange contracts to hedge against its foreign exchange risk in anticipated purchase or sale transactions denominated in
foreign currencies.
Credit risk
Credit risk arises in the event of the inability of a counterparty to meet the terms of the Group’s financial instrument
contracts. It is generally limited to the amounts, if any, by which the counterparty’s obligations exceed the obligations of
the Group. It is also the Group’s policy to enter into financial instrument contracts with a diversity of prime financial
institutions.

Keppel Land Limited
34. Fair Value of Financial Assets and Liabilities
The carrying amounts of the following financial assets and liabilities of the Group and Company approximate their fair
values : bank and cash balances, debtors, creditors and short-term borrowings.
The fair values of the long-term borrowings as at 31 December 2001 are as stated below. They are estimated using
discounted cash flow analysis based on current rates for similar types of borrowing arrangements.
Group
Company
Carrying Fair Carrying Fair
Amount Value Amount Value
$’000 $’000 $’000 $’000
Long-term borrowings 2,508,996 2,517,231 1,826,198 1,828,848
35. Comparative Figures
Certain comparative figures have been reclassified to conform with this year’s presentation, and with the revised
accounting policies arising from changes in the Singapore SASs as set out in paragraph (q) of the Summary of Significant
Accounting Policies.
36. Post Balance Sheet Date Events
On 7 January 2002, the Company announced the establishment of a US$800 million Multicurrency Medium Term Note
Programme (“MTN Programme”). Under this MTN Programme, the Company can issue notes in series or tranches and
may be denominated in Singapore dollars, US dollars or other currency deemed appropriate at the time. The net proceeds
from the issuance of the notes will be used for the purposes of refinancing existing borrowings, providing for working
capital requirements or for such other purposes as may be agreed between the Company and the dealers.
167
and Accounts
Report
Statutory
37. Group Companies
Information relating to the subsidiary companies consolidated in these accounts and to the associated companies whose
results are included in the accounts is given on pages 168 to 174.
The accounts of the Company and the consolidated accounts of the Group are expressed in Singapore dollars.
38. Corporate Information
The Company is incorporated in Singapore and is listed on the Singapore Exchange Securities Trading Limited. The
address of its registered office is 230 Victoria Street #15-05, Bugis Junction Towers, Singapore 188024.
The financial statements of Keppel Land Limited for the year ended 31 December 2001 were authorised for issue in
accordance with a resolution of the Directors on 22 March 2002.
The number of employees as at 31 December 2001 was 1,840 (2000 : 1,848 employees).

Keppel Land Limited
Subsidiary and Associated Companies
Statutory Report and Accounts
168
Country of
Effective
Incorporation/
Equity Interest Cost of Investment Place of
PROPERTY 2001 2000 2001 2000 Business Principal Activities
% % $’000 $’000
Subsidiaries
Acresvale Investment Pte Ltd 100 100 1 1 Singapore Property development
and investment
Bintan Bay Resort Pte Ltd* 90 90 1,607 1,607 Singapore Investment holding
Boulevard Development Pte Ltd * 100 100 1 1 Singapore Investment holding
(Formerly known as Yang Zong Hai
Development Pte Ltd)
Bugis Junction Asset 57 57 11 11 Singapore Investment holding
Management Pte Ltd *
Bukit Timah Hill Development Pte Ltd Singapore Property development
Ordinary Shares 100 100 15,381 15,381
Preference Shares 100 100 25,000 25,000
Capital Square Pte Ltd * 70 70 101,500 101,500 Singapore Property investment
Daysville Development Pte Ltd * 46 46 1 1 Singapore Investment holding
Denton Investment Pte Ltd 100 100 - - Singapore Investment holding
Dovesdale Development Pte Ltd 100 100 1 1 Singapore Investment holding
Earnwell Pte Ltd 100 100 4 4 Singapore Property investment
Evansville Investment Pte Ltd 100 100 41,938 41,938 Singapore Property development
Experre Pte Ltd Singapore Investment holding
Ordinary Shares 100 100 104 104
Preference Shares 100 100 12,500 12,500
Fernland Investment Pte Ltd 55 55 1,651 1,651 Singapore Investment holding
Flanningan Investment Pte Ltd Singapore Investment holding
Ordinary Shares 100 100 10 10
Preference Shares 100 100 8,500 8,500
Glenville Estate Investment Pte Ltd 100 100 1 1 Singapore Investment holding
Goodways Investment Pte Ltd 60 60 1,261 1,261 Singapore Investment holding
Grandsdale Investment Pte Ltd 100 100 1 1 Singapore Investment holding
Greenfield Development Pte Ltd Singapore Investment holding
Ordinary Shares 100 100 101 101
Preference Shares 100 100 125,400 125,400
Harvestland Development Pte Ltd 100 100 1 1 Singapore Property development
and investment
Health Services Investment of 100 100 1,350 1,350 Singapore Investment holding
Singapore Pte Ltd *
Health Services Management of 100 100 45 45 Singapore Health services
Singapore Pte Ltd *
management
High Point Development Pte Ltd 100 100 121 121 Singapore Investment holding
Hillsvale Resort Pte Ltd 100 100 1 1 Singapore/China Property investment
Hospitality Sales Pte Ltd 100 100 1 1 Singapore Hotel and resort
management

Keppel Land Limited
Country of
Effective
Incorporation/
Equity Interest Cost of Investment Place of
PROPERTY 2001 2000 2001 2000 Business Principal Activities
% % $’000 $’000
Subsidiaries
Hotel Procurement Pte Ltd 100 100 11 11 Singapore Hotel services
KeplandeHub Limited Singapore Investment holding
Ordinary Shares 100 100 100 100
Preference Shares 100 100 40,000 40,000
Keppel Digihub Holdings Pte Ltd * 100 100 1 1 Singapore Investment,
management and
holding company
Keppel Digihub Ltd* 100 100 1,000 1,000 Singapore Property investment
Keppel Land China Holdings Pte Ltd 100 100 1 1 Singapore Investment holding
(Formerly known as
Aldrich Investment Pte Ltd)
Keppel Land Construction Management 100 100 101 101 Singapore Management services
Pte Ltd
Keppel Land Estate Pte Ltd 100 100 1 1 Singapore Investment holding
Keppel Land International Limited Singapore Property services
Ordinary Shares 100 100 28 28
Preference Shares 100 100 30,000 30,000
Keppel Land Investment Pte Ltd 100 100 1 1 Singapore Investment holding
Keppel Land Properties Pte Ltd Singapore Investment holding
Ordinary Shares 100 100 5,509 5,509
Preference Shares 100 100 200,000 200,000
Keppel Land Realty Pte Ltd 100 100 1,006 1,006 Singapore Property development
and investment
Keppel Land (Mayfair) Pte Ltd * 100 100 1,000 1,000 Singapore Property development
Keppel Land (Palm Gardens) Pte Ltd * 100 100 1,000 1,000 Singapore Property development
Keppel Land (Villa Verde) Pte Ltd * 100 100 1,000 1,000 Singapore Property development
Keppel Land (Tower D) Pte Ltd * 100 100 139,000 139,000 Singapore Property development
and investment
Keppel Land (Indonesia) Pte Ltd 100 100 1 1 Singapore Investment,
management and
holding company
Keppel Land (Philippines) Pte Ltd 100 100 1 1 Singapore Investment,
management and
holding company
Keppel Land Fund Management Ltd 100 - 6 - Singapore Fund management
(Incorporated on 16.6.2001)
Kingsley Investment Pte Ltd 100 100 - - Singapore Investment holding
Le Vision Pte Ltd
(Incorporated on 6.7.2001) 100 - 2 - Singapore Investment holding
Mansfield Developments Pte Ltd 100 100 2,336 2,336 Singapore Property development
Mansfield Realty Limited 100 100 1,198 1,198 Singapore Property investment
Meadowsville Investment Pte Ltd Singapore Investment holding
Ordinary Shares 100 100 1 1
Preference Shares 100 100 54,000 54,000
Merryfield Investment Pte Ltd* 100 100 1 1 Singapore Investment holding
169
and Accounts
Report
Statutory

Keppel Land Limited
Subsidiary and Associated Companies
(continued)
Statutory Report and Accounts
170
Country of
Effective
Incorporation/
Equity Interest Cost of Investment Place of
PROPERTY 2001 2000 2001 2000 Business Principal Activities
% % $’000 $’000
Subsidiaries
Montfort Development Pte Ltd Singapore Investment holding
Ordinary Shares 100 100 101 101
Preference Shares 100 100 28,000 28,000
Ocean & Capital Properties Pte Ltd 85 85 18,037 18,037 Singapore Property development
Ocean Properties Pte Ltd * 76 76 406,780 406,780 Singapore Property investment
Oceandale Investment Pte Ltd 100 100 1 1 Singapore Management and
consultancy services
OIL (Asia) Pte Ltd Singapore Financial services
Ordinary Shares 100 100 9,931 9,931
Preference Shares 100 100 80,000 80,000
Palmsville Investment Pte Ltd 84 84 85 85 Singapore Investment holding
Pasir Panjang Realty Pte Ltd 100 100 9,170 9,170 Singapore Property investment
Prestige Landmark Pte Ltd 51 51 510 510 Singapore Investment holding
Rosedale Properties Pte Ltd 70 70 1,051 1,051 Singapore Investment holding
Saigon Centre Holdings Pte Ltd Singapore Investment holding
Ordinary Shares 100 100 101 101
Preference Shares 100 100 63,000 63,000
Sedona Clubs and Resorts International 100 100 1 1 Singapore Club management
Pte Ltd
Sedona Hotels International Pte Ltd 100 100 101 101 Singapore Hotel and resort
management
Semtec Construction Pte Ltd 63 63 316 316 Singapore Building retrofitting
and construction
Sherwood Development Pte Ltd 100 100 1,505 1,505 Singapore Property development
Silkland Investment Pte Ltd Singapore Investment holding
Ordinary Shares 100 100 100 100
Preference Shares 100 100 10,800 10,800
Spring City Resort Pte Ltd Singapore Investment holding
Ordinary Shares 100 100 101 101
Preference Shares 100 100 39,000 39,000
Starville Investment Pte Ltd * 70 70 1,000 1,000 Singapore/ Property investment
Australia
Steadfast Development Pte Ltd* 36 36 2,110 2,110 Singapore Property development
Straits Mansfield Property Marketing Pte Ltd 100 100 12 12 Singapore Provision of
marketing services
Straits Properties Limited 100 100 74,492 74,492 Singapore Investment, holding
and property
management
Straits Property Investments Pte Ltd 100 100 200,136 200,136 Singapore Investment holding
Straits Property Management Pte Ltd 100 100 28 28 Singapore Property management
and estate agency
services

Keppel Land Limited
Country of
Effective
Incorporation/
Equity Interest Cost of Investment Place of
PROPERTY 2001 2000 2001 2000 Business Principal Activities
% % $’000 $’000
Subsidiaries
Straits Steamship Retail Management Pte Ltd 100 100 101 101 Singapore Management of retail
centres
Straits-CM Village Hotel Pte Ltd * 39 39 2 2 Singapore Property investment
Straits-KMP Resort Development Pte Ltd * 46 46 1,786 1,786 Singapore Investment holding
Sunlake Development Pte Ltd Singapore Investment holding
Ordinary Shares 100 100 101 101
Preference Shares 100 100 13,000 13,000
Swansville Investment Pte Ltd 100 100 1 1 Singapore Investment holding
Tat Chuan Development Pte Ltd 100 100 26,117 26,117 Singapore Property development
Toshmatic Pte Ltd Singapore Investment holding
Ordinary Shares 100 100 104 104
Preference Shares 100 100 17,600 17,600
Ultimore Development Pte Ltd * 100 100 1 1 Singapore Investment holding
Valour Investment Pte Ltd 100 100 1 1 Singapore/ Property investment
United Kingdom
Virginia Developments Pte Ltd 51 51 2,602 2,602 Singapore Property investment
Waterfront Properties Pte Ltd 50 50 5,852 5,852 Singapore Property development
Waterville Investment Pte Ltd 100 100 1 1 Singapore Investment holding
Willowville Pte Ltd * 100 100 6 6 Singapore Investment holding
Wiseland Investment Pte Ltd 100 100 101 101 Singapore Investment holding
Wisely Consultancy Pte Ltd 100 - 2 - Singapore Investment holding
(Incorporated on 9.7.2001)
Astek Pty Ltd 100 100 12,477 12,477 Australia Financial services
Keppel Land Development Pty Ltd * 100 100 - - Australia Property development
Keppel Land Pty Ltd 100 100 - - Australia Investment holding
Straits Properties (Bayswater) Pty Ltd * 100 100 - - Australia Property investment
Aintree Assets Ltd 100 - 2 - British Virgin Investment holding
Islands
Double Peak Holdings Ltd British Virgin Investment holding
Ordinary Shares 100 100 - - Islands/
Preference Shares 100 100 226,330 226,330 Singapore
Erskine Holdings Ltd * 70 70 1 1 British Virgin Investment holding
Islands/
Hong Kong
Pembury Properties Ltd * 100 100 1,683 1 British Virgin Investment holding
Islands/
Singapore
Saigon Centre Investment Ltd * 100 100 17,821 17,821 British Virgin Investment holding
Islands/
Hong Kong
Smooth Sail Investments Ltd * 100 100 - - British Virgin Investment holding
Islands/
Indonesia
Vanese International Ltd * 70 70 1 1 British Virgin Investment holding
Islands/
Hong Kong
171
and Accounts
Report
Statutory

Keppel Land Limited
Subsidiary and Associated Companies
(continued)
Statutory Report and Accounts
172
Country of
Effective
Incorporation/
Equity Interest Cost of Investment Place of
PROPERTY 2001 2000 2001 2000 Business Principal Activities
% % $’000 $’000
Subsidiaries
Vobster Properties Ltd * 100 100 - - British Virgin Investment holding
Islands/
Indonesia
Kep Corporation Incorporated * 100 100 1,089 1,089 Cayman Islands Financial services
Keppel Land (Shanghai) Management 100 - - - China Property services
Co Ltd* (Established on 4.12.2001)
Shanghai Merryfield Land Co Ltd * 99 - 54,356 - China Property development
Shanghai Floraville Land Co Ltd 99 - 1,624 - China Property development
Shanghai Pasir Panjang Land Co Ltd 99 - 2,561 - China Property development
Duit Investments Ltd * 100 100 644 644 Hong Kong Financial services
Keppel Land (Hong Kong) Ltd 100 100 11,342 11,342 Hong Kong Investment holding
Keppel Land (Saigon Centre) Ltd * 100 100 6 6 Hong Kong Investment holding
Straits Investments Ltd * 100 100 1,365 1,365 Hong Kong Investment holding
Straits-KMP (HK) Ltd * 51 51 - - Hong Kong Investment holding
Ventek International Ltd * 100 100 1 1 Hong Kong Investment holding
PT Kepland Investama* 100 100 71,080 71,080 Indonesia Property investment/
development
PT Kelindo Properti * 100 100 37 37 Indonesia Property services
PT Keppel Land * 100 100 19,937 19,937 Indonesia Property services/
development/
investment
PT Ria Bintan * 46 46 55,261 55,261 Indonesia Property development
PT Sedona Hotels Indonesia * 100 100 1,126 1,126 Indonesia Hotel and resort
management
PT Sentral Supel Perkasa* 80 80 19,937 19,937 Indonesia Property investment/
development
PT Sentral Tanungan Perkasa * 80 80 48,843 48,843 Indonesia Property development
PT Straits CM Village* 39 39 41,513 41,513 Indonesia Hotel ownership and
operations
Keppel Land Sdn Bhd 100 100 - - Malaysia Property services
Straits Greenfield Ltd * 100 100 5,797 5,797 Myanmar Hotel ownership and
operations
Wiseland Investment Myanmar Ltd * 100 100 3,292 3,292 Myanmar Hotel ownership and
operations
Keppel Philippines Properties Inc. 50.5 48 15,966 15,915 Philippines Investment holding
Five Stars Property Public Co Ltd 45 45 14,208 14,208 Thailand Property development/
investment
Utayan Thani Co Ltd * 49 49 6 6 Thailand Investment holding
Straits (USA) Inc 100 100 10,555 10,555 United States Investment holding
of America
Straits Realty (Texas) Inc.* 100 100 8,890 8,890 United States Investment holding
of America
International Centre * 43 43 8,307 8,307 Vietnam Property investment
Keppel Land Watco I Co Ltd * 68 68 38,977 38,977 Vietnam Property investment/
development
Keppel Land Agtex Ltd * 60 60 5,169 5,169 Vietnam Property investment
Quang Ba Royal Park JV Co * 59 59 34,902 34,902 Vietnam Property investment

Keppel Land Limited
Country of
Effective
Incorporation/
Equity Interest Cost of Investment Place of
PROPERTY 2001 2000 2001 2000 Business Principal Activities
% % $’000 $’000
Associates
Asia Real Estate Fund Management Limited * 50 50 500 500 Singapore Fund management
Altantic Marina Services (Asia Pacific) Pte Ltd 20 20 1,680 1,680 Singapore Property investment
Bugis City Holdings Pte Ltd 31 31 55,304 55,304 Singapore Property investment
China-Singapore International Pte Ltd 20 20 4,001 4,001 Singapore Investment holding
DL Properties Ltd 35 35 31,832 31,832 Singapore Property investment
Dragon Land Limited 25 - 27,429 - Singapore Property investment
and development
EM Services Pte Ltd 25 25 500 500 Singapore Property management
FELS SES International Pte Ltd 17 17 1,470 1,470 Singapore Investment holding
Keppel Bay Pte Ltd 30 30 1,476 1,476 Singapore Property development
Keppel Marina Holdings Pte Ltd 30 30 4,404 4,404 Singapore Development of marina
Keppel Point Pte Ltd 30 30 52,622 52,622 Singapore Property development/
investment
Keppel Power Systems Pte Ltd 15 15 1,782 1,782 Singapore Investment holding
Kingsdale Development Pte Ltd * 50 50 7 7 Singapore Investment holding
One Marina Boulevard Pte Ltd * 33 - - - Singapore Property development
(Incorporated on 9.3.2001)
Parksville Development Pte Ltd * 50 50 10,500 10,500 Singapore Property investment
SAFE Enterprises Pte Ltd 25 25 21,971 21,971 Singapore Investment holding
Sedona Hotel Bintan Management Pte Ltd * 49 49 25 25 Singapore/ Hotel management
Indonesia
Semtec-Syntech Pte Ltd * 32 32 50 50 Singapore Construction
Sing-Mas Investment Pte Ltd * 30 30 10,804 10,804 Singapore Investment holding
Singapore Suzhou Industrial Holdings Pte Ltd * 25 25 12,026 12,026 Singapore Investment holding
Straits Parco Retail Management Pte Ltd * 33 33 330 330 Singapore Investment holding
Suzhou Property Development Pte Ltd * 25 25 250 250 Singapore Investment holding
Tenantworld Pte Ltd * 25 - 313 - Singapore E-exchange and
collaboration hub
Keppel Kunming Resort Ltd 15 15 - - Hong Kong Property investment
PT Pantai Indah Tateli * 50 50 28,235 28,235 Indonesia Property development
PT Pulomas Gemala Misori * 25 25 8,024 8,024 Indonesia Property development
PT Purimas Straits Resort * 25 25 4,245 4,245 Indonesia Development of
holiday resort
PT Purosani Sri Persada * 20 20 6,013 6,013 Indonesia Property investment
Jernih Rezeki Sdn Bhd * 49 49 1,396 1,396 Malaysia Property development
Renown Property Holdings (M) Sdn Bhd 40 40 4,219 4,219 Malaysia Property investment
Tropical Garden NV * 25 25 13 13 Netherlands Investment holding
Antilles
Keppel Houston Group Partnership* 30 30 10,937 10,937 United States Property investment
of America
173
and Accounts
Report
Statutory

Keppel Land Limited
Subsidiary and Associated Companies
(continued)
Country of
Effective
Incorporation/
Equity Interest Cost of Investment Place of
INACTIVE COMPANIES 2001 2000 2001 2000 Business
% % $’000 $’000
Subsidiaries
Fairfield Properties Pte Ltd * 82 82 5,346 5,346 Singapore
Floraville Estate Pte Ltd 100 100 1 1 Singapore
iPP Technology Pte Ltd * 100 100 571 571 Singapore
Keppel Land Asia Pte Ltd 100 100 1 1 Singapore
Keppel Land (UK) Pte Ltd 100 100 1 1 Singapore
Mansfield & Company Pte Ltd 100 100 30,000 30,000 Singapore
Mansfield Investments Pte Ltd * 100 100 100 100 Singapore
Transport & Storage Pte Ltd 90 90 - - Singapore
QAF-OIL (Hong Kong) Ltd 51 51 1,807 1,807 Hong Kong
Pride Properties Sdn Bhd 100 100 - - Malaysia
Wellmade Land Sdn Bhd 100 100 - - Malaysia
Statutory Report and Accounts
174
Associates
Hotforge Energy Services Pte Ltd 50 50 - - Singapore
Straits-TCG Systems Automation Pte Ltd * 50 50 10 10 Singapore
Malaysian Mokes Sdn Bhd* 49 49 45 45 Malaysia
QAF-OIL (Thailand) Ltd * 24 24 388 338 Thailand
Notes:
1. The holding in the equity shown for each subsidiary and associated company is the proportion attributable to Keppel Land
Limited. Changes in interest, if any, and subsidiary and associated companies acquired or disposed of during the year are as
indicated in brackets against the companies concerned. Subsidiaries (including their subsidiaries and associated companies)
and associated companies directly owned by Keppel Land Limited are included in the above list.
2. Associated companies are those in which the Group has a long-term substantial equity interest and in whose commercial
and financial policy decisions the Group actively participates.
3. The cost of investment in each subsidiary/associated company is the proportion of the historical cost of its shares
attributable to Keppel Land Limited. Companies indicated with an asterisk (*) are indirectly held by Keppel Land Limited.
4. All the active companies operate in their respective countries of incorporation, unless otherwise specified.
5. Subsidiaries incorporated outside Singapore are audited by associated firms of Ernst & Young, Singapore, except for:
(a) Straits (USA) Inc and Straits Realty (Texas) Inc which are audited by Ernst & Young, Singapore;
(b) Keppel Land (Hong Kong) Ltd, Straits Investments Ltd and QAF-OIL (Hong Kong) Ltd which are audited by
H.L. Leung & Co.;
(c) International Centre which is audited by Deloitte Vaco; and
(d) Quang Ba Royal Park JV Company Ltd and Keppel Land Agtex Ltd which are audited by KPMG Peat Marwick.
(e) Keppel Philippines Properties, Inc which is audited by Sycip Gorres Velayo & Co.

Keppel Land Limited
Corporate Governance
The Company believes in having high standards of corporate governance and is committed to making sure that
effective self-regulating controls exist to protect the interests of its shareholders. These self-regulatory controls
are set out in the Company’s Corporate Governance Manual which is being reviewed and improved in the light
of the principles and guidance notes in the Code of Corporate Governance issued by the Ministry of Finance in
April 2001.
BOARD MATTERS
The Board’s Conduct of its Affairs
The Board of Directors has set out governance policies covering, inter alia, the Board’s and Board committees’
functions, composition and operations. The committees of the Board and their years of formation are as follows:
Audit Committee 1990
Share Option Scheme Committee 1977
Board Committee (Delegated Powers) 1986
The Board is in the process of forming the Nominating Committee and Remuneration Committee, and is also
reviewing the terms of reference of all committees to ensure compliance with the Code.
Board Composition and Balance
The frequency of Board meetings in 2001and Directors’ attendances at these meetings are as follows:
Corporate Governance
175
(a) (b) Percentage (%)
Lim Chee Onn 4 3 75
Kevin Wong Kingcheung 4 4 100
Alan F C Choe (Retired on 22 May 2001) 1 1 100
Kwa Soon Bee (Retired on 22 May 2001) 1 0 0
Lim Leong Geok 4 4 100
Thai Chee Ken 4 4 100
Khor Poh Hwa 4 4 100
Tsui Kai Chong (Appointed on 8 November 2001) 1 1 100
Lim Ho Kee (Appointed on 8 November 2001) 1 0 0
Loh Wing Siew 4 3 75
Choo Chiau Beng 4 4 100
Teo Soon Hoe 4 4 100
(a) : Number of meetings held while a member
(b) : Number of meetings attended

Keppel Land Limited
Corporate Governance
(continued)
Nine out of ten Board members are non-executive Directors. Together, they bring a wide range of technical skills
and management expertise and experience to ensure that the Group continues to be a competitive leader in the
property industry with a strong reputation for technical and professional competence. Brief details of the Directors’
responsibilities and qualifications are set out on pages 16 to 19.
The principal functions of the Board are the following:
• Reviews and, where required, approves the major strategies, the objectives and plans of the Company, and
the appropriate financial and operational matters;
• Advises Management on significant issues facing the Group;
• Oversees processes for evaluating the adequacy of internal controls, risk management, financial reporting and
compliance, and satisfies itself as to the adequacy of such processes;
Corporate Governance
176
• Nominates Directors and ensures that the structure and practices of the Board provide for sound corporate
governance; and
• Supervises and appropriately remunerates executive management.
Each Board member has equal responsibility to oversee the business and affairs of the Company. The Managing
Director is responsible for the day-to-day operation and administration of the Company.
The Board meets regularly on a quarterly basis. As a general rule, papers on specific subjects are sent to the Board
in a timely manner to enable the Directors to obtain further explanations where necessary and to ensure that they
are adequately informed prior to the Board meetings. Directors are expected to adequately prepare for the
meetings, attend and participate at the meetings. Directors are assisted in gaining an understanding and
knowledge of the Group through the provision of relevant reading materials, working papers and presentations.
The time requirement varies depending on the number of Board and Board committee meetings a Director
attends.
Disclosure of interested person transactions is set out on page 188 of the annual report. When a potential
conflict of interest arises, the Director concerned takes no part in discussions nor exercises any influence over
other members of the Board.
Chairman and Managing Director
There is a clear division of responsibilities at the top of the Company, with the non-executive Chairman and
Managing Director having separate roles. The Chairman’s responsibilities include:

Keppel Land Limited
• Scheduling of meetings to enable the Board to perform its duties responsibly while not interfering with the
flow of the Company’s operations;
• Preparing meeting agenda in consultation with the Managing Director;
• Exercising control over the quality, quantity and timeliness of the flow of information between Management
and the Board; and
• Assisting in ensuring the Company’s compliance with the Code.
REMUNERATION MATTERS
The Company is in the process of forming a Remuneration Committee to facilitate appropriateness, transparency
and accountability to shareholders on remuneration issues for Directors and executive management.
The number of Directors and top five key personnel whose remuneration falls within the following bands for the
year ended 31 December 2001 are as follows:
Number of Directors Top Five Key
Range of remuneration Executive Non-Executive Personnel
Below $250,000 - 11 2
$250,001 to $500,000 - - 3
$500,001 to $750,000 - - -
$750,001 to $1,000,000 - - -
$1,000,000 to $1,250,000 1 - -
177
Corporate Governance
Details of the Company’s Employee Share Option Scheme can be found in pages 127 and 128 of the Directors’
Report.
ACCOUNTABILITY AND AUDIT
Accountability
In presenting the annual financial statements and quarterly announcements to shareholders, it is the aim of the
Board to provide the shareholders with a balanced and understandable assessment of the Company’s position
and prospects. Management currently provides the Board with appropriately detailed management accounts on
the Company’s performance, position and prospects on a quarterly basis.
Audit Committee
The Audit Committee was established in 1990 and is chaired by Mr. Thai Chee Ken, an independent Director.
The other members of the Audit Committee are Mr. Lim Leong Geok, an independent Director and
Mr. Kevin Wong Kingcheung, Managing Director. The Board is reviewing the composition of the Audit
Committee to ensure compliance with the Code.

Keppel Land Limited
Corporate Governance
(continued)
The Audit Committee met on five occasions during 2001. Full attendance by the members of the Audit Committee
was achieved in all five meetings. The external and internal auditors and the Director, Corporate Services were
invited to attend the meetings of the Audit Committee. The Company Secretary is the secretary to the Audit
Committee.
The Audit Committee’s terms of reference, as approved by the Board, is documented in the Company’s Corporate
Governance Manual. The main objective of the Audit Committee is to assist the Board of Directors in developing
policies that will enhance the controls and operating systems of the Company.
The duties and responsibilities of the Audit Committee include the following:
Corporate Governance
178
• Reviews the audit plans of the external auditors and approves the audit plans of the internal auditors;
• Evaluates the overall effectiveness of both the internal and external audits through regular meetings with each
group of auditors;
• Determines that no restrictions are being placed by Management upon either the internal or external auditors;
• Evaluates the adequacy of the internal control systems of the Group by reviewing written reports from the
internal and external auditors, and Management’s responses and actions to correct any deficiencies;
• Evaluates adherence to the Company’s administrative, operating and internal accounting controls;
• Reviews the annual financial statements and announcements to shareholders before submission to the Board;
• Reviews interested person transactions to ensure that they are on normal commercial terms and not prejudicial
to the interests of the Company and its shareholders;
• Discusses with the external auditors any suspected fraud or irregularity or failure of internal controls or
suspected infringement of any Singapore or other applicable law, rule and regulation;
• Considers other matters as requested by the Board.
The Audit Committee is authorised to investigate any matter within its terms of reference, and has full access to
Management and also full discretion to invite any Director or executive officer to attend its meetings, as well as
reasonable resources to enable it to discharge its functions properly. Annually, the Audit Committee meets with
the internal auditors and the external auditors separately, without the presence of Management. This is to review
the adequacy of audit arrangements, with particular emphasis on the scope and quality of their audits, and the
independence and objectivity of the external auditors.
Internal Controls
The Board is responsible for ensuring that Management maintains a sound system of internal controls. The systems
provide reasonable assurance, but not an absolute guarantee, against material financial misstatement or loss, and
include the safeguarding of assets, the maintenance of proper accounting records, the reliability of financial
information, compliance with appropriate legislation, regulation and best practice, and the identification and
containment of business risks.

Keppel Land Limited
Internal Audit
The Company has an in-house internal audit function that is independent of the activities it audits. Internal audit
primarily reports to the chairman of the Audit Committee and administratively to the Director, Corporate Services.
The internal auditors are expected to meet or exceed the Standards for the Professional Practice of Internal
Auditing set by The Institute of Internal Auditors. The Audit Committee ensures that the internal audit function
has adequate resources and has appropriate standing within the Company. The Committee, on an annual basis,
assesses the effectiveness of the internal auditors by examining areas such as:
• The scope of the internal auditors’ work;
• The quality of their reports;
• Their relationship with the external auditors; and
• Their independence of the areas reviewed.
COMMUNICATION WITH SHAREHOLDERS
In line with continuous disclosure obligations of the Company, pursuant to the Singapore Exchange Securities
Trading Limited’s Listing Rules and the Singapore Companies Act, the Board’s policy is that shareholders are
informed of all major developments that impact on the Company. The Company had in operation during 2001
a continuous disclosure process to ensure compliance with the Companyíss continuous disclosure and reporting
obligations.
179
Corporate Governance
Information is communicated to shareholders on a timely basis. Where there is inadvertent disclosure made to a
selected group, the Company will make the same disclosure publicly to all others as soon as practicable.
Communication is made through:
• The Company’s summary financial reports and annual reports;
• Notices of and explanatory memoranda for annual general meetings and extraordinary general meetings;
• Press and analyst briefings for the Company’s interim and annual results as well as other briefings, as appropriate;
• Press releases on major developments of the Company;
• Disclosures to the Singapore Exchange Securities Trading Limited; and
• Company’s web-site at http://www.kepland.com.sg from which shareholders can access information on the
Company. The web-site provides, inter alia, corporate announcements, press releases, annual reports, and
profiles of the Group.

Keppel Land Limited
Corporate Governance
(continued)
The Annual General Meeting is the principal forum for dialogue with shareholders. At each Annual General
Meeting, the Board encourages shareholders to participate in the question and answer session. The Chairman
and, where appropriate, the Managing Director respond to shareholders’ questions. The chairmen of the Board
committees and external auditors are also present in the meeting to assist in addressing any relevant questions
from shareholders.
Each item of special business included in the notice of the meeting is accompanied, where appropriate, by an
explanation for the proposed resolution. Separate resolutions are proposed for substantially separate issues at the
meeting.
SECURITIES TRANSACTIONS
The Company has issued a policy on dealings in its securities to executives within the Group, setting out guidance
on such dealings and the implications of insider trading. It has adopted in full the Best Practices Guide on Dealing
in Securities issued by the Singapore Exchange Securities Trading Limited.
Corporate Governance
180
INTERESTED PERSON TRANSACTIONS UNDER SHAREHOLDERS’ MANDATE
Aggregated Transactions
$’000
Property-based transactions
Keppel Corporation Limited Group 9,069
Other services and products transactions
Keppel Corporation Limited Group 1,615
Total interested person transactions 10,684
All the above interested person transactions were done on normal commercial terms.

Keppel Land Limited
Corporate Information
Board of Directors
LIM CHEE ONN
Chairman
KEVIN WONG KINGCHEUNG
Managing Director
LIM LEONG GEOK
THAI CHEE KEN
KHOR POH HWA
LIM HO KEE
TSUI KAI CHONG
Audit Committee
THAI CHEE KEN
Chairman
LIM LEONG GEOK
KEVIN WONG KINGCHEUNG
Joint Company Secretaries
CHOO CHIN TECK
HO MUN PIEW
Registered Office
230 Victoria Street #15-05
Bugis Junction Towers
Singapore 188024
Telephone: 63388111
Facsimile: 63377168
Website: http://www.keppelland.com.sg
Auditors
ERNST & YOUNG
Certified Public Accountants
Singapore
Audit Partner: NAGARAJ SIVARAM
Registrar
LOH WING SIEW
CHOO CHIAU BENG
TEO SOON HOE
KON CHOON KOOI PTE LTD
47 Hill Street #06-02
Chinese Chamber of Commerce &
Industry Building
Singapore 179365
Telephone: 63363355
Facsimile: 63372197
Share Listing
181
Information
Corporate
The Company’s shares are listed on the
Singapore Exchange Securities Trading
Limited.
General
For further information about
Keppel Land Limited, please contact the
Secretariat at the Registered Office.

Keppel Land Limited
Corporate Structure
Singapore Projects
100%
Keppel Land
International Limited
100%
Straits Properties Limited
100%
Straits Property
Investments Pte Ltd
76%
Ocean Properties
Pte Ltd
100%
Mansfield Realty Limited
85%
Ocean & Capital
Properties Pte Ltd
100%
Keppel Land Realty
Pte Ltd
100%
Sherwood Development
Pte Ltd
100%
Glenville Estate
Investment Pte Ltd
100%
Harvestland Development
Pte Ltd
100%
Acresvale Investment
Pte Ltd
Information
182
100%
100%
100%
Bukit Timah Hill
Development Pte Ltd
Evansville Investment
Pte Ltd
Tat Chuan Development
Pte Ltd
Corporate
100%
Keppel Land (Tower D)
Pte Ltd
Keppel Land Limited
70%
Capital Square Pte Ltd
100%
Keppel Land Properties
Pte Ltd
100%
Keppel Land (Palm Gardens)
Pte Ltd
100%
Keppel Land (Mayfair)
Pte Ltd
100%
Keppel Land (Villa Verde)
Pte Ltd
100%
Boulevard Development
Pte Ltd
33%
One Marina
Boulevard Pte Ltd
100%
Mansfield & Co.
Pte Ltd
100%
Mansfield Investment
Pte Ltd
52%
Mansfield Development
Pte Ltd
100%
Denton Investment
Pte Ltd
50%
Parksville Development
Pte Ltd
50%
Waterfront Properties
Pte Ltd
25%
Steadfast Development
Pte Ltd
60%
Goodways Investment
Pte Ltd
40%
100%
35%
31%
30%
30%
Keplandehub Limited 100% Keppel Digihub
Holdings Limited
D.L. Properties Ltd
Bugis City Holdings
Pte Ltd
Keppel Bay Pte Ltd
Keppel Point Pte Ltd
100% Keppel Digihub
Limited
Note: This is intended to show only the principal companies involved in the Group's Singapore and overseas property projects.
For a complete list of Group companies, please refer to pages 168 to 174. The Group's property projects are shown on pages 106 to 118.

Keppel Land Limited
Overseas Projects
100%
Keppel Land Pty Ltd
100%
100%
Straits Properties
(Bayswater) Pty Ltd
Keppel Land
Development Pty Ltd
100%
Silkland Investments
Pte Ltd
20%
P.T. Purosani Sri Persada
100%
Flannigan Investment
Pte Ltd
25%
P.T. Pulomas
Gemala Misori
100%
Montfort Development
Pte Ltd
50%
P.T. Pantai Indah Tateli
100%
100%
Meadowsville
Investment Pte Ltd
Keppel Land
International Limited
80%
69%
100%
P.T. Sentral Tunjungan
Perkasa
P.T. Keppel Land
P.T. Kepland
Investama
80%
P.T. Sentral Supel
Perkasa
51%
Prestige Landmark
Pte Ltd
35%
P.T. Purimas
Straits Resorts
25.5%
Tropical Garden NV
30%
25%
SAFE Enterprises
Pte Ltd
44%
Bintan Lagoon Resort
Pte Ltd
100%
Keppel Land
(Hong Kong) Ltd
10%
30%
Keppel Marina
Holdings Pte Ltd
100%
100%
Waterfront Investment
Pte Ltd
Pembury Properties
Ltd
56%
90%
P.T. Nongsa Point
Marina
Bintan Bay Resort
Pte Ltd
51%
Straits-KMP Resort
Development Pte Ltd
85%
Straits-CM Village
Hotel Pte Ltd
Keppel Land Limited
100%
OIL (Asia) Pte Ltd
100%
Saigon Centre
50%
Holdings Pte Ltd
70% 10%
Erskine Holdings Ltd
100%
Saigon Centre
Investment Ltd
50%
Keppel Land
(Saigon Centre) Ltd
68%
Avondale Properties
Ltd
Keppel Land Watco I
Co Ltd
100%
Union Charm
Development Ltd
100%
P. T. Ria Bintan
183
Information
Corporate
55%
84%
Fernland Investment
Pte Ltd
Palmsville Investment
Pte Ltd
75%
70%
International Centre
Quang Ba Royal Park
JV Co
100%
Grandsdale Investment
Pte Ltd
100%
Willowville Pte Ltd
60%
Keppel Land AGTEX Ltd
40%
Renown Properties
Holdings (M) Sdn Bhd
45%
Tanah Sutera
Development Sdn Bhd
100%
High Point
Development Pte Ltd
49%
Jernih Rezeki Sdn Bhd
100%
Keppel Philippines
Properties Inc
100% 61% Buena Homes (Sandoval)
Buena Homes Inc
Inc
48%
SM-Keppel Straits
Land Inc
100%
Greenfield
Development Pte Ltd
100%
Straits Greenfield Ltd
100%
Wiseland Investment
Pte Ltd
100%
Wiseland Investment
Myanmar Ltd
45%
Five Stars Property
PCL
100%
Keppel Land China
Holdings Pte Ltd
100% Merryfield Investment
Pte Ltd
99%
Shanghai Merryfield Land
100%
Floraville Estate
99%
Shanghai Floraville
Land Limited
100%
Pasir Panjang Realty
Pte Ltd
99% Shanghai Pasir Panjang
Land Co Ltd
100%
Spring City Resort
Pte Ltd
50%
Kingsdale
Development Pte Ltd
100%
Sunlake Development
Pte Ltd
30%
SING-MAS Investments
Pte Ltd
97%
Shanghai Sing
Straits Land Co Ltd
25%
Dragon Land Limited
100%
100%
Valour Investments
Pte Ltd
Straits (USA) Inc
100% 30%
Straits Realty (Texas) Inc
Keppel Houston
Group Partnership

Keppel Land Limited
Calendar of Financial Events
Announcement of interim results 6 August 2001
End of financial year 31 December 2001
Preliminary announcement of total year results 28 January 2002
Despatch of Summary Financial Report 15 April 2002
Despatch of Annual Report 29 April 2002
Annual General Meeting 16 May 2002
2001 proposed final dividend
Books closure dates 24 to 28 May 2002
(both dates inclusive)
Payment date
6 June 2002
Information
184
End of financial year 31 December 2002
Announcement of interim results August 2002
Preliminary announcement of full year results January 2003
Shareholder
Annual General Meeting May 2003
Proposed final dividend payout date June 2003

Keppel Land Limited
Statistics of Shareholdings
as at 3 April 2002
Authorised share capital : $500,000,000
Issued and fully paid-up capital : $354,296,540
Class of shares : Shares of 50 cents each with equal voting rights
Size of Shareholdings Number of Shareholders % Number of Shares %
1 - 1,000 3,157 29.35 2,487,018 0.35
1,001 - 10,000 6,522 60.64 26,398,825 3.72
10,001 - 1,000,000 1,058 9.84 41,634,580 5.88
1,000,001 and above 18 0.17 638,072,658 90.05
Total 10,755 100.00 708,593,081 100.00
Location of Shareholders Number of Shareholders % Number of Shares %
Singapore 10,020 93.17 703,833,772 99.33
Malaysia 594 5.52 3,596,335 0.51
Others 141 1.31 1,162,974 0.16
Total 10,755 100.00 708,593,081 100.00
Twenty Largest Shareholders
Number of Shares %
1. Keppel Corporation Limited 369,698,733 52.17
2. Raffles Nominees Pte Ltd 52,836,081 7.46
3. DBS Nominees Pte Ltd 41,843,952 5.91
4. Citibank Nominees Singapore Pte Ltd 35,824,589 5.06
5. Overseas-Chinese Bank Nominees Pte Ltd 32,986,131 4.66
6. HSBC (Singapore) Nominees Pte Ltd 22,409,479 3.16
7. United Overseas Bank Nominees Pte Ltd 18,398,521 2.60
8. DB Nominees (S) Pte Ltd 17,320,900 2.44
9. Morgan Stanley Asia (Singapore) Sec. Pte Ltd 12,468,000 1.76
10. Keppel Finance Nominees Pte Ltd 10,020,000 1.41
11 J M Sassoon & Co (Pte) Ltd 7,563,207 1.07
12 NTUC Income Insurance Co-operative Ltd 5,348,000 0.75
13 Overseas Union Bank Nominees Pte Ltd 3,200,352 0.45
14 Tudor Court Gallery Pte Ltd 2,064,000 0.29
15 Hong Leong Enterprises Pte Ltd 1,871,000 0.26
16 Selat Pte Ltd 1,691,972 0.24
17 ABN Amro Nominees Singapore Pte Ltd 1,418,741 0.20
18 Singasia Investments Pte Ltd 1,109,000 0.16
19 DBS Vickers Securities (S) Pte Ltd 907,751 0.13
20. Island Investment Company Pte Ltd 904,718 0.12
185
Information
Shareholder
Total 639,885,127 90.30
Substantial Shareholders
Number of Shares %
1. Temasek Holdings (Pte) Ltd (deemed interest) 380,681,733 53.72
2. Keppel Corporation Limited (including holdings by subsidiary companies) 379,959,733 53.62

Keppel Land Limited
Notice of Annual General Meeting
ALL MEMBERS ARE CORDIALLY INVITED to attend the Annual General Meeting of the Company which will be held at
230 Victoria Street #15-05, Bugis Junction Towers, Singapore 188024 on 16 May 2002 at 10:30 a.m. to transact the following
business:
AS ORDINARY BUSINESS
1. To receive and, if thought fit, adopt the Directors’ Report and Accounts for the year ended 31 December 2001
(Resolution 1).
2. To declare dividends as recommended by the Directors (Resolution 2).
3. To re-elect Mr Lim Chee Onn, Mr Choo Chiau Beng, Mr Lim Ho Kee and Dr Tsui Kai Chong, Directors retiring in
accordance with the Articles of Association of the Company (Resolutions 3 to 6).
4. To approve Directors’ fees (Resolution 7).
5. To appoint Auditors, and to authorise Directors to fix their remuneration (Resolution 8).
6. To transact any other ordinary business of the Company.
AS SPECIAL BUSINESS
7. To consider and, if thought fit, pass the following Ordinary Resolutions:
RESOLVED that:
Information
186
(a) Pursuant to Section 161 of the Companies Act, Cap 50, the Directors be and are hereby empowered to issue shares in
the Company (whether by way of bonus issue, rights issue or otherwise, and including any capitalisation pursuant to
Article 136 of any sum for the time being standing to the credit of any of the Company’s reserve accounts or any sum
standing to the profit and loss account or otherwise available for distribution) at any time and upon such terms and
conditions and for such purposes as the Directors may, in their absolute discretion, deem fit provided that:
Shareholder
(i) the aggregate number of shares to be issued pursuant to this Resolution does not exceed 50% of the issued capital
of the Company for the time being, and
(ii) the aggregate number of shares issued other than on a pro-rata basis to existing Members does not exceed 20% of
the Company’s issued share capital for the time being,
such authority to continue in force until the conclusion of the next Annual General Meeting or the expiration of the
period within which the next Annual General Meeting of the Company is required by law to be held, whichever is
earlier, unless previously revoked or varied at a general meeting of the Company (Resolution 9);
(b) Approval be and is hereby given for the purposes of Chapter 9A of the Listing Manual of the Singapore Exchange
Securities Trading Limited, for the Company, its subsidiaries and target associated companies (the “Group”) or any of
them to enter into any of the transactions falling within the types of Interested Person Transactions, particulars of which
are set out in the Company’s Circular to Members dated 10 June 1997 (“the Circular”), as amended with Members’
approval on 7 June 1999, with any party who is of the class of Interested Persons described in the Circular provided that
such transactions are made on an arm’s length basis and on normal commercial terms and that the Directors of the
Company be and are hereby authorised to complete and do all such acts and things (including executing all such
documents as may be required) as they may consider expedient or necessary or in the interest of the Company to give
effect to this Resolution (Resolution 10); and
(c) The Directors of the Company be and are hereby authorised to make purchases from time to time of up to 10% of the
issued ordinary share capital of the Company as at the date of this Resolution at any price up to but not exceeding the
Maximum Price, in accordance with the “Guidelines on Share Purchases” set out in Appendix 2A of the Circular to
Members dated 14 September 1999, and this mandate shall, unless revoked or varied by the Company in general
meeting, continue in force until the date on which the next Annual General Meeting of the Company is or is required
by law to be held, whichever is the earlier (Resolution 11).

Keppel Land Limited
NOTICE IS HEREBY GIVEN that the Register of Members of the Company will be closed from 24 to 28 May 2002 (both dates
inclusive) for the preparation of dividend warrants. Duly completed transfers received by the Company up to 5:00 p.m. on
23 May 2002 will be registered before entitlements to the proposed dividend for the year ended 31 December 2001 are
determined.
Directors have recommended a first and final dividend of 6% (or 3.0 cents per share) less tax amounting to $16.0 million on
the existing capital (2000: 6% less tax or 3.0 cents per share less tax amounting to $16.0 million) in respect of the financial year
ended 31 December 2001 for approval by Members at the Annual General Meeting to be held on 16 May 2002. The final
dividend, if approved will be payable on 6 June 2002.
By Order of the Board
CHOO CHIN TECK
Company Secretary
Singapore, 15 April 2002
187
Information
Shareholder
NOTES:
1. A Member is entitled to appoint one proxy or two proxies to attend and vote in his place. A proxy need not also be a Member of the
Company. A Member which is a corporation is entitled to appoint its authorised representative or proxy to vote on its behalf. Members
wishing to vote by proxy at the Meeting may use the Proxy Form enclosed. To be valid, the completed Proxy Form must be lodged at the
Registered Office of the Company at 230 Victoria Street #15-05, Bugis Junction Towers, Singapore 188024 not less than 48 hours before
the Meeting.
2. Ordinary Resolution No. 10 under the heading of Special Business relates to the renewal of a mandate given by Members to the Company
on 25 June 1997 allowing the Company and its related corporations to enter into transactions with interested persons as defined in Chapter
9A of the Listing Manual of the Singapore Exchange Securities Trading Limited, details of which are set out in a letter to Members dated
10 June 1997.
3. Ordinary Resolution No. 11 under the heading of Special Business relates to the renewal of a mandate approved by Members on
5 October 1999 authorising the Company to purchase its own shares subject to and in accordance with the guidelines set out in the
Circular dated 14 September 1999, the Companies Act, Cap 50 and the rules of the Singapore Exchange Securities Trading Limited.

Keppel Land Limited
Share Transaction Statistics
Share Prices and Turnover
Turnover (Shares)
400
Share Prices (Dollar)
8
350
7
300
6
250
5
200
4
150
3
100
2
50
1
0
0
1997 1998 1999 2000 2001
2002
Turnover
High and Low Prices
Shareholder
Information
188
Straits Times and Straits Times Properties Indices Indices
Index
3000
2500
3000
2500
2000
2000
1500
1500
1000
1000
500
500
Investor Data
0
0
1997 1998 1999 2000
2001
2002
Straits Times Index
Straits Times Properties Index
1997 1998 1999 2000 2001
Earnings per share (cents) (Note 1) 16.7 (53.5) 11.8 17.3 (51.7)
Dividend per share (cents) (Note 2) 4 3 3 3 3
Share price (cents) (Note 3)
Highest 530 254 350 287 274
Lowest 207 46 142 151 123
Average 369 150 246 219 198
Last done 232 179 273 279 1.72
Turnover (million shares) 280.7 1,367.2 651.5 368.3 964.7
Dividend yield (%) (Note 4) 1.1 2.0 1.2 1.4 1.5
Net price-earnings ratio (Note 4) 22.1 n.m. 20.8 12.8 n.m.
Net tangible assets per share ($) 4.32 2.80 3.04 3.16 2.28
Notes
1 Earnings are Group profits / (losses) after tax before extraordinary items.
2 These are gross dividends declared out of taxed profits.
3 Share prices reflect transactions recorded on the Singapore Exchange Securities Trading Limited.
4 In calculating dividend yields and net price-earnings ratios, the average share prices have been used.
5 n.m. means “not meaningful”.