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

6 Sustaining Growth...continued from page 5.In 2012, Keppel REIT raised its stake in Ocean Financial Centre to 99.9%The net orderbook stoodat $12.8 billion as at31 December 2012, withdeliveries extending into2019.The long-term fundamentalsfor the offshore and marineindustry remain good,underpinned by growingenergy demand fromdeveloping economies.Demand for rigs isexpected to remain strongin view of an ageing fleetworldwide, a preference fornewer rigs and increasingdemand in many partsof the world, particularlyBrazil, Africa, the NorthSea and the Gulf of Mexico.The Division will continueto focus on executing theprojects on-hand well,improving the competenciesand productivity of its yards,and exploring value-addingacquisitions.In the Infrastructure Division,the 800MW expansion ofthe Keppel Merlimau Cogenpower plant is on trackfor commercial operationin 2013, enabling KeppelEnergy to meet the growingdemand in the Singaporeenergy market. KeppelIntegrated Engineeringcontinues to selectivelypursue opportunities in itstarget markets. Keppel T&Twill seek opportunities toexpand its logistics businessand assess opportunitiesfor further acquisitions ofdata centres.The Property Division soldabout 430 residential unitsin Singapore for the year,mostly from The Luxuriein Sengkang. The Divisionacquired a prime residentialsite near Tanah Merah MRTstation in October 2012,which will yield about 700residential units.The Singapore governmentintroduced the seventh roundof measures in January 2013to further cool the residentialmarket. These measureshave dampened sentimentsand are likely to weigh downthe market.Overseas, the Division soldabout 1,900 residentialunits for the year, of whichChina accounted for about1,650 units. In December2012, the Division securedits fifth site in Wuxi for amixed-use development. The6.6-ha prime city-centre sitewill comprise about 1,135residential units coupled withcommercial components.T h e G r o u p ’ s f u n dmanagement businesscontinued to grow throughselective acquisition anddivestment opportunities.In 2012, Keppel REITexpanded its portfolio withthe acquisition of a 50%stake in a new Grade Aoffice development in Perth,Australia and raised itsstake in Ocean FinancialCentre to 99.9%. AlphaAsia Macro Trends Fund II,which is managed by AlphaInvestment Partners, acquireda 50% stake in 78 ShentonWay and 17 high-endresidential units at 8 Napierin 2012. The Group’s totalassets under management byKeppel REIT and Alpha havegrown to $15.3 billion at theend of 2012.Moving forward, the PropertyDivision will focus on itscore markets of Singaporeand China, and strengthenits position in Vietnamand Indonesia. It will alsocontinue to grow assetsunder management forsustainable income.The global economy remainschallenging with unresolvedfiscal cliff issues faced bythe United States economyand uncertainties over theEurozone debt crisis. Againstthis backdrop, the Groupwill continue to sharpen itscompetencies and fortifyits capabilities to navigatethe challenges. keppeliteKeppelite I February 2013