Shaping urban landscapes, sustainably - Keppel Corporation
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A Publication of Keppel Corporation
ISSUE
04
2020
www.kepcorp.com/ekeppelite
Shaping urban New district
cooling system
Supporting
the One
landscapes, sustainably plant Million Trees
movement
MCI (P)
060/01/2020 28 18 39
Contents
1 Editor’s Note GETTING TO KNOW YOU Editorial Advisor
2 Keppel Corporation Business Updates Ho Tong Yen
In conversation 32 Spotlight on: Mr Paul Tham
8 Next steps in execution of Vision 2030
10 Keppel REIT Editor
34 Employer of choice
Sue-Ann Huang
Key Business and Operational Updates
12 Keppel DC REIT HSE MATTERS
Key Business and Operational Updates
Copy Editors
13 Keppel Pacific Oak US REIT 35 Forward together for a safer future
Ariel Tee, Fiona Aw
Key Business and Operational Updates
14 Strong demand for funds 38 Setting a shadow price on carbon
16 Greener maritime sector 39 Supporting Singapore’s Editorial Team
18 New district cooling system plant One Million Trees movement Amanda Teng, Ana Luisa Cruz,
in Jurong Innovation District 40 Harnessing technology Ang Lai Lee, Brian Lee, Dorothy Lim,
19 Expanding presence in India for a safer future Elizabeth Widjaja, Emmeline Khoo,
Embracing digital solutions Frances Teh, Glenda Yang, Grace Chia,
20 Game-changing technology KEPPELITES AROUND THE WORLD Guo Xiao Rong, Hoo Yao Lin, Ivana Chua,
21 Promoting a circular economy Lee Wan Jun, Loh Jing Ting, Nikki Lam,
22 Greener data centre solutions Roy Tan, Tang Yi Bing, Vanessa Ng,
41 Greening cities around the world
Victor Heng, Yolanda Guo
23 Harnessing digital technology
24 Supporting Singapore’s energy needs 42 Raising awareness on climate
Email: keppelgroup@kepcorp.com
25 More eco-friendly homes change Website: kepcorp.com/ekeppelite
26 Extending track record Keppel celebrates Singapore’s 55th
linkedin.com/company/keppel
27 Safely setting sail birthday youtube.com/KeppelCorporationLtd
28 Making our mark 43 Man on a mission
30 Leading provider of sustainable 44 People matter Keppelite is a publication of Keppel
urbanisation solutions 46 Celebrating Keppel Young Leaders’ Corporation, and is published quarterly
Driving green innovation 10th anniversary by the Group Corporate Communications
31 Engaging retail investors 48 Fostering creativity Division. All rights reserved. Permission from
the publisher is required for reproduction by
50 Keppel Community Month
any means in whole or in part.
52 Spreading festive cheer
Cover image: The Garden Residences in Serangoon was 74% sold as at end-September 2020,
underpinning an increase in Singapore home sales as compared to the same period last year.
The development won the BCA Green Mark GoldPLUS Award at the BCA Awards 2019, and was
recognised as a high-quality, sustainable development.
1 EDITOR'S NOTE
Editor’s Note
In October, Keppel Corporation provided operate a new district cooling system and his views on how offices may evolve
its first voluntary business update plant for 30 years at Jurong Innovation in the COVID-19 era (pages 32 and 33).
following the adoption of semi-annual District (page 18), Keppel Offshore &
reporting of its results. The Keppel Marine strengthening its offerings in Continuing efforts to make Keppel a
Group returned to profitability in 3Q gas solutions (pages 16 and 17), Keppel great place to work, human resources
2020, with key businesses performing Land expanding its presence in India teams across the Group led initiatives to
resiliently, though net profit was (page 19), and M1 becoming the first recognise and show appreciation towards
significantly lower year-on-year. All operator in Singapore to open up 5G Keppelites for their hard work and
key business units remained profitable, access to all customers with the launch dedication. Activities were also organised
except for Keppel O&M which continues of its 5G non-standalone network (page to emphasise the importance of mental
to face challenging operating conditions 20). Keppel Capital also attracted strong well-being (pages 44 and 45).
(read more at pages 2 to 4). investor interest for its fund-raising
efforts, and deepened partnerships Keppelites have continued to do good
At Keppel Corporation’s recent with investors, even amid the pandemic despite the COVID-19 pandemic. We
strategy offsite meeting, the Board and (pages 14 and 15). share initiatives by Keppelites over
management of Keppel Corporation Keppel Community Month in August.
reaffirmed Keppel’s Vision 2030. Keppel We are also advancing our sustainability These include donating food and
has since announced the next steps efforts with the introduction of a shadow delivering care items to those in need,
in the rollout of Vision 2030, including carbon price to evaluate major investment as well as harnessing digital platforms
the strategic review of the offshore and decisions, as well as stepping up efforts to reach out to beneficiaries safely
marine business, as well as an asset to create more energy-efficient and (pages 50 to 52). We also highlight the
monetisation plan to recycle capital greener data centre solutions. Keppel inspiring story of how one Keppelite,
which can be invested in growth is also further contributing to nature- Omar Faruque Shipon, worked to provide
areas. Keppel has also established a based solutions for climate change. Read trusted COVID-19 pandemic-related news
Vision 2030 Transformation Office and on to learn more about the Company’s to thousands of fellow migrant workers in
launched a 100-day programme to drive commitment to plant 10,000 trees in Singapore to help dispel misinformation.
results (pages 8 and 9). support of Singapore’s One Million Trees Omar was recognised for his contribution
movement (pages 22, 38 and 39). at the recent President’s Volunteerism &
Concurrently, Keppel has stepped up Philanthropy Awards 2020 (page 43).
its pursuit of growth initiatives, several In our latest instalment of interviews
of which are highlighted in this issue, with Keppel Group senior management, We hope you enjoy your read of
including Keppel Infrastructure securing we catch up with Mr Paul Tham, CEO of Keppelite.
a $300 million contract awarded by Keppel REIT Management, who shares
JTC Corporation to build, own and with us his career journey, his experience Keppelite Editor
2
Keppel Corporation Business Updates
Keppel Corporation provides
3Q & 9M 2020 Business Updates
Keppel Corporation released its first (Keppel O&M), all key business units committed bank facilities have been
voluntary business update for 3Q & 9M were profitable in 3Q 2020. However, raised, equipping the Group to finance its
2020, following the adoption of semi- the Group remained loss-making for operations even in a scenario of a slow,
annual reporting of its results. the first nine months of 2020, due to the L-shaped recovery from the COVID-19
significant impairments of $919 million, pandemic.
Many of Keppel’s businesses provide mainly from the offshore and marine
essential services and continued to business, recorded in 2Q 2020. Mr Loh Chin Hua, CEO of Keppel
operate throughout the COVID-19 Corporation, said, “Keppel’s key
pandemic. As the COVID-19 situation The Group’s revenue was $4,818 million businesses have performed resiliently
stabilises in Singapore and other key for 9M 2020 compared to $5,382 million in the third quarter of 2020, with all key
markets where the Group operates, for 9M 2019, due mainly to decreased business units remaining profitable,
Keppel’s employees are progressively contributions from Keppel O&M. except for Keppel O&M which continues
returning to the workplace, while to face very challenging conditions due
observing the relevant safe management The Group’s net gearing was lower at to both the downturn in the sector and
measures. 0.96x as at 30 September 2020, compared the reduced top line resulting from the
to 1.00x as at 30 June 2020, mainly due to COVID-19 pandemic and measures to
The Group returned to profitability in 3Q lower working capital requirements. contain its spread.
2020, compared to 2Q 2020’s net loss
of $697 million, though 3Q 2020’s net The Group continues to receive strong “On 29 September 2020, we announced
profit is significantly lower year-on-year. support from its bankers. In the year plans to accelerate our Vision 2030
Except for Keppel Offshore & Marine to date, over $3 billion in loans and roadmap that will ready Keppel to
1. The Garden
1 Residences in
Singapore was 74%
sold as at end-Sep
2020.
2. Keppel DHCS
was awarded a
$300 million
contract by JTC
to build, own and
operate a new
district cooling
system in Bulim
Phase 1, Jurong
Innovation District.
(Credit: JTC)
3
2
weather the challenging environment Energy & Environment 72%. As at end-September 2020, Keppel
and chart our growth path. To this end, In 3Q 2020, activity levels at Keppel O&M’s net orderbook stood at $4.1 billion,
we have established a Vision 2030 O&M’s Singapore operations resumed up from $3.5 billion as at end-June 2020.
Transformation Office and launched a gradually with safe management Since the start of the pandemic, Keppel
100-day programme to drive results. In measures in place. By the end of O&M has put in place cost management
line with our Vision 2030 strategy, in the September 2020, a workforce of about measures which will result in reduction in
past month, we have announced about 15,000 had returned to work in Singapore, annual overhead costs of more than
$140 million in asset divestments from up from about 5,000 at the end of July $90 million starting from 2021, and is
our landbank and non-core assets, and 2020. Notwithstanding the gradual working on further cost reduction.
also secured an offshore renewables resumption of work, disruptions related
contract worth about $600 million. We to COVID-19 have impacted Keppel Despite the impact of the COVID-19
are also actively working with Keppel O&M’s revenues, which contributed to it pandemic, Keppel Infrastructure
O&M’s Board and Management on reporting a loss for 3Q 2020. continued to perform resiliently and
the strategic review of this business, recorded an EBITDA of $119 million for
including exploring the full spectrum of Keppel O&M will continue to face 9M 2020, slightly above the $115 million
organic and inorganic options.” challenges in its profitability for the rest a year ago. In the year to date, Keppel
of the year as the industry continues to Infrastructure has secured $2.1 billion
Under Vision 2030, Keppel is forging face headwinds amidst depressed oil worth of waste-to-energy and district
ahead as one integrated business prices. Nevertheless, Keppel O&M’s pivot cooling contracts across Singapore,
providing solutions for sustainable into other market segments is bearing India and Thailand. This includes the
urbanisation and has sharpened its fruit. In the year to date, Keppel O&M has latest $300 million contract awarded
focus on four key areas, namely Energy secured about $900 million worth of new by JTC Corporation to build, own and
& Environment, Urban Development, contracts, of which offshore renewables operate a new district cooling system
Connectivity and Asset Management. and gas-related projects comprise about plant for 30 years.
4
Separately, the operation and As part of the efforts to activate its power the proposed floating data centre
maintenance of the Keppel Marina East landbank by proactively turning assets, park in Singapore.
Desalination Plant in Singapore continues Keppel Land announced the divestment
to progress smoothly since the plant of a project in Taicang, Jiangsu for Meanwhile, M1 performed resiliently
commenced commercial operations at $104 million in October 2020. despite disruptions from the COVID-19
the end of June 2020, while the Tuas pandemic. M1’s EBITDA of $202 million
Nexus Integrated Waste Management Reflecting the continuing demand for for 9M 2020 was stable year-on-year,
Facility is undergoing its design and land in the increasingly mature Sino- while its postpaid customer base grew
engineering phase. Singapore Tianjin Eco-City, a plot of 6.1% year-on-year and has become the
residential land was sold in October 2020, second largest in Singapore.
Urban Development which is expected to yield a gain of about
Keppel Land sold about 2,030 homes in $18 million for Keppel. The plans for M1’s transformation from
the first nine months of 2020, a decrease a traditional mobile telco into a digital
from 3,520 homes sold in the same period Connectivity connectivity platform remains on track
last year. In Singapore, home sales have Digitalisation trends accelerated by despite the pandemic. During the quarter,
increased to 240 homes compared to 190 a work-from-home arrangements continue M1 became the first operator in Singapore
year ago, underpinned by an improvement to drive demand for data centres. The to open up 5G access to all customers
in sales at The Garden Residences in new data centre project at Genting Lane, with the launch of its 5G non-standalone
Serangoon, which was 74% sold as at which Keppel Telecommunications network, as well as expanded its MVNO
end-September 2020. Over in China, 1,580 & Transportation is developing in partnerships to include MyRepublic. In
homes were sold in the first nine months of partnership with SPH, has met with addition, M1 will offer its 5G network and
2020, lower compared to 2,330 homes over strong demand from both existing as well capabilities as part of the partnership
the same period last year, due to economic as new customers. Continuing its efforts between Keppel and DBS to unlock new
headwinds in the country and fewer new to reduce the carbon footprint of data opportunities for retail customers, enhance
projects launched. In Vietnam, Keppel Land centre operations, Keppel Data Centres customer engagement, as well as offer
sold 40 homes, lower year-on-year, due to announced a collaboration with City Gas digital supply chain financing solutions for
slower approvals from the authorities for and City-OG Gas Energy Services to Keppel’s extensive supplier ecosystem.
new property launches. explore the use of LNG and hydrogen to
Asset Management
In the first nine months of 2020, Keppel
Capital’s asset management fees grew
Keppel Capital’s asset management fees have grown year-on-year, reflecting the continuing demand 17.1% year-on-year to $123 million, due
for real assets with cash flow (pictured: Pinnacle Office Park, a freehold Grade A commercial property
comprising three office buildings located within Macquarie Park in Sydney, which is being acquired by mainly to contributions from new fund
Keppel REIT). initiatives.
In the year to date, Keppel Capital-
managed funds have also secured total
commitments of US$2.0 billion from
various institutional investors including
pension and sovereign wealth funds.
The capital commitments include
US$295 million from the first closing of
Fund IV in Keppel Capital’s successful
Alpha Asia Macro Trends Fund series.
Other new initiatives in the third quarter
of 2020 include the announcement of a
strategic cooperation with the National
Pension Service of Korea to explore
opportunities for private infrastructure in
Asia, as well as the launch of the Keppel
Education Asset Fund to tap the fast-
growing private education sector.
5
Keppel Corporation Business Updates
In conversation
Keppelite features highlights of the Q&A session that Mr Loh Chin Hua,
CEO of Keppel Corporation and Mr Chan Hon Chew, CFO of
Keppel Corporation, had with media and analysts at Keppel
Corporation’s 3Q & 9M 2020 business update.
Q: Can you share a bit more about the This 100-day plan involves everyone
targets that you hope to achieve within in the Group. All the business units
the next 100 days? have their so-called “marching orders”
for the 100-day plan, including Keppel
CEO: The 100-day plan is part of the Corporation as well. It doesn’t mean that
larger plan for the Transformation Office, if we don’t achieve it in 100 days, then the
which is charged with seeing through deal is off. We hope it does not happen,
the implementation of our Vision 2030. but it could be that some of the projects
We have identified a group of initiatives can get shifted to the right. But if we are
to kickstart our Vision 2030. They able to deliver on this 100-day plan, I think
include asset divestments, looking at it will give a very good impetus to the
some growth initiatives, and also the execution of our Vision 2030.
strategic review of the Keppel O&M
business - that is also part of the 100- Q: With regard to Keppel O&M, could
day plan. It is a multitude of activities you comment whether it was EBITDA
that we think are important to kickstart positive in the third quarter?
our Vision 2030.
CEO: We made a gross profit for the third
Q: Is the 100-day programme based on quarter, but we made a loss at the net
some legal or deal timeline? profit level. In other words, the revenue
and gross profit were not enough to
CEO: Not really. The way to look at this cover the overhead costs. That is why
100-day programme is that we have a getting control of the overhead costs is
Vision 2030. When we came up with so important. The team has worked really
Vision 2030, the idea was to give enough hard, and we have identified about
runway for the future leaders of Keppel, $90 million of cost savings from overheads
who were involved in this Vision 2030 that can come into play from 2021.
exercise, to re-imagine what Keppel
would be like in 10 years’ time. It doesn’t Q: Can you talk more about the recent
mean that we want to take 10 years to offshore renewables contract secured
execute. In fact, we want to execute and what made Keppel stand out from
much faster. We decided that we wanted the competition?
to create a bit of energy, a catalyst, and
an impetus to get ourselves going for CEO: We have pivoted towards
Vision 2030. The senior management renewables since 2015. In the initial
and I decided that we should have a 100- period, it was a bit more challenging
day plan, so that there is a push for the because the customers are different
whole team. from the traditional oil & gas
6
customers. But the technology and profit for KI has also been better than In the year to date,
Keppel Infrastructure
solutions we have are quite well- last year, even if you exclude the RIDs,
has secured $2.1 billion
suited for offshore wind solutions as namely the reclassification of Keppel worth of waste-to-
well. You have seen that through the Infrastructure Trust. energy and district
cooling contracts across
contract wins we have had in recent
Singapore, India and
years, including the TenneT project in We would expect that these project Thailand (pictured:
Germany, as well as the Ørsted project wins will continue to help KI. During the Artist’s impression of
Singapore’s new Tuas
in Taiwan. construction phase, we will be able to
Nexus Integrated Waste
book the EPC profits. And of course, after Management Facility).
A strength of Keppel O&M is its track the project is completed, like in the case
record of delivering projects on time, on of the Keppel Marina East Desalination
budget, and safely. These are the same Plant completed at the end of June, we
criteria that resonate with customers will start to collect capacity payments as
on the renewables side. There are other well as operations & maintenance fees.
strengths, but I cannot touch on them now. As I have shared before, as we layer on
When the project is announced, we will more of these projects, the operations
have a more detailed announcement, and & maintenance fees will keep growing,
you can see that there are some strengths and this is recurring in nature. We are in
that we have that put us in a strong a fairly good position. These new project
position that helped us win this project. wins of $2.1 billion will help add on to
these profits and contributions in the
Q: How should we think about the years ahead.
contributions from the $2.1 billion in
waste-to-energy and district cooling Q: For home sales in China, is it a lower
contracts in 2021 and 2022? trend quarter-on-quarter?
CEO: KI has done very well generally. CEO: It is lower for 9M this year. Part
We have seen that over the last quarter of the reason is that we had very good
and this year as well. Its contributions sales in some of the projects, which were
have moved up, as you can see from the recorded in 2019 rather than 2020. Of
EBITDA. For the first half results, the net course, there are headwinds in some of
7
the markets in China. But for home sales, that, barring any surprises in terms of be much bigger than what our balance
we continue to put the runs on the board. market conditions, it should be launched sheet will show.
We expect that those projects that are sometime by the first half of next year.
well-located, those in the Tier 1 cities, will For instance, we have announced
continue to do quite well. 19 Nassim has been a bit slow, but we different funds like the Keppel Asia
are not too concerned, because we only Infrastructure Fund, the private
Q: Can you talk about the prospects for have about 100 units there. The project infrastructure fund. We are targeting
home sales in China and Vietnam? is very well located, and it is designed to raise about US$1 billion. We put
by a top-notch architect. We think that in US$100 million, and the other
CEO: On the home sales in China right the design is good, the sizes of the units US$900 million comes from third
now, everyone is very focused on this are not too large, and we don’t have a party investors. This fund then invests
new policy measure called the “Three lot of units, so I think we are still quite in infrastructure projects. When the
Red Lines”, which is putting pressure comfortable with where the price is. infrastructure project is completed and
on some developers. I would say not all de-risked, they can serve as a potential
developers – probably those developers Q: As part of Vision 2030, you have deal flow for Keppel Infrastructure Trust,
that are more heavily leveraged. How that plans to divest part of your assets, and which is the listed infrastructure trust
will play out remains to be seen. As far as you will also continue to invest in new that Keppel Capital manages as well.
we are concerned, at Keppel Land China, businesses. What is the mid-term capex We can recycle, from the private funds
we are not affected by this, but clearly, we going to be like? to the trust.
are watching the market very closely on
any potential impact. CEO: We have identified a number Q: How should we think about
of growth engines that will propel dividends?
The Vietnam market remains quite firm, us for Vision 2030. As an example,
if you look at secondary sales. There data centres. We would expect the CEO: We don’t have a specified
are fewer sales, you would note, even investments in data centres to grow. We dividend policy. But we have been
from Keppel Land Vietnam. That is not also run an asset-light model, where we paying about 40-50% of the earnings.
because the demand is not there. The have Keppel Capital providing funding, When the Board meets to look at
challenge there is that approval for not just from the Group, but also from dividend pay-outs, they will factor in all
pre-sale permits has been a bit slow in third party investors. There was an this, including what is the requirement
coming. We do not anticipate that this announcement a few weeks ago, where for capital for the Group. In short,
will change until probably the beginning we have a strategic collaboration with you have seen from our credit lines
of next year, hopefully. The market National Pension Service of Korea from the banks, we remain very well
fundamentals in Vietnam are actually still (NPS), one of the largest pension supported by the banks. Hon Chew
quite strong. The challenge is in getting funds in the world. NPS will collaborate and the team have lined up the credit
the pre-sale permits approved. with us on various assets, including facilities that we will require to see us
potentially real estate, data centres, through, whatever happens in the next
Q: Do you have any timeline in terms infrastructure, etc. few years. This asset monetisation is
of when Keppel Bay Plot 4 may be really to create the balance sheet space
launched? Also, on 19 Nassim, sales have The investments that the Group will make for us to look at growth initiatives, such
been a bit slow. Are there any plans to collectively through the private funds that as those that I have mentioned before,
cut prices? we run would be significantly more than including data centres. Of course, if
what we invest from our balance sheet. through the asset monetisation, there
CEO: The project at Keppel Bay Plot 4 The point I am making is that, with the are some profits that are generated,
is called The Reef at King’s Dock. We asset-light model that we have, the actual then that will also come into play in
are getting it launch-ready. I expect investments into these growth sectors will terms of the dividend payments.
8 9
Next steps in execution of Vision 2030
At Keppel Corporation’s recent strategy platforms and unlock value from more The Keppel Group’s assets available for potential monetisation are set out in the table below. The carrying values of the assets are
offsite meeting held in end-September, integration and synergies within the based on the Group’s balance sheet as at 30 June 2020:
the Board and Management reaffirmed group, while continuing to recycle capital
Keppel’s Vision 2030 and agreed on the to enhance the Group’s overall return.
next steps to accelerate its execution. As we accelerate the implementation of Assets1 Carrying Value 2
Vision 2030, this will create value for all $ billion
Dr Lee Boon Yang, Chairman of Keppel our stakeholders.”
Landbank / projects under development3 7.0
Corporation said, “The Board and
Management are committed to drive Keppel regularly reviews its portfolio Assets for monetisation through REITs / Trust or for sale 4.8
Vision 2030 and realise Keppel’s full of assets and as part of its asset-light Non-core assets (including Keppel O&M’s rigs) 3.9
potential as an integrated business, business model, the Company has Funds / investments that can be liquidated over time 1.8
providing solutions for sustainable identified assets with a total carrying Total carrying value 2
17.5
urbanisation. We have identified attractive value of approximately $17.5 billion based
opportunities in each of our focus on the Group’s balance sheet as at
areas of Energy & Environment, Urban 30 June 2020 that can potentially be 1 Disposals of certain assets are subject to regulatory approval and/or shareholders’ approval. Certain assets may also take longer time to monetise due to such
Development, Connectivity and Asset monetised over time and channelled approval requirements, selling restrictions and/or subject to market conditions.
Management, which operate in growing towards growth initiatives. These assets
2 The carrying values of the assets are as at 30 June 2020, before taking into account transaction costs, potential tax liabilities, repayment of any asset financing
and resilient markets, and are mobilising include the Group’s landbank which and financing costs.
to capture these opportunities and is held at historical cost, development
3 Landbank and projects under development sold may not be replenished to the same level, as capital unlocked may be channelled to other focus areas.
continuing our efforts to operationalise projects, investment properties, assets
our integrated business model. being developed and stabilised for
monetisation through Keppel-managed
“With a sharpened business focus and or third party platforms, various funds
an asset-light model, we are taking a and investments, as well as non-core
disciplined approach to capital allocation, assets such as Keppel Offshore &
to allocate more capital to our growth Marine’s (Keppel O&M) oil rigs.
They do not include Keppel’s key would range from strategic mergers to development and asset management,
business platforms, fixed assets such disposal. There is no assurance that any we will also need to review our business
as Keppel O&M’s yards, or some of the transaction will materialise. portfolio from time to time. The financial
units that the Group holds in real estate discipline that Vision 2030 instils has led
As part of Vision or other investment trusts where holding At a briefing to the media and analysts us to conduct a strategic review of our
2030, Keppel has of these units aligns Keppel’s interest as on 29 September 2020, Mr Loh Chin Hua, logistics business, and now, the offshore &
identified $17.5 billion
of assets which can be
the investment managers, with that of CEO of Keppel Corporation, said, “Keppel marine business. We are working with the
monetised, including its the unitholders. is well placed to weather the challenging Board and management of Keppel O&M
landbank and projects environment and chart our growth path. to explore both organic and inorganic
under development.
In November 2020,
Concurrently, the Company has As we execute our long-term plans and options for this business with the aim of
Keppel Land China commenced a strategic review of its build growth engines for the future, maximising long-term shareholder value.”
announced that it offshore & marine business amid the we will also seek to realise the Group’s
would be divesting
Hill Crest Villas in
sector’s challenging environment, current potential by unlocking about He added, “Management is focused
Chengdu, China exploring both organic and inorganic $3-5 billion of our monetisable assets on the long-term performance of
(pictured). options. Organic options include over the next three years, which will be the company for the benefit of all
reviewing the strategy and business redeployed to seize new opportunities shareholders. We are also working hard
model of Keppel O&M, assessing its and improve returns. on our current performance and are
current capacity and global network committed to communicating regularly
of yards and restructuring to seek “As we pursue our growth initiatives in with the market and shareholders on our
opportunities as a developer of renewable data centres, environmental solutions, growth plans as we overcome the current
energy assets; while inorganic options renewable energy, integrated urban challenging environment together.”10 11
Keppel REIT Key Business and Operational Updates Optimising portfolio and expanding into
Strengthening portfolio resilience Sydney Grade A metropolitan office space
with continued portfolio optimisation with Pinnacle Office Park acquisition
In September 2020, Keppel REIT entered model for office locations. The acquisition of Footnotes
1. Refers to rental support
into an agreement with the Goodman Pinnacle Office Park allows Keppel REIT to
in relation to Marina Bay
Keppel REIT has achieved distributable of investments and asset enhancement As at 30 September 2020, Keppel REIT’s Group to acquire a 100% stake in gain exposure to this key metropolitan office Financial Centre Tower 3,
income from operations of $47.6 million works, as well as general working portfolio performance remained resilient, Pinnacle Office Park, a freehold Grade A market.” which was fully drawn in 1Q
2019.
for 3Q 2020, a 4.6% increase year-on- capital purposes and refinancing of supported by its quality portfolio with commercial property comprising three
year due mainly to the commencement borrowings. high committed occupancy of 98.3%. office buildings located within Macquarie With a total net lettable area (NLA) of 35,132 2. Includes A$2.1 million of
of income contribution from 311 Spencer The portfolio WALE was also further Park in Sydney, at an agreed property square metres (378,165 square feet) across rental guarantee until the
later of 31 December 2021
Street in Melbourne, which achieved Keppel REIT’s all-in interest rate was lengthened to 7.1 years from 4.6 years value of A$306.0 million. three office buildings, Pinnacle Office Park
and 12 (or 6) months after
practical completion on 9 July 2020, and lower at 2.39% per annum for the period as at 30 June 2020, due mainly to the is strategically located within Macquarie the date of completion,
lower interest expenses. Distributable ended 30 September 2020 compared addition of 311 Spencer Street which is on Mr Paul Tham, CEO of the Manager, Park, the second largest office market in depending on the relevant
vacant premises.
income from operations for 3Q 2020 to 2.82% per annum for the same a 30-year long lease to the Victoria Police. said, “With an initial net property New South Wales3 which has benefited from
excludes any distribution of capital gains, period in 2019. Aggregate leverage was For 9M 2020, Keppel REIT had a tenant income yield of 5.25%2, the acquisition improvements in transport infrastructure. 3. Property Council of
which will be disclosed at the full year 35.0% with a weighted average term to retention rate of 81%. of Pinnacle Office Park is in line with our Australia, Office Market
Report July 2020.
2020 results announcement. maturity of 3.3 years. Interest coverage active portfolio optimisation strategy to Pinnacle Office Park has a committed
ratio was 3.9 times and the interest rates Keppel REIT continues to take proactive improve Keppel REIT’s income resilience occupancy of 96.3%4. Key tenants include 4. As at 30 June 2020.
Distributable income for 9M 2020 was of 80% of total borrowings are fixed. steps in managing the COVID-19 and portfolio yield. The expansion ASX-listed Aristocrat Technologies, Konica
stable year-on-year at $142.4 million, situation. As at 30 September 2020, into the Grade A metropolitan office Minolta and Coles Supermarkets. The
notwithstanding the absence of income Meanwhile, Keppel REIT had Keppel REIT’s tenant relief measures space strengthens our portfolio as it property has a weighted average lease
from Bugis Junction Towers, which was approximately $894 million of undrawn were estimated to amount to complements our prime CBD offering. expiry of 4.8 years4 by NLA, and its existing
divested in November 2019, the impact of credit facilities available, including approximately $13.8 million, including the leases have fixed annual rental escalations of
COVID-19 tenant relief measures and the $426 million of committed facilities. full pass-through of property tax rebates “In the wake of COVID-19, we believe between 3% and 4%.
cessation of rental support1. Keppel REIT also has capital gains and cash grants from the Singapore demand in Australia for quality and well-
available from prior divestments that Government amounting to approximately networked metropolitan locations, such The DPU-accretive acquisition is targeted to
During the quarter, the Manager can be used to enhance the stability of $10.0 million, as well as rental waivers as Macquarie Park, will increase as more be completed in 4Q 2020 and will
further optimised Keppel REIT’s distributions. for eligible tenants. Rental collection companies seek cost-effective solutions be fully funded with Australian dollar
capital structure and issued a total of for 3Q 2020 was also at a healthy 97%, or adopt a hub-and-spoke business denominated debt for natural hedging.
$300 million of perpetual securities In September 2020, Keppel REIT with only approximately $1.7 million in
at a coupon rate of 3.15%. The rate announced the DPU-accretive rent deferrals as at end September 2020.
compares favourably to the $150 million acquisition of Pinnacle Office Park, a With more tenants expected to return to Keppel REIT’s acquisition of the Pinnacle Office Park, a Grade A commercial property located within
Macquarie Park in Sydney, is part of the Manager’s active portfolio optimisation efforts to improve income
of perpetual securities at 4.98%, which freehold Grade A commercial property the workplace over time, the Manager resilience and portfolio yield.
were redeemed in November 2020. The comprising three office buildings will continue to adopt measures to
remaining proceeds will be used for located within Macquarie Park in provide a safe and conducive work
various purposes including the financing Sydney. For more details, see box story. environment.12
Keppel DC REIT Key Business and Operational Updates
Strong performance
Keppel DC REIT continued to deliver 96.7% with a long weighted average lease
strong financial performance in 3Q expiry of 7.2 years.
Inclusion in
2020, contributed by new acquisitions benchmark STI
in Singapore and Germany. The REIT In 3Q 2020, the REIT refinanced its
reported distributable income of $40.5 A$13.2 million loan to 2024, and obtained
million for 3Q 2020, 47.6% higher than a new $150 million 6-year revolving credit Keppel DC REIT was included in the
$27.4 million in 3Q 2019. Distribution per facility. As at 30 September 2020, the benchmark Straits Times Index (STI)
Unit increased to 2.357 cents for 3Q 2020, REIT’s average cost of debt remained with effect from 19 October 2020.
22.1% higher than 1.930 cents in 3Q 2019. competitive at 1.6% per annum and its
interest coverage ratio is at a healthy Mr Chua Hsien Yang, CEO of the
The data centre industry remains resilient 12.7 times. Aggregate leverage remained Manager, said, “The inclusion
despite the pandemic and continues healthy at 35.2%, providing the REIT with of Keppel DC REIT in the STI
to see growth from hyperscale cloud a comfortable debt headroom to pursue marks an important milestone for
players with enterprises rapidly moving acquisition growth. Keppel DC REIT since its listing
to cloud. The strong leasing momentum on the Singapore Exchange. This
saw new take-ups at colocation facilities While COVID-19 continues to pose is testament to Keppel DC REIT’s
in Singapore and Dublin, as well as an challenges to the global economy, the growth and will further increase our
early lease renewal at iseek Data Centre digital economy continues to flourish, and visibility among global investors, as
in Brisbane, Australia. this trend is expected to continue into well as enhance our trading liquidity.”
2021.
The REIT achieved practical completion Keppel DC REIT was listed in
of its asset enhancement works in Keppel The prospects for the data centre market December 2014 as Asia’s first pure-
DC Dublin 1 while Intellicentre 3 East remain robust, underpinned by strong play data centre REIT, with eight
Data Centre in Sydney has topped out digital trends such as the increasing use assets across six countries and
and is on track for completion in 1H 2021. of smart technologies, big‐data analytics, assets under management (AUM)
In Singapore, the Manager expects the as well as 5G deployment. of approximately $1 billion. As at
fitout works at DC1 to be delayed to 1H 30 September 2020, the REIT’s
2021 due to COVID-19. Looking ahead, the REIT will continue AUM has grown significantly to
to pursue growth opportunities, approximately $2.9 billion with 18
As at 30 September 2020, the REIT’s diversify risks and maintain its growth assets in eight countries across Asia
occupancy rate remained healthy at momentum. Pacific and Europe.
113
1. New take-ups at
colocation facilities
in Singapore and
Dublin, including
Keppel DC Dublin 1
(pictured),
contributed to
the REIT’s strong
leasing momentum.
2. Keppel Pacific
Oak US REIT has
achieved
year-on-year
improvements in its
performance, largely
due to contributions
from One Twenty
Five (pictured), as
well as new and
expansion leases
from the technology
hubs of Seattle and
2 Denver.
Keppel Pacific Oak US REIT Key Business and Operational Updates
Steady performance
Keppel Pacific Oak US REIT (KORE) has KORE’s portfolio committed occupancy collection amid the pandemic is a
achieved distributable income (DI) of by net lettable area (NLA) was 92.8%. testament of KORE’s portfolio and tenant
US$14.7 million for 3Q 2020, 18.5% above quality, which will continue to drive
that of 3Q 2019. The continued efforts to The Manager continues to maintain income resilience.
drive growth and focus on operational its prudent approach towards capital
excellence have led to year-on-year management. As at 30 September 2020, KORE has a highly diversified tenant
improvements, largely due to contributions KORE’s aggregate leverage was 37.7%, base from the growing and defensive
from One Twenty Five in Dallas, which with 100% unsecured debt and no sectors of technology, as well as medical
was acquired in November 2019, as well long-term refinancing requirement until and healthcare. Tenant concentration
as new and expansion leases from the November 2022. All-in average cost of risk remains low, with the top 10 tenants
technology hubs of Seattle and Denver. debt was 3.35% per annum, with interest and the largest tenant contributing only
coverage ratio at 4.5 times. Cash and 19.7% and 3.4% of CRI respectively. Retail
In 3Q 2020, the Manager leased undrawn facilities stood at US$109 million tenants account for less than 2% of the
approximately 49,600 sf of space, mainly as at 30 September 2020. portfolio by CRI.
in Seattle, Houston and Atlanta. This
was driven mainly by demand from the Notwithstanding the COVID-19 Looking ahead, the Manager remains
technology and professional services pandemic, the Manager collected 98% committed to deliver stable distributions
sectors, bringing the total space leased in and 98.5% of rents in 3Q 2020 and and strong total returns to its Unitholders.
9M 2020 to approximately 245,400 sf. As 9M 2020 respectively. Rental collection The Manager’s continued prudent
at 30 September 2020, KORE had positive from the top 10 tenants was 100%. There approach towards capital management
portfolio rental reversion of 14.1% and were limited rent deferment requests and its proactive leasing efforts will also
portfolio weighted average lease expiry received in 3Q 2020, representing less see KORE capture rental escalations and
of 4.0 years by cash rental income (CRI). than 0.5% of NLA. The strong rental positive rental reversions as leases expire.14 15
Strong demand for funds
1. Keppel Capital has raised
2 more than half of its target
commitments for its US$500
million Keppel Education Asset
Fund. As its first real estate
investment, the fund has acquired
a 70% stake in a premium
Keppel Capital has carried out a series of renewables and related technology Beyond infrastructure, this strategic bilingual school property operated
by Malvern College Chengdu
successful fund raising initiatives for its solutions, urban development and cooperation will also create potential
(pictured) in Chengdu.
various funds and deepened partnerships connectivity solutions. collaboration opportunities across the
with investors, even amid the COVID-19 other asset classes where Keppel Capital 2. Alpha Investment Partners
has achieved its first closing of
pandemic, highlighting strong investor Ms Christina Tan, CEO of Keppel is active, such as real estate and data
US$295 million for AAMTF IV.
demand and confidence in its fund Capital, said, “We are glad to centres, and other new sectors, such as Pictured here is Meguro Villa
management capabilities. partner with NPS, the world’s third senior living. Garden, an office property in
Tokyo for AAMTF IV’s predecessor
largest pension fund, to jointly
fund, which delivered an internal
Strategic collaboration explore investment opportunities Capitalising opportunities rate of return of about 70% and
Keppel Capital announced a strategic in the infrastructure space in Asia. On 22 September 2020, Keppel Capital, equity multiple of 2.5x upon
divestment.
cooperation with National Pension Notwithstanding the current challenging through its wholly-owned subsidiary,
Service of Korea (NPS) to explore macroeconomic environment, we are Keppel Capital Alternative Asset,
investment opportunities for private confident that by working together announced that it has raised more
infrastructure in Asia on 21 September with a world-class and like-minded than half of its target commitments for
2020. institutional investor, we will be able its US$500 million Keppel Education
to synergise and tap on each other’s Asset Fund, a closed-end private equity Leveraging the Keppel Group’s extensive attractive risk-adjusted returns, with The target asset classes comprise offices,
The cooperation brings together expertise and capabilities, given that fund that will focus on the fast-growing network, the fund intends to partner potential downside risks protected by business parks, logistic facilities, retail
the asset management expertise of we both embrace a value-oriented private education sector in Asia Pacific. established school operators to invest in established tenants and long leases. and accommodation assets.
NPS and Keppel Capital, as well as shareholder focus and disciplined private education-related real estate in The reception to the Fund despite the
Keppel Capital’s ability to leverage approach to investment.” The fund is managed by Keppel Capital the Asia Pacific region. It aims to build pandemic reflects investors’ confidence Mr Alvin Mah, CEO of Alpha, said, “In
the Keppel Group’s track record and Alternative Asset and the investors in a balanced portfolio of stable, as well in and demand for this defensive asset the current market conditions, we are
ability to develop, operate and maintain The strategic cooperation builds on an the fund and its parallel vehicle include as brownfield and greenfield assets in class, as well as Keppel’s capabilities.” monitoring developments for potential
complex real assets such as energy and earlier commitment by NPS to Keppel a sovereign wealth fund, an endowment different education sub-sectors, including dislocations where stress is being
environmental infrastructure, including Capital’s private infrastructure initiative. fund and a family office. the early learning and kindergarten Successful first close observed, which create opportunities
to 12th grade (K12) segments, higher Keppel Capital, through its private fund for investments with good growth
education and tertiary institutions, as well management arm, Alpha Investment potential. We thank our investors for their
as on-campus accommodation. Partners (Alpha), has launched the Alpha strong vote of confidence, leading to the
Asia Macro Trends Fund IV (AAMTF IV) successful completion of the fund’s first
1
As its first real estate investment, the with a target fund size of US$1 billion close amidst the COVID-19 pandemic.
fund has acquired a 70% stake in a and achieved its first closing of This is testament to the viability of our
premium bilingual K12 school property US$295 million, including co-investment, fund strategy as well as our capabilities in
operated by Malvern College Chengdu on 21 October 2020. generating returns for our investors.”
in China.
AAMTF IV has seen strong support from Since 2004, Alpha has executed over
Ms Tan said, “The private education investors from the insurance, endowment 180 transactions with gross acquisition
industry is a resilient and fast-growing and pension segments, the majority of value of more than US$24 billion for
sector in Asia Pacific, supported whom are from Alpha’s existing investor its managed funds across the strategy
by macrotrends including rapid base. Based on its target fund size of spectrum from core, core-plus, value-
urbanisation, an expanding middle class US$1 billion, AAMTF IV is expected to add to opportunistic. This includes the
and rising affluence, increasing focus have assets under management of up to June 2019 divestment of Meguro Villa
on education as well as supportive US$2.5 billion when fully leveraged and Garden, an office property in Tokyo,
government policies. Through the Keppel invested. for AAMTF III, the predecessor fund of
Education Asset Fund, we will work with AAMTF IV. Through a well-executed asset
established operators to capitalise on the AAMTF IV seeks to invest in multi-asset enhancement plan, the property was
opportunities in the private education classes across key gateway cities in the able to achieve 100% occupancy within
sector in Asia Pacific and support their Asia-Pacific region, including Singapore, two years at 20% above the underwritten
expansion plans as they scale up in the Beijing, Shanghai, Tokyo, Seoul, Hong rents, delivering an internal rate of return
region. Education assets offer investors Kong, Sydney, Melbourne and Brisbane. of about 70% and equity multiple of 2.5x.16 17
Greener maritime sector
It is the first of two such vessels that Keppel
2
O&M is building for Avenir LNG, expanding its
suite of solutions across the gas value chain.
The 7,500m3 dual-fuel LBV was built at Keppel
Nantong Shipyard in China, and is equipped
Over the past quarter, Keppel Offshore & Marine (Keppel O&M) has strengthened
with engines that can run on both diesel and
its offerings in gas solutions, promoting the use of liquefied natural gas (LNG) as a LNG. Keppel O&M’s technology arm, Offshore
marine fuel and contributing to a greener maritime sector. Technology Development (OTD), also installed
and commissioned the vessel’s Ballast Water
Treatment System.
First LNG bunkering vessel (LBV) for facility when it becomes operational in Keppel Nantong Shipyard in China. Avenir Advantage has been chartered by
Singapore end-2021. The 3,750m3 facility When operational, the vessel’s first Petronas LNG to provide ship-to-ship LNG
On 1 October 2020, FueLNG, a joint complements the FueLNG Bellina’s contracts will be to provide ship-to-ship bunkering to vessels across Malaysia, and
venture between Keppel O&M and bunkering services and will also be able LNG bunkering to the Shell-chartered transport services as an LNG carrier for small-
Shell Eastern Petroleum, celebrated the to refuel the LBV. tankers and for one of Hapag Lloyd’s scale terminals in the region.
naming of FueLNG Bellina, Singapore’s container vessels.
first LBV at a virtual ceremony attended Mr Chris Ong, Chairman of FueLNG and
by Guest-of-Honour Mr Chee Hong CEO of Keppel O&M, added, “Leveraging The FueLNG Bellina is equipped with
Tat, Singapore’s Senior Minister of the capabilities of Keppel O&M and Keppel O&M’s proprietary VesselCare
State, Ministry of Transport & Ministry Shell, FueLNG is able to offer customers solutions, and is the world’s first
of Foreign Affairs. Scheduled to be a variety of cost-effective and convenient bunkering vessel with Smart Notation.
operational by end-2020, the vessel will LNG bunkering options. These include These smart functions enable remote
enable FueLNG to be the first to provide ship-to-ship bunkering for larger vessels monitoring of and real-time support for
regular ship-to-ship LNG bunkering such as containerships or smaller vessels vessel operations.
services within the Singapore port. such as harbour crafts on demand, 24/7,
at our dedicated bunkering facility at the First LNG carrier by Keppel
FueLNG will also provide LNG bunkering FLL in Keppel O&M’s shipyard.” On 14 October 2020, Keppel O&M
from Singapore’s first dedicated LNG delivered its first newbuild LNG carrier,
Virtual naming ceremony
bunkering facility, which will be built by Designed and built by Keppel O&M, Avenir Advantage, to Avenir LNG. The LNG for FueLNG Bellina
Keppel O&M on its Floating Living Lab the 7,500m3 LBV is on track to arrive carrier also functions as an LBV, making it
(FLL), with Shell supplying the LNG to the in Singapore later this year from the the first in Southeast Asia to do so.
The unique ceremony was attended by over
350 attendees from more than 20 countries.
1. Designed by Keppel O&M’s technology In Keppel’s office in Singapore, Guest-of-
1 arm, Keppel Marine and Deepwater
Technology, and using its proprietary MTD
Honour Mr Chee Hong Tat, Singapore’s
7500U LNG design, the LBV has a barge- Senior Minister of State, Ministry of Transport
like extended flat surface to provide bunker & Ministry of Foreign Affairs, and his wife,
to a wide range of vessels.
Mrs Sharon Chee, the Lady Sponsor of the
2. The Avenir Advantage is the fourth dual- Vessel, were received by management from
fuel vessel that Keppel O&M has delivered. the Maritime and Port Authority of Singapore
Keppel O&M is currently building eight
dual-fuel vessels, including three other
(MPA), Keppel O&M, Shell and FueLNG.
LBVs, as well as containerships and
dredgers. SMS Chee said, “This occasion marks an
important milestone in Singapore’s journey
to achieve the IMO 2030 greenhouse gas
emissions target. It is our next step towards
regular ship-to-ship LNG bunkering activities
in Singapore. As we progress towards a low-
carbon future, we will intensify our efforts to From left to right: Mr Chris Ong, Chairman of FueLNG and CEO of Keppel O&M; Mrs Sharon Chee,
the Lady Sponsor of the Vessel; Guest-of-Honour Mr Chee Hong Tat, Singapore’s Senior Minister of
develop the Port of Singapore into a global State for Transport and Foreign Affairs; Ms Quah Ley Hoon, Chief Executive of MPA; and Mr Nick
LNG bunkering hub.” Potter, GM Shipping and Maritime, APME Region, Shell.18 19
Expanding presence in India
Keppel Land has entered into a joint $98.2 million), with Keppel Land’s share the local property market, as well as
venture with leading Indian developer, estimated to be about INR 2.6 billion Keppel Land’s international experience
Emerald Haven Realty (TVS Emerald), a (approximately $48.1 million). and strong execution capabilities,
TVS Group company, to jointly develop we are confident that this upcoming
a freehold condominium project on a Mr Ho Kiam Kheong, President (India), condominium development will attract
prime 2.4-hectare site along Pallavaram Keppel Land, said, “We are delighted homebuyers seeking thoughtfully-
Thoraipakkam Radial Road (PTR), a fast- to collaborate with TVS Emerald, one designed homes located along the IT
developing information technology (IT) of the top developers in Chennai, for corridor of PTR.”
1 corridor in South Chennai, India. this premium residential project. This
partnership is in line with Keppel The site will be developed into a premium
Keppel Land will acquire a 49% stake Land’s strategy to strengthen our condominium comprising apartments
in the joint venture company at a total presence in top-tier cities in India such in mostly two- or three- bedroom
consideration of about INR 772 million as Chennai, and creates a platform for configurations. Future residents will also
New district cooling system plant (approximately $14.1 million). The total
development cost is expected to be
about INR 5.4 billion (approximately
future collaboration with TVS Emerald.
Leveraging TVS Emerald’s extensive
network and deep understanding of
be able to enjoy recreational facilities and
a modern clubhouse within the gated
development.
in Jurong Innovation District
On 28 October 2020, Keppel DHCS, district will house a full manufacturing one-north (Biopolis, Fusionopolis and
a wholly-owned subsidiary of Keppel value chain from research institutes and Mediapolis) and Woodlands Wafer Fab
Infrastructure, was awarded a contract innovation labs, to training providers Park. Keppel DHCS also provides retail
worth $300 million by JTC to build, own and factories of the future. It will serve cooling services for commercial buildings
and operate a new district cooling system as a living lab for new manufacturing such as Sim Lim Square, CrimsonLogic,
(DCS) plant for 30 years. technologies and solutions, where and Arkema. Upon the completion of
companies can bring ideas from the JID DCS plant, Keppel DHCS will
The DCS plant, which will be laboratories to prototyping, test-bedding, increase its total installed cooling capacity
Embracing digital solutions
implemented in stages, is sited in the production and distribution. in Singapore by nearly 20% to more 1. The DCS plant will be located
in the basement of one of the
upcoming Bulim Phase 1 of the Jurong than 82,000 RT. Earlier in July, Keppel buildings in Bulim Square
Innovation District (JID). This contract Dr Ong Tiong Guan, CEO, Keppel DHCS together with two joint venture (pictured) within the Jurong
follows the award of the design phase to Infrastructure said, “As the first and partners also secured a contract for one of Innovation District, and serve
a cluster of surrounding
Keppel DHCS, which was announced in largest DCS service provider in Thailand’s private district cooling projects industrial buildings via a
September 2018. Singapore, Keppel DHCS is pleased in Bangkok’s prime Sam Yan commercial network of distribution pipes, As part of the Keppel Group’s In September 2020, K’GIFTS went live
to support JTC’s vision of its JID with area, with a projected cooling load of aggregating energy loads
digitalisation efforts, Keppel Technology in Keppel Capital following extensive
and reducing overall carbon
Expected to be completed in 2022, the provision of our efficient and 18,000 RT. footprint. & Innovation (KTI) and Keppel Capital trials that were conducted since the
the new DCS plant will have a environmentally-friendly cooling have collaborated to develop K’GIFTS, start of 2019. The teams worked closely
cooling capacity to serve up to 14,000 solutions. To be selected for one of JTC’s A DCS comprises the installation of a an online platform that digitally from ideation to product realisation
Refrigeration Tons (RT) and provide a landmark projects is a testament to the centralised chilled water processing plant captures all gift and hospitality entries, and deployment, going through several
high quality and reliable chilled water high reliability, quality and sustainability that serves a cluster of buildings via a and automates multi-layer approval rounds of product iterations to meet
supply service to the developments in of our facilities and service. We will draw network of distribution pipes for their processes, reducing paperwork. the specific needs of Keppel Capital.
Bulim Phase 1, covering a 28-hectare on our strong track record and experience air-conditioning needs. By aggregating
area mainly comprising high-specification to ensure the on-time delivery of this the customers’ energy loads, the overall Fully developed in-house by KTI, In line with the Group’s efforts to
industrial-use buildings. critical infrastructure system to the JID.” installed capacity can be lower than if K’GIFTS leverages the Microsoft Power incorporate digital solutions in daily
each building used a separate cooling platform to allow Keppelites to easily work processes, KTI is currently in
Bulim is one of the five precincts in In Singapore, Keppel DHCS currently unit, improving energy efficiency. Such register gifts or hospitality received, discussions with other Keppel units to
JID, which is a one-stop advanced provides environmentally-friendly DCS aggregation also reduces the overall view approval status, and keep track of progressively roll out K’GIFTS across
manufacturing hub. The 600-hectare services to Changi Business Park, carbon footprint. previous submissions. the Group.You can also read
