http://www.businesstimes.com.sg/sub/...37540,00.html?

Published March 30, 2012

Keppel Land group CEO gets $3.56m-$3.81m

By NISHA RAMCHANDANI


GROUP chief executive officer Kevin Wong of Keppel Land, a unit of Keppel Corp, earned some $3.56 million to $3.81 million in a package which includes cash remuneration as well as the value of shares awarded, according to Keppel Land's FY11 annual report.

Mr Wong earned $3 million to $3.25 million - a similar band to 2010 - and a further $560,420 worth of restricted and performance shares.

In comparison, he reportedly earned about $3.7 million to $3.95 million in FY10 in total, which includes the restricted and performance shares awarded as well as his $3 million to $3.25 million remuneration.

Keppel Land's chairman Choo Chiau Beng (and chief of Keppel Corp) was paid below $250,000 for his role as chairman, according to the FY11 annual report.

For FY11, Keppel Land saw its net profit surpass the $1 billion level, hitting $1.37 billion - up 29.7 per cent from the restated net profit of $1.05 billion for 2010. Revenue for the financial year came to $949 million, up 38.5 per cent.

Keppel Land, which announced recently that it had acquired a controlling stake in a prime commercial site in Beijing, highlighted in its annual report that it is keen to continue developing mixed-use projects as rapid urbanisation in Asia continues to put constraints on resources such as land and the environment.

Citing a joint study by the Commercial Real Estate Development Association and Colliers, Keppel Land highlighted in the annual report that well-designed mixed-use developments can command a rental premium of $1.79 to $1.99 per square foot over single-use projects.

It has been developing mixed-use properties both in Singapore and the region - most noticeably the Marina Bay Financial Centre, Saigon Centre in Ho Chi Minh City and Seasons City in Tianjin Eco-City.

Its MBFC Towers 1 and 2 are fully leased to established names such as Standard Chartered and BHP Billiton, while the upcoming MBFC Tower 3 has secured pre-commitment of over 60 per cent as at end-February.

Meanwhile, the 2.6 ha site in Beijing, which is located in the city's CBD, will be developed into a commercial and retail project and is expected to be completed by end-2014.

Keppel Land sold about 480 homes in Singapore last year, thanks in part to The Luxurie.

Outside of Singapore, it sold over 2,000 homes.

Its board has recommended a final dividend of 20 cents per share, subject to shareholder approval at an annual general meeting to be held on April 20. If approved, it will be paid out by June 15.

Shares in the company closed at $3.42 yesterday, down 4 cents.