...to $8 million, hahahahaha!
That is $22,000 a day - hit 4D every day
http://www.todayonline.com/business/cooling-measures-likely-depress-housing-market-keppel-ceo
.10 hours 26 min ago
SINGAPORE — Property cooling measures introduced in January will likely depress the residential market in Singapore but Keppel Corp is confident about the long-term potential of the market as the measures are targeted at speculators in order to prevent a housing bubble, according to the conglomerate’s Chief Executive Choo Chiau Beng.
“(The curbs), coupled with the lacklustre global economy, and a fairly large supply of newly completed units, is likely to depress the local market,” Mr Choo said in an interview published in Keppel’s annual report released yesterday.
“Some consolidation can be expected and weaker developers will be pressured to cut prices or sell their assets cheaply. This will provide opportunity for us to grow our portfolio. We will review the launch of our residential properties and concurrently seek good sites with strong marketing attributes for development,” he added.
The measures — the seventh round announced by the Government to take the heat out of the property market that hit record highs last quarter — include additional buyer’s stamp duties, tighter loan-to-value limits and higher minimum cash downpayments. First-time Singaporean home buyers are unaffected by the new curbs.
Keppel’s Corp has diversified businesses organised into various divisions, including property, offshore and marine, infrastructure and investment.
Looking further ahead, Mr Choo said: “Despite global uncertainties, urbanisation trends and low interest rates continue to drive strong demand for quality homes and office spaces in Asia … Having built up a strong balance sheet with low gearing, Keppel Land stands to benefit from these trends and is in a position to seize the right opportunities as they surface.”
In the offshore and marine sector where Keppel is the world’s biggest rig builder, Mr Choo said the company would benefit from high energy prices that will spur exploration and production (E&P) activity in deeper waters and harsher environments.
“Stable oil prices of above US$100 (S$124.20) per barrel continue to support E&P in the Gulf of Mexico, North Sea, Brazil and Africa. Scaling new frontiers requires highly advanced solutions. We can therefore expect global E&P spending to rise further.”
Keppel also stands to ride on the rig replacement trend worldwide.
“Recent years of demand growth coupled with the retirement of older rigs have tightened the market, lifting utilisation and day rates for newer and more advanced jackups and ultra deepwater units,” Mr Choo said.
But he warned of weaker margins amid competition from Chinese and South Korean yards, repeating the caution sounded at the company’s earnings conference in January.
Nonetheless, this year will see Keppel’s yards “busy delivering a record of 22 new-build rigs, working down from a hefty S$12.8 billion backlog as at end December 2012 which extends into 2019”, he said.
Yesterday, Keppel said in a regulatory filing that its Keppel FELS marine unit had won another four rig contracts worth about S$1 billion from Mexican drilling company Grupo R. The rigs will be delivered in 2015.
For 2012, Mr Choo took home a pay package close to S$8 million, down nearly a third from the S$11.7 million a year earlier. This is despite Keppel having delivered a 28 per cent increase in net profit for the year to S$1.9 billion excluding revaluations, divestments and major impairments. Revenue rose 39 per cent to nearly S$14 billion.
In its annual report, Keppel said incentive compensation is deferred over a time horizon to ensure its executives continue to generate sustainable shareholder value over the longer term.
That is $22,000 a day - hit 4D every day
http://www.todayonline.com/business/cooling-measures-likely-depress-housing-market-keppel-ceo
.10 hours 26 min ago
SINGAPORE — Property cooling measures introduced in January will likely depress the residential market in Singapore but Keppel Corp is confident about the long-term potential of the market as the measures are targeted at speculators in order to prevent a housing bubble, according to the conglomerate’s Chief Executive Choo Chiau Beng.
“(The curbs), coupled with the lacklustre global economy, and a fairly large supply of newly completed units, is likely to depress the local market,” Mr Choo said in an interview published in Keppel’s annual report released yesterday.
“Some consolidation can be expected and weaker developers will be pressured to cut prices or sell their assets cheaply. This will provide opportunity for us to grow our portfolio. We will review the launch of our residential properties and concurrently seek good sites with strong marketing attributes for development,” he added.
The measures — the seventh round announced by the Government to take the heat out of the property market that hit record highs last quarter — include additional buyer’s stamp duties, tighter loan-to-value limits and higher minimum cash downpayments. First-time Singaporean home buyers are unaffected by the new curbs.
Keppel’s Corp has diversified businesses organised into various divisions, including property, offshore and marine, infrastructure and investment.
Looking further ahead, Mr Choo said: “Despite global uncertainties, urbanisation trends and low interest rates continue to drive strong demand for quality homes and office spaces in Asia … Having built up a strong balance sheet with low gearing, Keppel Land stands to benefit from these trends and is in a position to seize the right opportunities as they surface.”
In the offshore and marine sector where Keppel is the world’s biggest rig builder, Mr Choo said the company would benefit from high energy prices that will spur exploration and production (E&P) activity in deeper waters and harsher environments.
“Stable oil prices of above US$100 (S$124.20) per barrel continue to support E&P in the Gulf of Mexico, North Sea, Brazil and Africa. Scaling new frontiers requires highly advanced solutions. We can therefore expect global E&P spending to rise further.”
Keppel also stands to ride on the rig replacement trend worldwide.
“Recent years of demand growth coupled with the retirement of older rigs have tightened the market, lifting utilisation and day rates for newer and more advanced jackups and ultra deepwater units,” Mr Choo said.
But he warned of weaker margins amid competition from Chinese and South Korean yards, repeating the caution sounded at the company’s earnings conference in January.
Nonetheless, this year will see Keppel’s yards “busy delivering a record of 22 new-build rigs, working down from a hefty S$12.8 billion backlog as at end December 2012 which extends into 2019”, he said.
Yesterday, Keppel said in a regulatory filing that its Keppel FELS marine unit had won another four rig contracts worth about S$1 billion from Mexican drilling company Grupo R. The rigs will be delivered in 2015.
For 2012, Mr Choo took home a pay package close to S$8 million, down nearly a third from the S$11.7 million a year earlier. This is despite Keppel having delivered a 28 per cent increase in net profit for the year to S$1.9 billion excluding revaluations, divestments and major impairments. Revenue rose 39 per cent to nearly S$14 billion.
In its annual report, Keppel said incentive compensation is deferred over a time horizon to ensure its executives continue to generate sustainable shareholder value over the longer term.
