1

1H2007 Results24 July 2007

2

Highlights

� Financial Performance

� Operations Review

� Market Outlook

� Going Forward

2

3

Financial Performance

4

Financial Performance – 1H07

55.780.6125.5PATMI

37.1121.5166.6Pre-tax Profit

0.9113.6114.6Operating Profit

0.7118.9119.7EBITDA

86.8350.5654.6Turnover

% Chg1H061H07$m

3

5

Financial Performance – 2Q07

42.2

10.0

(20.6)

(19.9)

55.1

% Chg

44.363.0PATMI

Higher due largely to contributions from

Reflections at Keppel Bay and higher

profits from other current trading projects75.382.8Pre-tax Profit

Comments2Q062Q07$m

75.159.6Operating Profit

Lower due to one-off profit from sale of a

property subsidiary in Tianjin by Evergro

Properties in 2Q06

77.862.3EBITDA

Higher due to strong performance of

Singapore and overseas trading projects231.6359.2Turnover

6

Key Ratios

51.010.215.4Annualised ROE (%)

9.21.091.19Net Debt / Equity Ratio

8.72.062.24NTA / Share ($)

55.411.217.4EPS (¢)

% Chg1H061H07$m

4

7

Net Profit – By Business Segment

Higher due to maiden profits from Marina

Bay Residences, Reflections at Keppel Bay,

The Sixth Avenue Residences, and higher

contribution from The Seasons in China

72.264.8111.6Trading

Higher due largely to higher contributions

from associated companies48.614.221.1Investment

Lower losses due to improvement in hotels

and resorts businessnm(2.4)(0.8)Hotels / Resorts

Losses due to a revaluation loss for the

Group’s interest rate hedging instruments for

1H07 compared with a gain for 1H06nm4.0(6.4)Others

Comments% Chg

1H06

$m

1H07

$m

Business Segment

55.780.6125.5PATMI

8

Net Profit – By Geographical Location

Comments% Chg

1H061H07

125.5

47.3

78.2

$m

100.0

37.7

62.3

%

Higher due to strong contributions

from Marina Bay Residences, The

Sixth Avenue Residences and

Reflections at Keppel Bay

178.334.928.1Singapore

Lower due to one-off profit from

sale of a property subsidiary in

Tianjin by Evergro Properties in

2Q06

(9.9)65.152.5Other Countries

55.7100.080.6PATMI

%$m

Geographical

Location

5

9

Notes on Profit Recognition

5.65629Villa Riviera, Shanghai, China (168 units)

10.0 ^421Reflections at Keppel Bay (1,129 units)

11.4100100Urbana (126 units)

Overseas

The Seasons, Beijing, China (1,859 units)

15.98899Ph 1 (990 units)7991Ph 2 (869 units)

Singapore

29.8 ^7100Marina Bay Residences (428 units)

12.15883Park Infina at Wee Nam (486 units)

Profit Recognisedin 1H07 ($m)

% of Completion *

% of Sales *

Project

* Recognition as of 30 Jun 07

^ 20% of estimated profit has been recognised

10

Operations Review

6

11

Launched Reflections at Keppel Bay− 1,129 units

− 97% of 493 launched units sold

Good Sales in Park Infinia at Wee Nam− 486 units

− 89% sold

Info updated as of 24 Jul 07

Reflections at Keppel Bay

Singapore ResidentialRobust Singapore Sales

Sold about 600 units in 1H07

12

The Linc

The Suites at Central

Urbana

The Suites at Central (157 units)

Freesia Woods (129 units)

The Linc(51 units)

The Elysia(40 units)

Freesia WoodsThe Elysia

Urbana (126 units)

Singapore ResidentialSold Out Five Projects

7

13

� Exercised option for Marina Bay Financial Centre (MBFC) Ph 2− Land price : $907.7m or $435 psf ppr

− Office & Retail : 1.6m sf GFA

− Residential : About 250 units

� MBFC Ph 1 : About 40% pre-committed by Standard Chartered Bank and other financial institutions

MBFC Ph 1

MBFC Ph 2

Singapore CommercialMBFC Ph 2 to Ride on Strong Market

MBFC Total GFA : 438,000 sm

Ph 2

Residential

Ph 1 Office

& Retail

Ph 1

Residential

Ph 2 Office

& Retail

Ph 1 : 244,000 sm

Office & Retail : 189,000 sm

Residential : 55,000 sm

Ph 2 : 194,000 sm

Office & Retail : 150,000 sm

Residential : 44,000 sm

14

• Distributable income of $9.5m in 1H07, up 36.8% from 1H06

• Annualised Distribution Per Unit of 7.88 cents for 1H07

• Total return of 183.2% since listing

• 99.6% committed occupancy as at 30 Jun 07, higher than Core CBD occupancy of 97.3%

Bugis Junction Towers

Prudential Tower

Singapore CommercialK-REIT Asia Continues to Outperform

Keppel Towers GE Tower

8

15

Sold about 1,000 units mainly in China and India

The WaterfrontChengdu

The BotanicaPh 2 Chengdu

China

India

OverseasStrong Residential Sales

Villa Riviera Shanghai

- 168 units

- 89% of 64 launched units sold

- 1,143 units - 1,476 units

- 99% sold

The Seasons Beijing

- 1,859 units

- 98% sold

Elita PromenadeBangalore

- 1,573 units

- 81% of 1,300 launched units sold

16

The Estella

Condos – Ca Cam RiverCondos – Saigon River

Dong Naitownship

- An Phu Ward, District 2, HCMC

- 1,600 prime condo units

- Launch : 2008

- Dong Nai Province, near HCMC

- 14,000 waterfront township units

- Ph 1 launch : 2009

- Binh Thanh District, HCMC

- About 500 luxury condo units

- Launch : 2008

- District 7, HCMC

- 2,400 luxury condo units

- Launch : 2008

Secured four new residential sites within four months

OverseasCapitalising on Rising Vietnam Market

9

17

Gegu Precinct (MOU)

Xin Li Zhen township (MOU)

Palmdale Heights

- 6.26 sq km township precinct

- Ph 1 : 8,300 units

SM-KL Residential Devt.

- 44.1 sq km waterfront precinct

- Ph 1 : 15,000 units

- Pasig City, Metro Manila

- Ph 2 : 1,264 apartments

- Launch : 2008

- Ortigas CBD, Manila

- 430 apartments

- Launch : 2008

Pursuing township precincts in Tianjin, China

Capitalising on stronger Philippines residential market

OverseasExpanding in Existing Markets

18 * When fully leveraged and invested

Alpha Core Plus Real Estate Fund• Equity of US$437m (S$720m)• 85% invested in 21 assets in 4 countries

Asia No. 1 Property Fund• Equity of US$243m (S$400m)• 100% invested in 10 assets in 4 countries

Islamic Shariah fund

• Current portfolio of US$119m (S$180m)

K-REIT Asia• Four prime office buildings in Singapore

• Portfolio value of S$0.677 bn (end-06)

Total Assets Under Management Close to S$5 bn *

US$0.6

(S$1.0) bn

US$1.4

(S$2.3) bn

US$2.9

(S$4.7) bn

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2004 2005 2006 1H07

Total Assets Under Management *

Alpha K-REIT Asia

US$2.3

(S$3.7) bn

Set Up AIB Alpha Japan Fund in 1H07

• Closed with equity of US$172m (S$258m)

Fund Management Grows

10

19

� Business Times Corporate Transparency Index

– Ranked 5th out of 665 companies for FY 2006 results

� FinanceAsia’s Best Managed Companies Poll 2007

– Among Top Five in Singapore for :

� Best Managed Company (5th)

�Most Committed to Corporate Governance (4th)

� Best Investor Relations (4th)

Recent Corporate Awards

20

� FIABCI Prix d’Excellence 2006

– Caribbean at Keppel Bay

�Winner in residential category

– Harbourfront Office Towers

� 2nd Runner-up in office / industrial category

� Green Mark Awards

– Gold Award for Marina Bay Residences (2007)

– Gold Award for The Tresor (2006)

� 2008 Graphics International Design Annual

– Gold Award for One Raffles Quay

Recent Awards for Product Excellence

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21

Market Outlook

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• Price index up 13.1% in 1H07 to 147.3

• Estimated new take-up (CBRE) :

– Over 9,000 units in 1H07

– 14,000 units for 2007

• Supply expected to be steady

• Prices and rentals expected to continue trending upwards in 2007

Singapore Residential Market

Private Residential Demand,

Price and Rental Index

0

5,000

10,000

15,000

20,000

25,000

30,000

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

1H07

Units

80

100

120

140

160

180

Index

Secondary Take-up

Primary Take-up

Price Index

Source : URA, REALIS, CBRE estimate for 2Q07 take-up

12

23

Singapore Office Market

• Robust office market

– Grade A rental of $12.40 psf in 2Q07, up from $8.73 psf at end-06

– Grade A occupancy stood at 99.5% in 2Q07

• Broad based demand

– Apart from financial firms, shipping, energy, oil-trading, legal and I.T. companies are taking up space in Core CBD area

• Limited short term supply of about 0.75m sf p.a. from 2007 to 2010

• More medium term supply

– Government Land Sales Programme for 2H07 to provide 1.5m sf supply (CBRE)

Office SupplyPositive Market

Capital values and rents continue to increase steadily

24

Home OwnershipAspirations

EconomicGrowth

FavourableDemographics

GrowingMiddle Class

UrbanisationTrends

Overseas Residential Market

Strong fundamentals continue to support home purchase in China, India, Vietnam and Indonesia

13

25

Going Forward

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Going Forward

Singapore

• Selectively acquire commercial and residential sites

• Divest remaining investment buildings

Overseas

• Continue to pursue residential and township developments

Fund Management

• Grow funds under management

14

27

SingaporeCapitalise on Waterfront Living

• Launch more luxury waterfront lifestyle homes

-First residential showcase in Asia of world celebrated master architect Daniel Libeskind

-Launch more units in Reflections

-Ph 1 (428 units) sold out

-Ph 2 : About 250 units

Reflections at Keppel Bay (1,129 units) Marina Bay Residences Ph 1 (428 units)

28

250Marina BayMarina Bay Residences Ph 2 (33.3% stake)

56Bukit Timah RdNaga Court

34Duchess RdThe Tresor *

15Cairnhill CircleThe Crest @ Cairnhill

52Wee Nam RdPark Infinia at Wee Nam *

151Keppel BayReflections at Keppel Bay (30% stake) *

Units to Launch

LocationProject

* Balance planned units

Info updated as of 24 Jul 07

Reflections at Keppel Bay

SingaporePossible Residential Launches 2H07 / 2008

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29

Launch more condo and villa projects in 2H07

OverseasBuilding on Reputation as Developer of Quality Home

China

India

The ArcadiaTianjin

- 168 units

Elita HorizonBangalore

- 1,160 units

Elita Garden VistaKolkata

- 1,376 units

30

China Vietnam Indonesia

OverseasIntensify Township Expansion

The Botanica, Chengdu

- 5,800 units

Central Park City, Wuxi

- 4,700 units

Dong Nai township

- 14,000 units

Saigon Sports City, HCMC

- 3,000 units

Jakarta Garden City

- 7,000 units

16

31

1,2441,166524The Botanica (future phases), Chengdu ^

--15The Botanica (Ph 2), Chengdu *

--39The Seasons, Beijing *

354--Park Avenue Central, Shanghai ^

-5160Villa Riviera, Shanghai *

67260968 Park Avenue, Shanghai *

Units to LaunchProject Launch Schedule

600600-Jiangyin Mixed Development, Jiangyin ^

801720728Central Park City, Wuxi ^

-8682The Arcadia, Tianjin ^

China

200920082007

* Balance units

^ New launches

Info updated as of 24 Jul 07

OverseasResidential Launches

32

Indonesia

376600400Elita Garden Vista, Kolkata ^140600420Elita Horizon, Bangalore ^--520Elita Promenade, Bangalore *

India

959578Villa Arcadia at Watcharapol, Bangkok ^6710096Villa Arcadia at Srinakarin, Bangkok *

Thailand

1,0001,000200Jakarta Garden City, Jakarta ^

300--Waterfront township (Ph 1), Dong Nai Province ^350350-Condominiums fronting Ca Cam River, HCMC ^ 200300-Condominiums fronting Saigon River, HCMC ^ 350350-The Estella, HCMC ^288288100Saigon Sports City (Ph 1), HCMC ^

Units to LaunchProject Launch Schedule

-430-SM-KL residential devt., Manila ^948316-Palmdale Heights (Ph 2), Pasig City ^

Phlippines

Vietnam

200920082007

* Balance units

^ New launches

Info updated as of 24 Jul 07

OverseasResidential Launches

17

33

Thank You

34

Additional Slides

18

35

Singapore Residential Landbank

• About 1.3 mil sf of attributable GFA

* Including units and area sold

Attributable Attributable

Land Area GFA(%) (sf) (sf)

The Tresor * Duchess Rd 100% 999-yr 80,504 112,689 62

Reflections at Keppel Bay * Keppel Bay 30% 99-yr 269,930 624,521 1,129

The Crest @ Cairnhill Cairnhill Circle 100% Freehold 11,183 31,310 15

Naga Court Bukit Timah Rd 100% Freehold 49,168 110,807 56

Marina Bay Residences (Ph 2) Marina Bay 33.3% 99-yr 19,015 157,870 250

Keppel Bay Plot 3 Keppel Bay 30% 99-yr 125,366 152,999 307

Keppel Bay Plot 4 Keppel Bay 11.7% 99-yr 36,114 40,300 234

Keppel Bay Plot 6 Keppel Bay 30% 99-yr 141,429 67,813 101

Total 732,709 1,298,309 2,154

Site Location Tenure Total

Units

KLL's

Stake

36

China Residential Landbank

• KLL’s China landbank : about 1.9 mil sm of saleable area

* Excluding area and units sold^ Excluding commercial space

Site Location KLL's Total Total Remaining Remaining

Stake Land Area GFA Area For Sale Units (%) (sm) (sm) (sm) For Sale

8 Park Avenue Shanghai 99% 33,432 133,393 78,256 * 490 *

Park Avenue Central Shanghai 99% 28,488 99,708 99,708 708

Villa Riviera Shanghai 99% 153,726 53,796 31,698 * 111 *

The Arcadia Tianjin 100% 133,400 61,687 61,687 168

Central Park City Wuxi 49.7% 352,534 670,460 659,360^

4,700

The Botanica Chengdu 44.1% 417,139 1,035,542^

781,542^

5,800 *

Mixed development Jiangyin 70.6% 82,987 235,786^

235,786^

2,161

Total 1,201,706 2,290,372 1,948,037 14,138

19

37

Country Site KLL's Total Land Total GFA Total

Stake Area (sm) (sm) Units

India Elita Promenade, Bangalore * 51% 96,618 193,237 1,573

Elita Horizon, Bangalore 51% 79,177 158,354 1,160

Elita Garden Vista, Kolkata 37.7% 99,998 199,497 1,376

Sub-total 275,793 551,088 4,109

Indonesia Jakarta Garden City, Jakarta 51% 2,700,000 1,050,000 7,000

Sub-total 2,700,000 1,050,000 7,000

Thailand Villa Arcadia at Srinakarin, Bangkok * 45.5% 159,706 84,440 367

Villa Arcadia at Watcharapol, Bangkok 66.7% 124,912 68,314 270

Sub-total 284,618 152,754 637

Vietnam Saigon Sports City, HCMC 90% 640,476 788,180 ^ 3,000

The Estella, HCMC 55% 47,906 275,371 ^ 1,600

Condominium fronting Saigon River, HCMC 60% 17,428 87,140 500

Condominium fronting Ca Cam River, HCMC 75% 85,118 408,500 ^ 2,400

Waterfront township (Ph 1), Dong Nai Province 45% 1,930,000 1,040,077 5,300Sub-total 2,720,928 2,599,268 12,800

PhilippinesPalmdale Heights (Ph 2), Pasig City 30.9% 15,976 62,751 1,264

SM-KL residential devt., Manila 24.2% 7,068 56,000 430

Sub-total 23,044 118,751 1,694

Total 6,004,383 4,471,861 26,240

Other Overseas Residential Landbank

• About 4.5 mil sm of total GFA overseas (excluding China)

* Including area and units sold

^ Including commercial space

38

Rising Occupancy for KLL’s Buildings

KLL's Office Occupancy Rates

71%

90% 88%

98% *

0%

20%

40%

60%

80%

100%

1H04 1H05 1H06 1H07

Including Ocean Tow ers, Equity Plaza and Keppel Bay Tow er

* 1H07 figure also includes One Raff les Quay w hich received TOP in 2006

20

39

Office Market on Uptrend

Office Rental and Occupancy

80

84

88

92

96

100

4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07

0

2

4

6

8

10

12

Islandwide Occupancy

Grade A Occupancy

Prime Rental

Grade A Rental

Source : URA and CBRE

% S$psf/mth

40

This release may contain statements which are subject to risks and uncertainties

that could cause actual results to differ materially from such statements. You are

cautioned not to place undue reliance on such statements, which are based in

the current views of Management on future developments and events.