keppelite february 2013 issue - tj giavridis marine services co. ltd.

10 Sustaining Growth...continued from page 9.and Sri Lanka. It alsostrengthened its commercialportfolio and embarked onfour office and mixed-usedevelopments in China,Indonesia and Vietnam.Meanwhile, Keppel REITand Alpha InvestmentPartners’ combined assetsunder management grew to$15.3 billion.Urbanisation trends and lowinterest rates are drivingstrong demand for qualityhomes and office spaces inAsia. Singapore hit a recordhigh of 21,600 homes soldlast year. New private homeprices were also lifted byrobust demand for massmarket homes in suburbanareas.Earlier last month, thegovernment announced itsseventh wave of coolingmeasures. This, coupledw i t h t h e r i s k y g l o b a leconomy, and a fairly bigsupply of newly completedunits, is likely to depress themarket.Meanwhile, Singapore’soffice market was resilientwith a deceleration in Grade Aoffice rental corrections andlow vacancy levels, especiallyin Marina Bay. The sector’soutlook remains encouragingwith Singapore’s growingattractiveness to financialinstitutions and regionalhead offices.In China, residential volumesa n d p r i c e s h a v e a l s orecovered slightly. The newChinese leaders are expectedto maintain a tight rein overproperty speculation andprices, balancing coolingmeasures with economicgrowth.The global uncertaintiesremain the biggest risk tothe Asia Pacific’s propertysector. However, given theregion’s rising urbanisationand wealth, industryf u n d a m e n t a l s r e m a i npositive in the mid-to-longterm. Improved liquidityand availability of cheapfinancing options will alsosupport growing officevalues in the region.Moving forward, we willleverage our regionalpresence and Keppel’sbrand value to acquire goodsites and grow our assets.Keppel Land has built up astrong balance sheet withlow gearing, which willenable it to seize the rightopportunities when theyarise.We will also harness ourexpertise in developing andmanaging homes, officesand mixed-use propertiesto enhance our valueproposition, as well as furtherimprove the quality andperformance of our assets.PeopleIn shaping Keppel’s future,we will continue to buildon our core strengths andharness human, knowledgeand financial capital. Wehave to invest further in ourhuman capital and maintaina safe work environment forour people.W e w i l l g i v e m o r eresponsibilities to the youngand able, grooming them totake over leadership roles inthe Group.Last year, Mr Teo Soon Hoehanded over his role asCFO smoothly to Mr LohChin Hua. Mr Chow YewYuen was promoted asKeppel O&M’s COO, whileMr Michael Chia andMr Wong Kok Seng wererespectively made MDs ofits Marine and Offshoredivisions. Mr Chor How Jatwas promoted to MD ofKeppel Shipyard. At thestart of this year, Mr AngWee Gee was appointedas CEO of Keppel Landfollowing Mr Kevin Wong’sdeparture.Reflections at Keppel Bay is an iconic and award-winning waterfront property in Singapore (Photo credit: Woh Hup)With these key positionsanchored by experiencedpeople embracing Keppel’score values, I am confidentthat the Group will continuecreating sustainable value forour shareholders. keppeliteKeppelite I February 2013