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Operations and market reviewIndiaA rapidly expanding economy, growing middle-class,young population, urbanisation trends and risinghomeownership aspiration have fuelled demand forhousing. The average age of homeowners has fallen to32 years old from 45 years old a decade ago. The Indianreal estate market is estimated to be worth US$40 billionto US$45 billion in terms of total economic value ofdevelopment activity. The increasing influx of foreigninvestments from major international developers andcapital flows from global real estate funds will continueto drive the growth of the Indian property market.BangaloreIT boom drives housing demandThe city of Bangalore is emerging as a global hub forinformation technology (IT) and this transition has createda positive impact on the real estate market. Demand forquality residential properties is on the rise, which in turnpushes up property prices.With an estimated population of more than 8.4 million,Bangalore is experiencing exceptional population growthat 3.25% per annum due to the increasing number ofmigrants from different parts of the country flocking to theIT capital of India to meet the growing manpower demandrequired by more than 250 high-tech companies in thecity. The number of foreign expatriates working in the ITprofession has also risen over the years. As a result, thereis a huge demand for quality housing not just for the localsbut also for the large number of expatriates.In order to cope with the increasing demand for housing,developments of new layouts from both the private sectorand the Bangalore Development Authority are in the pipeline,which in turn brings stability in home prices. Apart fromthe flourishing IT and ITES (information technology enabledservices) sectors, which have contributed significantly tothe expansion of the middle to high income group, easyavailability of property financing, rising aspirations forhomeownership and investment demand from non-residentIndians are other driving forces behind the growth of thehousing market.Since the government relaxed the ban on foreign directinvestment in December 2005, real estate investment inBangalore has increased substantially. Foreign investmentin Bangalore’s real estate is estimated at US$2 billion in2006 and this figure is expected to increase further withthe government’s plan for development of large-scalesatellite townships, IT Parks and Aerospace Parks.KolkataResidential market on steady uptrendKolkata is India’s second largest city with a metropolitanarea of 1,900 sq km and a population of 16.3 million in 2005.Kolkata’s economy has been growing over the last fewyears, as a result of the efforts of the state government tocreate a business-friendly environment to attract investmentsinto the capital city of the West Bengal state. The last twoyears saw significant investments in the manufacturing, ITand ITES sectors and real estate development.For the first quarter of 2007, Kolkata’s GDP growth was13%, ahead of Delhi, Mumbai and Bangalore. Growth wasled by the manufacturing and financial services sectors,the two largest markets for employment in the city.Strong economic activity and investment flows have inturn stimulated consumption growth and fuelled increasingresidential demand. Demand for quality residentialdevelopment with lifestyle amenities is expected to growstrongly in tandem with economic expansion and betterjob prospects.Property prices in Kolkata have been rising steadily overthe past few years. Depending on the location, real estatewatchers are predicting a 10% to 25% appreciation inproperty value in 2007. Prices in Rajarhat are expected torise 20% by end-2007.India 2005 2006E 2007F 2008FReal GDP growth (%) 8.5 8.7 7.8 7.6Lending rate (average, %) 10.8 11.2 11.8 10.8Inward FDI (US$ Bn) 6.7 9.4 10.0 10.0Exchange rate (INR/USD, average) 44.1 45.3 46.0 46.5Personal disposal income (US$ Bn) 631.5 712.4 799.6 889.1CPI change (average, %) 4.2 6.1 6.1 4.8Source: Economist Intelligence Unit134Operations and market reviewIndiaKeppel Land LimitedReport to Shareholders 2006
Operations and market reviewVietnamSaigon Sports City, Ho Chi Minh CityHo Chi Minh CitySaigon Sports CityKeppel Land is developing Saigon Sports City, a fullyintegrated residential, commercial and recreational sportinghub on a 64.4-ha site in Ho Chi Minh City (HCMC).Located in HCMC’s prime An Phu Ward in District 2, thedevelopment is well-positioned to meet the growing demandfor well-planned and professionally-managed residentialestates in HCMC. With the central business district (CBD)just 25 minutes’ drive away, easy accessibility via the HanoiHighway and close proximity to international schools,foreign-developed serviced apartments and MetroHypermart, the vicinity is popular with the upper incomelocals and expatriate communities.Targeted at the upper income market, Saigon Sports City willcomprise mainly quality apartment housing with complementarycommercial complexes, and a 14-ha area designated for publicsports facilities. The development is also the first of its kindin Vietnam, offering a healthy lifestyle development conceptand proximity to many sports and recreational facilities.Keppel Land has a 90% interest in the joint venturecompany, while Hong Kong’s Chiap Hua Group holds theremaining 10%. The joint venture is among the first 100%foreign-owned enterprises allowed to develop and sellresidential properties in Vietnam.About 100 units under Phase One of the development arescheduled to be launched in late 2007.Villa RivieraAll 101 units at Villa Riviera, Keppel Land’s waterfront villa inHCMC have been sold, less than a year since its public launchin April 2006. Located in the prime An Phu Ward in District 2with excellent frontage of the scenic Saigon River, Villa Rivierahas been hailed as HCMC’s finest waterfront address.Laid out over a sprawling 6-ha site, Villa Riviera is a gateddevelopment with resort-style facilities such as 24-hoursecurity, a clubhouse and gymnasium, a 30-m infinity edgepool, a tennis court and an interactive children’s playground.The three-storey villas have land plot sizes ranging from300 sm to 550 sm and feature 4- and 5- bedrooms in eightOperations and market reviewVietnamKeppel Land LimitedReport to Shareholders 2006135
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Report to Shareholders 2006growbeyo
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In 2006, Keppel Land delivered ongr
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Group quarterly resultsQuarter 1 Qu
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Dear Shareholders,On behalf of the
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As appreciation of the waterfront l
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Keppel Land was also awarded the Be
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Depth and breadth...in execution en
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scaling heightsFinancial discipline
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deepening insightsDepth and breadth
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Meeting demand for quality housing
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oadening reachSpring City Golf & La
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Group at a glanceKeppel Land Busine
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Board of directorsA strong Board of
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Board of directorsTan Yam Pin, 66Ch
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Board of directorsLim Chee Onn, 62M
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Board of directorsNiam Chiang Meng,
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Senior managementFrom left to right
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Senior managementChoo Chin Teck, 62
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Profile of directors and seniormana
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Key personnelKeppel Land LimitedLim
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Key personnelKeppel Bay Pte LtdTan
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Corporate governanceCommitment to h
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Corporate governanceThe Directors
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Corporate governanceThe Directors s
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Corporate governanceNo member of th
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Corporate governanceCompany’s sha
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Corporate governanceEach item of sp
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Investor relationsInvestors’ inte
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Investor relationsKeppel Land conti
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Awards and accoladesRecognition gar
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Special feature
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Special featureWaterfront homes - L
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Key figures at a glanceSuccessful e
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Financial reviewOverview2006 2005 %
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Financial reviewSources of finance$
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Financial reviewAttributable profit
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Property portfolio analysisAnalysis
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Value added statementBy segmentHosp
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Page 141 and 142: Operations and market reviewIndones
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Page 145 and 146: Better economic outlook andrenewed
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Page 154 and 155: People reviewExecutiveNon-executive
Page 156 and 157: Annual Dinner and Dance 2006Synergy
Page 158 and 159: Corporate and social responsibility
Page 162 and 163: Villa Arcadia at Srinakarin, Thaila
Page 166 and 167: Statutory report and accounts
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Page 180 and 181: 2006 2005$’000 $’000Represented
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(iii)Available-For-Sale Financial A
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(t)Revenue RecognitionRental and re
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Notes to the financial statementsFo
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4. Interest and Investment IncomeGr
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A reconciliation between the tax ex
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9. Earnings per ShareGroup2006 2005
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(d)On 8 February 2006 and 10 August
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12. Long-term BorrowingsGroupCompan
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13. Fixed AssetsLand and Buildings
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14. Investment PropertiesGroupLand
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17. Associated CompaniesGroupCompan
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21. DebtorsGroupCompany2006 2005 20
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Advances to related companies are i
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Secured bank borrowing bears a fixe
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(c) By Geographical Location - 2005
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29. Significant Related Party Trans
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32. Financial Reporting Standards (
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Significant subsidiary and associat
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Country ofEffectiveIncorporation/Eq
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Country ofEffectiveIncorporation/Eq
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Corporate informationBoard of Direc
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Corporate structure100%Keppel Land
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Property portfolioGroup Properties
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Group Properties (Singapore) (cont
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Group Properties (Overseas)Descript
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Group Properties (Overseas) (cont
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Statistics of shareholdingsAs at 1
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Notice of annual general meeting an
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(2) unless varied or revoked by the
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Share transaction statisticsCompara
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Fold and glue along dotted lineProx
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Keppel Land Limited(Incorporated in
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