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4-Traders Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  Keppel Corporation Limited    KPLM   SG1U68934629

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Keppel Corporation Limited : Prime Minister Lee Hsien Loong Officiates At The Grand Opening Of Marina Bay Financial Centre

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05/15/2013 | 12:46pm CEST

Marina Bay Financial Centre (MBFC), the largest integrated mixed-use development in Singapore's new downtown, celebrates its grand opening today, reinforcing Singapore's position as one of the leading major business and financial centres of Asia.

The ceremony was graced by the Prime Minister of Singapore, Mr Lee Hsien Loong, and witnessed by senior representatives from all the shareholders of MBFC including the joint venture consortium of developers comprising Cheung Kong (Holdings), Hongkong Land and Keppel Land, as well as Keppel REIT, Suntec REIT and DBS Group Holdings. About 250 guests from leading businesses, financial institutions and key government agencies joined in the milestone event at The Lawn@Marina Bay.

To mark the occasion, Mr Warren Bishop, Chief Executive Officer of Raffles Quay Asset Management (RQAM), manager of MBFC, announced that the Company will donate a total of S$1 million to set up RQAM Study Grants. Four universities - the Nanyang Technological University, National University of Singapore, Singapore Management University and Singapore University of Technology and Design - will benefit from the grant, which aims to nurture the next generation of business leaders.

Speaking at the ceremony, Mr Bishop said, "MBFC is the realisation of the Singapore government's work-live-play concept for Marina Bay, offering a quality work environment, the best in waterfront living and a variety of dining and shopping options. MBFC has set a new regional standard for integrated mixed-use developments, on par with that of renowned financial centres around the world. We are committed to maintaining and reinforcing MBFC's position as Asia's Best Business AddressTM."

MBFC, designed by world-renowned New York-based architects Kohn Pedersen Fox Associates, comprises three office towers offering nearly three million square feet of prime Grade A office space, two residential towers comprising 649 luxury apartments and retail space of 179,000square feet. Office Towers 1 and 2 are fully occupied, Marina Bay Link Mall is 100% leased, while Tower 3's occupancy rate has reached 88% and continues to grow at a healthy rate.

Apart from being the first major integrated mixed-use development in Marina Bay, MBFC is also a seamless extension of the city-state's central business district, playing an important role in Singapore's continued economic growth.

At the ceremony, the Prime Minister received a copy of a commemorative book, "At the Forefront: Leading the New Downtown", which documents the transformation of Singapore from its early days as a thriving port and the Marina Bay area before land reclamation to the financial hub it is today. It recounts the history and development of the landmark Marina Bay site, as well as how the properties, MBFC and One Raffles Quay, have contributed significantly to the growth and transformation of the new downtown.

Marina Bay Financial Centre in the New Downtown

A landmark in Singapore's new downtown, MBFC is now home to more than 20,000 office workers. These include MBFC's anchor tenants, DBS and Standard Chartered Bank, as well as other blue-chip tenants from different business sectors such as the legal, resources and commodities, publishing, technology, and shipping sectors, among others.

MBFC also offers a work-live-play lifestyle concept through the integration of its commercial, residential and retail components. In addition to the positive take-up of space in the office towers, MBFC's residential component, Marina Bay Suites continues to enjoy strong demand with 88% of its 221 units sold. Marina Bay Residences is also fully sold.

With its state-of-the-art office facilities, a range of dining and retail options, and luxury residences that sets new standards in urban living, MBFC is undoubtedly the heartbeat of the new downtown at Marina Bay.

- ENDS -

Note to Editor:

Joining the Guest of Honour, Mr Lee Hsien Loong, Prime Minister of Singapore, onstage during the Grand Opening Ceremony are:

  • Mr Davy Chung, Executive Director, Cheung Kong (Holdings)
  • Mr Robert Garman, Executive Director, Hongkong Land (Singapore)
  • Mr Ang Wee Gee, Chief Executive Officer, Keppel Land

For more information, please contact:

Lester Lim
Director of Marketing Communications
Raffles Quay Asset Management Pte Ltd
DID: 6654 1376
Email: lester.lim@rqam.com.sg

Yvette Lim
Burson-Marsteller for Raffles Quay Asset Management Pte Ltd
DID: 6671 3234
Email: yvette.lim@bm.com

About Marina Bay Financial Centre

Marina Bay Financial Centre (MBFC) sits on a prime 3.55 hectare waterfront site at the heart of Singapore's new downtown. The tenant-centric design of this purpose-built financial centre combines the best in form and function, making it a key draw for businesses and befitting Singapore's position as a global financial hub.

Developed over two phases by Cheung Kong (Holdings), Hongkong Land and Keppel Land, MBFC offers a breathtaking blend of three distinguished office towers with nearly 3 million sq ft of prime Grade A office space, two residential towers comprising a total of 649 luxury apartments and penthouses as well as approximately 179,000 sq ft of retail space to meet the daily needs and convenience of the business community and residents.

MBFC Phase 1 comprising office Towers 1 and 2 and Marina Bay Link Mall is jointly owned by Hongkong Land, Keppel REIT and Suntec REIT, while MBFC office Tower 3 including Phase 2 of Marina Bay Link Mall are jointly owned by Cheung Kong (Holdings), DBS Group Holdings, Hongkong Land and Keppel Land.

MBFC Phase 1 is the winner of the FIABCI Prix d'Excellence Awards 2012 in the Office Category. MBFC Phase 1 also clinched the Gold award in the Mixed-Use category in the MIPIM Asia Awards 2011, which honours outstanding real estate projects in the Asia Pacific region. It also won the Participants' Choice Award where it received the most votes from fellow delegates.

MBFC achieved the Green Mark Gold award for its office Towers 1 and 2, Marina Bay Residences and Marina Bay Suites, as well as the Green Mark Gold Plus award for its office Tower 3 conferred by the Building and Construction Authority (BCA) of Singapore. These awards recognise the efforts made by the developers to encourage sustainable design practices. This makes MBFC one of the few developments to win more than one BCA Green Mark award.

For more information about Asia's Best Business AddressTM, please visit the MBFC website at http://www.mbfc.com.sg.

About Raffles Quay Asset Management

Raffles Quay Asset Management (RQAM) was established in 2001 to manage and market projects jointly developed by Cheung Kong (Holdings), Hongkong Land and Keppel Land - three of Asia's most experienced property developers.

RQAM manages One Raffles Quay and Marina Bay Financial Centre (MBFC) that account for a combined 4.5 million square feet of prime Grade A office and retail space in the Central Business District of Singapore. This forms the single largest Grade A office space in Singapore.

As the manager, RQAM ensures the world-class facilities at these two developments are maintained to the highest standards, befitting the 'Asia's Best Business AddressTM' positioning for MBFC, the single largest integrated mixed use development in Singapore's new downtown.

RQAM also oversees the ongoing development of the MBFC project, which includes Marina Bay Suites, the latter being scheduled for completion in 2013, managing the contractor and consultants to ensure the safety, quality and timeliness of construction. RQAM also manages the retail leasing and mall management of Marina Bay Link Mall, the retail component of MBFC.

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Financials ( SGD)
Sales 2016 7 064 M
EBIT 2016 1 070 M
Net income 2016 941 M
Debt 2016 6 404 M
Yield 2016 4,48%
P/E ratio 2016 9,90
P/E ratio 2017 9,80
EV / Sales 2016 2,27x
EV / Sales 2017 2,25x
Capitalization 9 653 M
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Mean consensus HOLD
Number of Analysts 18
Average target price 5,48  SGD
Spread / Average Target 3,2%
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Chin Hua Loh Chief Executive Officer & Executive Director
Boon Yang Lee Non-Executive Chairman
Hon Chew Chan Chief Financial Officer
Jacob Tong General Manager-Group Information Systems
Heng Tan Tow Non-Independent Non-Executive Director
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