Seizing
Opportunities
Allgreen Properties Limited | Annual Report 2008
Keeping pace in today’s global marketplace requires new
approaches to new challenges, and to this end, innovation and
endurance are key.
A prominent feature in many cultures, the crane is revered not
only for its admirable physical attributes, but also its unique
behavioural characteristics. Inspired by the deep symbolism
it bears, the 2008 Allgreen Properties Limited Annual Report
focuses on the crane’s capabilities as a reflection of the Group’s
various strategies to seize new opportunities in the volatile
economic climate.
This concept highlights Allgreen Properties’ strength to
overcome challenges and remain steadfast amidst turbulent
times, thereby establishing the Group’s leading position in the
property industry.
Contents
02
Corporate Data
03
Corporate Profile
05
Chairman’s Statement
08
Board of Directors
14
Management Team
18
Calendar of Events
21
Operations Review
30
Corporate Structure
32
Financial Highlights
36
Five Year Financial Summary
37
Monthly Share Price Information
37
Financial Calendar
38
Corporate Governance
48
Financial Statements
115
Statistics of Shareholdings
117
Notice of Annual General Meeting
119
Proxy Form
2
ALLGREEN PROPERTIES LIMITED
Corporate Data
Board of Directors
Audit Committee
Mr Goh Soo Siah, Executive Chairman
Mr Jimmy Seet Keong Huat, Chairman
Mr Andrew Choo Hoo, Executive Director
Mdm Kuok Oon Kwong
Mr Khor Thong Meng, Executive Director
Mr Wan Fook Kong
Mr Ang Keng Lam
Mdm Kuok Oon Kwong
Nominating Committee
Mr Jimmy Seet Keong Huat, Independent Director
Mr Wan Fook Kong, Chairman
Mr Keith Tay Ah Kee, Independent Director
Mr Keith Tay Ah Kee
Mr Teo Joo Kim (resigned on 15 Jan 2009)
Mr Teo Joo Kim (resigned on 15 Jan 2009)
Mr Wan Fook Kong, Independent Director
Mdm Kuok Oon Kwong (appointed on 15 Jan 2009)
Company Secretary
Remuneration Committee
Ms Isoo Tan
Mr Keith Tay Ah Kee, Chairman
Mr Jimmy Seet Keong Huat
Management Team
Mdm Kuok Oon Kwong
Mr Michael Chang Teck Chai, General Manager
(Development)
Auditors
Mr Wong Lin Chye, General Manager (Development)
Foo Kon Tan Grant Thornton
Mr Teo Keng Chiong, General Manager (Development)
Certified Public Accountants
Ms Lim Geak Keong, General Manager (Development)
Mr Henry Lim Shien Ching
Mr Yong Voon Chen, General Manager (Sales)
(Partner-in-charge since 2008)
Ms Cheryl Huan, General Manager (Marketing)
47 Hill Street #05-01
Ms Lim Poh Hiang, Financial Controller
Chinese Chamber of Commerce & Industry Building
Ms Isoo Tan, Company Secretary and Legal Counsel
Singapore 179365
Ms Henrietta Chong, General Manager (Hospitality)
Tel: (+65) 6336 3355
Ms Irene Tan Sock Eng, Marketing Director (Retail)
Ms Jenny Ng Cheow Nghee, Centre Director
Internal Auditors
Ernst & Young
Registered Office
10 Collyer Quay
1 Kim Seng Promenade
#21-01 Ocean Building
#05-02 Great World City
Singapore 049315
Singapore 237994
Tel: (+65) 6535 7777
Tel: (+65) 6733 2822
Fax: (+65) 6738 3800
Principal Bankers
Website: www.allgreen.com.sg
Bank of Tokyo-Mitsubishi Limited
DBS Bank Limited
Registrar and Share Transfer Office
Malayan Banking Berhad
Boardroom Corporate & Advisory Services Pte Ltd
Oversea-Chinese Banking Corporation Limited
3 Church Street
Standard Chartered Bank
#08-01 Samsung Hub
The Hongkong and Shanghai Banking
Singapore 049483
Tel: (+65) 6536 5355
Corporation Limited
United Overseas Bank Limited
ANNUAL REPORT 2008 3
Corporate Profile
Allgreen is the Singapore property
enterprise of the Kuok Group, a leading
Asian conglomerate with diversified
businesses including trading, food
industries, manufacturing, real estate,
hotels, shipping and the media.
Incorporated in 1986 as Allgreen
Investments, Allgreen Properties Limited
was listed on the Singapore Exchange in
May 1999. As at 31 December 2008,
the Group has 44 subsidiaries and
11 associated companies.
Allgreen’s core businesses comprise
property development, property
investment, hospitality, project and
property management and building
supplies trading. As at 31 December
2008, the Group’s assets are mainly in
Singapore. In recent years, it has entered
into various joint ventures to participate
in the development of mixed projects in
Shanghai, Tianjin, Chengdu, Qinhuangdao,
Shenyang, Tangshan and Nanjing, the
People’s Republic of China (“PRC”).
Allgreen is also in the process of acquiring
a prime site in District 2, Ho Chi Minh City
to develop a condominium project.
As one of the largest property groups
in Singapore, Allgreen Properties has a
balanced quality portfolio of residential
and commercial properties.
Allgreen’s current primary focus is on
residential property development in
Singapore. It has a significant landbank
of about 2.3 million square feet of
attributable gross floor area of residential
development as at 31 December 2008.
The Group has a successful track record
of strong take-up rates for its projects. A
diverse portfolio of development projects
caters to a wide spectrum of homebuyers’
needs and budgets – including
apartments, condominiums, terraced
and semi-detached units. Currently, the
Group has 12 residential projects under
construction or planning stage.
The Group’s investment property portfolio
comprises four properties. The whollyowned flagship Great World City is
one of Singapore’s largest integrated
property developments and comprises
two 18-storey office towers connected by
a 4-storey office podium, a 3-storey with
3 basements retail mall and 304 serviced
apartments. Other investment properties
are owned through a 55.4 per cent stake
in Cuscaden Properties Pte Ltd, which
owns the Traders Hotel, a 546-room
property near Orchard Road; Tanglin
Mall, a niche 3-storey with 4 basements
shopping complex located in the prime
District 10; and Tanglin Place, a 4-storey
with 1 basement commercial complex.
Allgreen is engaged in project
management through its wholly-owned
subsidiary – Leo Property Management
Private Limited.
Foresight
Its keen senses allow the crane to be
constantly aware of its surroundings as it
forages for food and shelter
ANNUAL REPORT 2008 5
Chairman’s Statement
Building up a strong portfolio
in new market segments
Singapore’s economy grew just 1.2% in 2008, down from 7.7% in 2007. The
country fell into a recession in the third quarter of the year with non-oil
exports, accounting for about 70% of Singapore’s economy, down due to
slowing demand from the United States and Europe. The country’s annual
unemployment rate stood at 2.3%, up from 2.1% a year ago.
The year started off well for our economy, following a robust 2007 which
saw growing consumer confidence, healthy business sentiments and rising
household wealth. However, the speed and magnitude of the deterioration in
the global economy in the last six months of 2008 greatly affected Singapore’s
economic performance.
According to statistics released by URA,
Despite the lacklustre retail sector, tenancy
prices for private residential properties
at Great World City and Tanglin Mall stayed
decreased by 4.7% in 2008. Developers
close to 100%. This is attributed to a better
sold a total of 4,264 private residential
units in 2008, a marked 71.2% decrease
tenant mix in both malls.
from the 14,811 units sold last year
reflecting cautious buyer sentiment.
The rental market fared no better with rentals of private residential properties
decreasing 5.3%. Rentals for office space, likewise, declined by 6.5% with retail
rentals decreasing by 0.6%.
Despite the slowdown in the economy, annual retail sales grew 3.4% in 2008.
The retail sector is expected to be challenging, with consumers moderating
spending in accordance with the economic climate.
Business Performance
In 2008, Allgreen sold a total of 61 residential units, down from a high of
589 units in 2007. The Company continued to sell available residential units
launched the previous year, the key ones being The Cascadia, a high-end
development in Bukit Timah, and Pavilion Park.
Two of our residential developments, Baywater and The Shaughnessy, achieved
the BCA Construction Excellence Awards 2008 for the residential buildings
($1,200 per sqm) category. We are particularly proud of these awards as they
accord recognition to construction projects that have demonstrated the highest
6
ALLGREEN PROPERTIES LIMITED
Chairman’s Statement
standards of construction excellence in
Singapore. This is a clear testament to
our commitment to quality.
Going forward, we plan to submit
another project, Blossoms@
Woodleigh for BCA Construction
Excellence Award in 2009.
Blossoms@Woodleigh had previously
attained the highest national score
in CONQUAS (Construction Quality
Assessment Scheme) for year 2007.
During the year, we moved forward
in our en bloc acquisition of Regent
Garden. We are happy to announce
that the High Court had ruled in our
favour following a summons filed
by the Sales Committee of Regent
Garden to rescind the Sale and
Purchase Agreement entered into with
the Company on 26 April 2007. The
owners were directed to honour the
Sale and Purchase Agreement and to
complete the sale of Regent Garden,
with costs awarded to us. With this
ruling, the Company completed the
en bloc acquisition of Regent Garden
on 16 May 2008. The Company, has,
however, been served with notices of
appeal against this High Court order.
This appeal was heard in February
2009 and judgment was reserved by
the Court of Appeal.
Our investment and hotel properties
fared well in a buoyant tourism sector
driven largely by the increasing
attractiveness of Singapore as a
destination with many exciting
tourism products such as the first
Formula1 night race last year.
Singapore hosted 10.1 million visitors
for the whole of last year registering
a record-breaking estimated S$14.8
billion in tourism receipts, a 5%
growth over 2007’s receipts. In
line with the industry trend, total
occupancy at Traders Hotel ended
the year at 78.3% with the average
room rate at S$246.80. Longerterm stays, however, declined as
companies cut down on corporate
travel. Consequently, occupancy at
Great World Serviced Apartments was
88.8%, down slightly from 92.9% the
previous year. Rental rates improved
from S$8,256 to S$10,452 per
apartment night.
Despite the lacklustre retail sector,
tenancy at Great World City and
Tanglin Mall stayed close to 100%.
This is attributed to a better tenant
mix in both malls, and in the case
of Tanglin Mall, the completion
of renovation works which had
commenced in 2007.
Financial Performance
The Group’s turnover decreased by
37.8% to S$353.7 million, down from
S$568.8 million in 2007. Profit after
tax attributable to shareholders
(excluding fair value gain of
investment properties) amounted to
S$65.3 million in 2008, compared to
S$145.0 million in 2007.
Subject to shareholders’ approval,
the Board is pleased to recommend
a tax exempt (one-tier) dividend of
2 cents per ordinary share for 2008,
payable in May 2009.
Overseas Investments
We continue to see China and
Vietnam as the two markets which
will offer the Company good
investment potential. During the
year, we received shareholder
approval for our joint ventures in
China, successfully tendered for sites
in Tangshan City and Nanjing City,
and made further inroads into the
Vietnamese market.
On 25 February 2008, independent
shareholders approved the
Company’s five joint ventures
in Chengdu, Qinhuangdao and
Shenyang with Kerry Properties
Limited and Kerry Holdings Limited.
Later in July 2008, we successfully
tendered for three sites in Tangshan
City located in Hebei Province, Peoples’
Republic of China together with our
partners Kerry Properties Limited,
Shangri-La Asia Limited and Kuok
Brothers Sdn Bhd. These sites in
Tangshan City totalled approximately
295,014 sqm and were obtained at
a total purchase price of RMB 1,705
million (approximately S$337.6
million). The sites were slated for
hotel, residential and commercial use.
Nevertheless, due to the subsequent
uncertain economic conditions, we
took a strategic decision to obtain the
agreement of the relevant authorities
there for the withdrawal of this land
bid confirmation. All the ensuing rights
and obligations were consequently
terminated with a penalty of RMB 21
million (approximately S$4.56 million)
payable to the authorities.
ANNUAL REPORT 2008 7
Later in February 2009, the Company
successfully re-bidded for the 2
smaller sites in Tangshan City, PRC,
released by the PRC authorities for
open bidding following the withdrawal
of the land bid confirmation of the
original 3 sites. These 2 sites totalled
approximately 94,768 sqm and were
acquired at a total consideration
of approximately RMB 377million
(approximately S$82.7million).
In September 2008, the Company
successfully tendered for a site in
Nanjing City with Kerry Properties
Limited and Shangri-La Asia
Limited. Designated for hotel,
commercial and office uses, the
gross site area is approximately
17,014.4 sqm and was purchased
at RMB200 million (approximately
S$41.4 million). We have a 15%
interest in this project.
We continue to be interested in the
Vietnamese market. The Group
established a wholly-owned indirect
subsidiary, Allgreen Property
Management Services Co Ltd
(“APMS”) in Ho Chi Minh City to be
the Group’s property consultancy
cum management services arm in
Vietnam. In June 2008, we formed
a new joint venture company with
our partner, Vuong-Thanh ServiceTrade-Construction Co Ltd (“VT”),
to undertake real estate activities
in Ho Chi Minh City. This new joint
venture is Allgreen-Vuong Thanh
Properties Co Ltd with Allgreen
holding 98% equity interest and the
remaining 2% held by VT.
We are in the process of drawing
up and reviewing plans for our
development of a prime residential
site of approximately 16,066 sqm
located in District 2 of Ho Chi Minh
City. Subject to approvals from
the relevant authorities, this site
will be developed into a high-end
residential condominium as it is
strategically located in an exclusive
residential enclave popular with
locals and expatriates.
Going forward, we will continue to
explore potential projects in Vietnam.
Community Involvement
Community support continues
to be key focus for Allgreen.
We contributed to a number of
worthy causes in FY2008 with total
contributions of approximately
$200,000 to AWWA Welfare Fund,
Children’s Cancer Foundation,
YMCA, various local orphanages and
the SMU Endowment Fund.
Outlook
The International Monetary Authority
and other global organisations has
warned of the possibility of a global
recession as the financial turmoil and
challenging trade conditions continue.
While the outlook for early part of
2009 is grim, the World Bank expects
recovery in late 2009.
Singapore’s economic growth forecast
by the Ministry of Trade and Industry
for 2009 is -5% to -2%, given the
magnitude of the decline in global
economic activity and the consequent
effects of this on key sectors of our
economy.
In the meantime, mindful of the
challenges ahead, Allgreen will
continue to manage our business
and operations prudently. As always,
we will maintain a conservative
balance sheet. Where necessary,
we will review and undertake cost
containment measures while still
making strategic investments so as to
strengthen our foundation for growth.
Barring unforeseen circumstances,
we aim to remain profitable in 2009.
Acknowledgements
On behalf of your Board, I would
like to express my most heartfelt
appreciation to all our stakeholders,
including our employees,
homebuyers, tenants, guests,
consultants, contractors, suppliers,
business partners and shareholders,
for their continued support without
which our achievements in 2008
would not have been possible. I am
grateful to members of the Audit
Committee and my fellow Directors
for their counsel and commitment.
I look forward to managing the
challenges of 2009 together with you.
Goh Soo Siah
Executive Chairman
9 March 2009
8
ALLGREEN PROPERTIES LIMITED
Andrew Choo Hoo
Goh Soo Siah
Khor Thong Meng
Board of Directors
Undertaking challenges
through constant innovation
Wan Fook Kong
ANNUAL REPORT 2008 9
Keith Tay Ah Kee
Kuok Oon Kwong
Teo Joo Kim
Ang Keng Lam
Jimmy Seet Keong Huat
10
ALLGREEN PROPERTIES LIMITED
Board of Directors
Mr Goh Soo Siah (age: 68) joined
Mr Khor Thong Meng (age: 58)
Midpoint Properties Limited. In
Kuok (Singapore) Limited as an
joined Allgreen in 1982 and was
1986, she was appointed Company
Executive Director in 1970 and
appointed an Executive Director
Secretary of Shangri-La Hotel,
started its property business in
on 1 November 2000. Prior to
Singapore, and in 1988 she joined
1986. He was appointed Managing
joining the Company, he had six
its Board, being appointed Executive
Director of Allgreen in 1990 and,
years’ experience as a building
Chairman in January 2000. In
Executive Chairman in January
consultant in both private and
November 1998, she was appointed
2000. He has been on the Board
public sectors. He is currently a
Managing Director of Shangri-
of Shangri-La Hotel Limited since
Board Member of the National Fire
La Hotels (Malaysia) Bhd. She is
1974. He also served on the Board
and Civil Emergency Preparedness
also a Director of Shangri-La Asia
of Sentosa Cove Pte Ltd from 1996
Council, and an Executive
Limited (listed in Hong Kong and
to 2003. In 1995 and 1996 he served
Committee Member of the Real
Singapore) and Shangri-La Hotel
as a Board member of Singapore
Estate Developers Association of
Public Company Limited (listed in
Tourism Board. He is a graduate in
Singapore. He is also a Fellow of
Bangkok).
Economics from the University of
the Society of Project Managers.
Singapore, and gained an MBA at
He graduated with a Bachelor of
Mr Jimmy Seet Keong Huat (age:
the University of British Columbia,
Engineering Degree (First Class
71) began his local career with
Canada. He is also a Chartered
Honours) from the University
an international accounting firm
Accountant.
of Singapore in 1974, and holds
in 1969, and subsequently was
an MBA from the University of
employed in commerce for six
California, Berkeley, USA.
years with a multinational group
Mr Andrew Choo Hoo (age: 66)
of companies in Singapore. He
joined Allgreen in 1980 and was
appointed an Executive Director on
Madam Kuok Oon Kwong (age:
commenced professional practice
1 November 2000. Prior to joining
62) is an Advocate and Solicitor
from 1978 to 1986, and thereafter
the Company, he was involved in
(Barrister-at-Law) from Gray’s Inn,
with an international accounting
project management for eight years,
London. She was in private legal
firm, from which he retired in 1996.
with a large property development
practice in Malaysia from 1974
Since then, he has been appointed
company. He is a Professional
to 1983. In 1983, she joined Kuok
a Director of several corporations,
Engineer and a Fellow of the
(Singapore) Limited as the Company
including public listed and private
Institute of Engineers, Singapore.
Secretary and Legal Advisor, and in
companies. He became an
He graduated from the University of
1984 she was appointed a Director.
Independent Director of Allgreen in
Singapore in 1968 with a Bachelor
In 1986, she became a Director of
April 1999. He was also a Director
of Engineering Degree. In 1975,
Allgreen, and she also sits on the
of Hotel Negara Limited, listed in
he obtained a Master of Business
Boards of its subsidiary companies,
Singapore until his resignation in
Management Degree from the Asian
Leo Property Management Pte Ltd,
August 2006.
Institute of Management.
Cuscaden Properties Pte Ltd and
ANNUAL REPORT 2008 11
Mr Keith Tay Ah Kee (age: 64) was
Mr Wan Fook Kong (age: 62) is
Mr Ang Keng Lam (age: 62) joined
appointed as a Director of Allgreen
a Chartered Surveyor with more
the Kuok Group in 1976 as a senior
in January 2000. He was Chairman
than 30 years’ experience in
executive. In June 2008, he was
and Managing Partner of KPMG
the real estate industry, in both
appointed the Vice-Chairman
Peat Marwick, from 1984 to 1993.
the public and private sectors.
of Kerry Holdings Limited, the
He now serves on the Boards of
Beginning his career in HDB, he
immediate holding company of
several public companies. He is
next joined a leading real estate
Kerry Properties Limited (”KPL”), a
currently Chairman of Stirling
developer, before moving into
company listed on the Hong Kong
Coleman Capital Ltd and Aviva
private practice. In private practice,
Stock Exchange and in which he
Ltd, and Vice-Chairman of the
he has been a Proprietary Partner
was the Chairman from August
Singapore Institute of Directors.
in Jones Lang Wootton, a Director
2003 to June 2008. Mr Ang is a
He is also actively involved in the
and Shareholder in Colliers Goh
member of the National Committee
Singapore International Chamber of
and Tan (now known as Colliers
of the Chinese People’s Political
Commerce, where he was Chairman
International), and ran his own
Consultative Conference. He is also
from 1995 to 1997.
practice. He was Group Executive
the Chairman of China World Trade
Director of the Chambers Group
Center Company Limited, which
Mr Teo Joo Kim (age: 68) joined the
of Companies, a real estate
is listed on the Shanghai Stock
Kuok Group in Singapore in 1962
consultancy practice. He was a
Exchange and the chairman of a
and was appointed a Director of
Council member of the Singapore
number of companies in the PRC.
Kuok (Singapore) Limited in 1972.
Institute of Surveyors and Valuers,
He has a Bachelor’s degree in Civil
He has been the Managing Director
and has also served on the Building
Engineering from the University of
of Kuok (Singapore) Limited since
Advisory Committee of the Ngee
Western Australia and an MBA from
1983, and was appointed Executive
Ann Polytechnic. He is currently a
the University of Toronto, and has
Chairman in January 2000. He was
member of the Advisory Committee
also completed the International
appointed a Director of Allgreen in
to the School of Design and the
Advanced Management Program
1989, and from March to December
Environment of the Singapore
at Harvard Business School in
1999, also held the position of
Polytechnic, and Past President
November 1998.
Chairman. He is also Chairman
of the Association of Property and
of Pacific Carriers Limited and
Facility Managers. He became an
Malaysian Bulk Carriers Bhd,
Independent Director of Allgreen in
a company listed on the Kuala
April 1999.
Lumpur Stock Exchange. Mr Teo
resigned from the Board of Allgreen
on 15 January 2009.
12
ALLGREEN PROPERTIES LIMITED
Board of Directors
The principal directorships and major appointments of the Directors, past and present, are set out below:Name of Director
Present Principal Directorships and
Major Appointments
Past Directorships held in the last
3 years
Goh Soo Siah
Allgreen Properties Limited
Shangri-La Hotel Ltd
Kuok (Singapore) Ltd
Midpoint Properties Limited
Shanghai Pudong Kerry City Properties Co., Ltd.
Tianjin Kerry Real Estate Development Co., Ltd.
-
Andrew Choo Hoo
Allgreen Properties Limited
-
Khor Thong Meng
Allgreen Properties Limited
National Fire and Civil Emergency
Preparedness Council (Board Member)
Real Estate Developers Association of
Singapore (Executive Committee Member)
Society of Project Managers (Fellow)
Tianjin Kerry Real Estate Development Co., Ltd.
-
Ang Keng Lam
Allgreen Properties Limited
Kerry Holdings Limited
China World Trade Center Company Limited
Kerry Properties Limited
Kuok Oon Kwong
Allgreen Properties Limited
Kuok (Singapore) Ltd
Midpoint Properties Limited
Shangri-La Hotel Ltd
Shangri-La Asia Limited
Shangri-La Hotels (Malaysia) Bhd
Dalit Bay Golf & Country Club Bhd
Kuok Brothers Sdn Bhd
Shangri-La Hotel Public Company Ltd (Thailand)
International Hotel Management
School Pte Ltd
Full Grow Group Inc.
Jimmy Seet
Allgreen Properties Limited
Hotel Negara Ltd
Wincox Trading Pte Ltd
ANNUAL REPORT 2008 13
Name of Director
Present Principal Directorships and
Major Appointments
Past Directorships held in the last
3 years
Keith Tay
Allgreen Properties Limited
Singapore Post Limited
Rotary Engineering Ltd
FJ Benjamin Holdings Ltd
Stirling Coleman Capital Limited
Aviva Limited
Singapore Reinsurance Corporation Ltd
Singapore Airport Terminal Services Limited
SP PowerAssets Limited
AMVIG Holdings Limited
PowerGas Limited
Singapore Institute of Directors
Singapore International Chamber of Commerce
YTL Pacific Star REIT Management Limited
Singapore Power Ltd
Pokka Corporation (Singapore) Ltd
Teo Joo Kim
(resigned on 15 Jan 2009)
Kuok (Singapore) Ltd
Pacific Carriers Ltd
Malaysian Bulk Carriers Bhd
Kuok Oils & Grains Pte Ltd
MTK Chemicals Pte Ltd
Century Castle Limited
Pacific China Holdings (Zhoushan)
Pte Ltd
PACC Ocean Engineering
(Zhoushan) Co., Ltd.
Qingdao Pacific Shipbuilding
Industries Co. Ltd.
Allgreen Properties Limited
Midpoint Properties Limited
Wan Fook Kong
Allgreen Properties Limited
Global Creatif Financial Pte Ltd
FK Wan Property Consultants Pte Ltd
Smartworks Learning Centre Pte Ltd
Property Facility Services Pte Ltd
Fine Grain Property Consortium Pte Ltd
Fine Grain Property Pte Ltd
FG Property No. 1 Pte Ltd
Ibase Technology Pte Ltd
14
ALLGREEN PROPERTIES LIMITED
Management Team
ANNUAL REPORT 2008 15
Sitting from left: Goh Soo Siah, Khor Thong Meng, Andrew Choo and Michael Chang
Standing from left: Cheryl Huan, Irene Tan Sock Eng, Jenny Ng Cheow Nghee, Isoo Tan, Teo Keng Chiong,
Henrietta Chong, Wong Lin Chye, Lim Poh Hiang, Yong Voon Chen and Lim Geak Keong.
16
ALLGREEN PROPERTIES LIMITED
Management Team
Mr Michael Chang Teck Chai
management accounting, payroll
and Great World City. She has more
(age: 66), General Manager
and taxation matters. From 2006
than 26 years’ experience in tenant
(Development), joined the Company
to July 2008, she was a Finance
relations and the leasing of space
in 1981. He is responsible for the
Manager of the property division
for retail and commercial centres.
project management of some of the
of the F&N group. Prior to joining
Prior to joining the Company, she
Company’s development projects.
the Allgreen Group, she was an
spent 13 years as Tenant Relations
From 1972 to 1980, he was employed
auditor with an international public
Manager and Leasing Manager for a
by the Public Works Department. He
accounting firm. She is a Certified
listed property company.
is a Member of the Royal Institution
Public Accountant and holds a
of Chartered Surveyors, the
Bachelor of Accountancy Degree
Ms Jenny Ng Cheow Nghee
Chartered Institute of Arbitrators,
(Honours) from the Nanyang
(age: 53), Centre Director, joined
Chartered Management Institute
Technological University.
the Company in 1995. She is
responsible for operations, centre
and Singapore Institute of Surveyors
and Valuers. He holds a Professional
Ms Henrietta Chong (age: 46),
management and tenant liaison
Diploma in Quantity Surveying.
General Manager (Hospitality),
for Tanglin Place, Tanglin Mall and
joined the Company in November
Great World City. She has more than
Mr Wong Lin Chye (age: 54), General
1999 as Director of Sales/
27 years’ experience in the retail
Manager (Development), joined the
Marketing. She is responsible for
and shopping centre business.
Company in 1983. He is responsible
the overall management of the
for the project management
Company’s serviced apartments.
Ms Isoo Tan (age: 43), Company
of some of the Company’s
Before joining the Company she was
Secretary and Legal Counsel, joined
development projects. Before
one of the Business Development
the Company in August 2000. She is
joining the Company, he worked in
Directors of the former Westin
responsible for overseeing Allgreen
property management in both public
Stamford & Westin Plaza in
Group’s legal and corporate
and private sectors for four years.
Singapore. She has more than 20
secretarial matters. Prior to joining
He graduated from the University
years in the hospitality industry.
the Company, she had over six
of Singapore with a BSc Degree in
She is currently also serving as the
years’ experience in private practice
Estate Management in 1979.
Treasurer of the Singapore Serviced
at major law firms in Singapore,
Apartments’ Association.
and over three years’ in-house legal
Ms Lim Poh Hiang (age: 39),
experience with a conglomerate
Financial Controller, was with the
Ms Irene Tan Sock Eng (age: 52),
having diversified business
Company from 1995 to 2006 and
Marketing Director (Retail), joined
interests. She holds a Bachelor of
rejoined the Company in July 2008.
the Company in 1993. She is
Law Degree (Honours) from the
She is responsible for overseeing
responsible for the leasing of retail
National University of Singapore.
the Allgreen Group’s financial and
units in Tanglin Place, Tanglin Mall
ANNUAL REPORT 2008 17
Mr Yong Voon Chen (age: 42),
Mr Teo Keng Chiong (age: 48),
General Manager (Sales), joined
General Manager (Development),
the Company in 1994. He is
joined the Company in 1990. He is
in charge of the Marketing
responsible for project management
Department and responsible for
and also heads the Company’s
the marketing of the Company’s
Quality Assurance Department.
residential projects, as well as
Before joining the Company, he
the leasing of office space at
worked with the Housing and
Great World City. He has more
Development Board. He holds the
than 16 years’ experience in real
Bachelor of Science (Building),
estate marketing and project
Postgraduate Diploma in Building
management. Before joining
Science and Masters of Science
the Company, he worked with
(Real Estate) degrees from the
the public housing authority for
National University of Singapore.
four years. He holds a Bachelor
He is a member of the Singapore
of Building Degree (Honours)
Institute of Surveyors and Valuers.
from the National University of
Singapore and a Postgraduate
Ms Lim Geak Keong (age: 53),
Diploma in Financial Management.
General Manager (Development),
joined the Company in 1987. She is
Ms Cheryl Huan (age: 40), General
responsible for project management.
Manager (Marketing), joined the
Before joining the Company, she
Company in August 2005. She is
had 5 years’ experience in private
responsible for the marketing of
practice at architectural firms in
the company’s residential projects
Singapore. She holds the Bachelor
in Singapore and overseas. She has
of Architecture Degree from the
more than 15 years of experience
National University of Singapore.
in real estate marketing and
valuation. Prior to joining the
company, she worked for a large
property developer for 8 years. She
holds a Bachelor Degree in Estate
Management and Masters Degree in
Real Estate, both from the National
University of Singapore.
18
ALLGREEN PROPERTIES LIMITED
Calendar of Events
January 2008
The Company was served on 14 January with an originating summons filed in the High
Court of Singapore by the Sales Committee of Regent Garden who sought to obtain an
order, amongst others, that the owners of Regent Garden were no longer bound by the
Sale and Purchase Agreement entered into with the Company on 26 April 2007.
Pavilion Park Phase 2C was launched on 12 January 2008.
February 2008
The Company released its unaudited consolidated results for year ended 31st December
2007 on 28 February which reported a significant increase in the Group’s attributable
profit from S$75.9 million in 2006 to S$493.5 million in 2007, which included a fair value
gain of investment properties (net of tax and minority interests) of S$348.5 million.
Pavilion Park Phase 1Ca obtained its TOP in February 2008.
On 25 February at the extraordinary general meeting, the independent shareholders
approved the five joint ventures in Chengdu, Qinhuangdao and Shenyang with Kerry
Properties Limited and Kerry Holdings Limited.
March 2008
The Group announced the establishment of a wholly-owned indirect subsidiary known as
Allgreen Property Management Services Co Ltd (“APMS”) in Ho Chi Minh, Vietnam, which
received its investment certification on 4 March. APMS is the property consultancy cum
management services arm of the Group in Vietnam.
April 2008
The Annual General Meeting was held on 28 April at the Traders Hotel.
On 16 April, the Company successfully obtained an order from the High Court of
Singapore directing the owners of Regent Garden to complete the sale of that
development, honouring the Sale and Purchase Agreement entered into with the
Company. The High Court also ordered the majority owners to pay costs.
May 2008
The enbloc acquisition of Regent Garden was completed on 16 May. On the same day, the
Company was served with notices of appeal against the order from the High Court Judge
obtained last month.
Company staff enjoyed a 4-day trip to Ho Chi Minh.
June 2008
The Company formed another joint venture company in June 2008 known as AllgreenVuong Thanh Properties Co Ltd (“AVTP”) in Ho Chi Minh, Vietnam together with its
ANNUAL REPORT 2008 19
partner, Vuong-Thanh Service-Trade-Construction Co Ltd (“VT”), which will undertake real estate activities in Ho
Chi Minh. AVTP’s equity interest is held by the Company and VT in the respective proportion of 98% : 2%.
July 2008
Ms Felicia Ng resigned as Financial Controller effective 19 July to pursue her career prospects elsewhere. Taking
over from Ms Ng is Ms Lim Poh Hiang who joined the Company on 25 July as Financial Controller of the Company.
On 21 July, the Company successfully tendered for 3 sites situated in Tangshan City, Hebei Province of the Peoples’
Republic of China together with Kerry Properties Limited, Shangri-La Asia Limited and Kuok Brothers Sdn Bhd
under a joint bid application in the respective proportion of 25% : 40% : 20% : 15%. The total gross site area of the
Tangshan sites is approximately 295,013.83 sqm, designated for hotel and residential uses with ancillary commercial
use. The total purchase of the Tangshan sites is RMB1,705 million (approximately S$337.6 million). Nevertheless,
due to the subsequent uncertain economic conditions, the Company entered into an agreement on 15 Jan 2009 with
the PRC authorities for the withdrawal of this land bid confirmation for these 3 sites.
The Company released its unaudited second quarter and half year results on 31 July. The Group’s attributable
profit declined by 55% from S$76.7 million in 1H 2007 to S$34.6 million in 1H 2008.
Blossoms@Woodleigh obtained its CSC on 16 July.
September 2008
On 23 September, the Company successfully tendered for a site in Nanjing City, PRC together with Kerry Properties
Limited and Shangri-La Asia Limited under a joint bid application in the respective proportion of 15% : 45% : 40%. The
gross site area of the Nanjing site is approximately 17,014.4 sqm, designated for hotel, commercial and office uses.
The purchase price of the Nanjing site is RMB200 million (approximately S$41.4 million).
November 2008
The Company released its unaudited third quarter 2008 results on 12 November. The Group’s attributable profits
decreased by 41% from S$111.7 million in the 9 months of 2007 to S$65.8 million in the 9 months of 2008.
February 2009
On 11 February, the Company successfully bidded for 2 smaller sites in Tangshan City, Hebei Province,
PRC, released by the PRC authorities for open bidding following the withdrawal of the land bid confirmation
of the original 3 sites. The purchase price of the 2 Tangshan sites of approximately 94,768 sqm in area, is
approximately RMB 377 million (approximately S$82.7 million).
On 23 February, the appeal on the Regent Garden matter was heard in the Court of Appeal. Judgment was
reserved.
The Company released its unaudited consolidated results for year ended 31 December 2008 on 26 February
which reported a significant decline in the Group’s attributable profit from S$493.5 million in 2007 to S$67.4
million 2008. The results included a fair value gain of investment properties (net of tax and minority interests) of
S$348.5 million for Year 2007 and S$2.1 million for Year 2008.
Unity
During migration, cranes fly in a chevron
formation that facilitates teamwork
and communication.
ANNUAL REPORT 2008 21
Operations Review
Undertaking challenges
through constant innovation
Development Properties
With the economy taking a turn for the worse from the second half of 2008
and a consequent softening of the property market, revenue contribution from
residential developments fell from a high of 74% in 2007 to 53%. Nevertheless,
riding on the robust property market early in the year, we successfully
launched Phase 2B of Pavilion Park on 12 January 2008 following the soft
launch of Phase 2A in November 2007. Within two weeks, all except two units
in Phase 2B of Pavilion Park were taken up. A total of 61 residential units were
sold in 2008.
In view of the prevailing market conditions, we were cautious in launching
new projects during the year. Hence, several of our new projects are still
pending launches, among them One Devonshire, an upmarket condominium
on the fringe of Orchard Road, VIVA, along Thomson Road and Holland
Residences, in the vicinity of Holland Village. RV residences, a 999-leasehold
condominium project on River Valley Road, is still in the planning stage.
In May 2008, we completed the enbloc acquisition of Regent Garden. This
followed the summons filed in the High Court of Singapore by the Sales
Committee of the Regent Garden on 14 January 2008 to declare that the
owners were no longer bound by the Sale and Purchase Agreement entered
with the Company on 26 April 2007. The High Court ruled in the Company’s
favour, directing the owners to honour the Sale and Purchase Agreement
and to complete the sale of Regent Garden. The High Court also ordered
the majority owners to pay costs. Subsequently, however, the Company was
served with notices of appeal against this High Court order. The appeal was
heard in the Court of Appeal in February 2009 and judgment was reserved.
The property boom in Singapore which started at the end of 2005, gathering
momentum right through to early 2008, has cooled. We are cautious in our
outlook but hopeful for an economic recovery commencing late 2009. This
will lead to a renewed demand for our new residential properties.
22
ALLGREEN PROPERTIES LIMITED
Operations Review
Construction and Management
In our efforts to continuously
improve our building management
practices, we undertook an ‘Energy
Audit’ in 2008. This was carried
out with a grant from the National
Environment Agency. This feasibility
study, which involved Great World
City office and retail, Tanglin Mall
and Tanglin Place, assessed the
potential impact of environmentally
friendly practices, equipment and
materials in our operations. As a
result of the findings of this study,
we plan to change some operational
equipment and their related
materials such as air conditioning
systems in our Great World City
development. Work has commenced
in late 2008 and will be carried
out in phases to ensure minimal
disruption of services to our
operations. We anticipate that this
undertaking will be completed in 15
months and could help us achieve
energy savings in the long run.
Our developments have
consistently fared well in
Government initiated independent
quality programmes such as
the Building Control Authority’s
(BCA’s) Quality Market Scheme
which recognises construction
excellence in Singapore. Two of our
developments, Baywater and The
Shaughnessy, achieved the BCA
Construction Excellence Awards
2008 for the residential buildings
($1,200 per sqm) category.
We have plans to submit another
project, Blossoms@Woodleigh for
BCA Construction Excellence Award
in 2009. Blossoms@Woodleigh had
attained the highest national score
in CONQUAS (Construction Quality
Assessment Scheme) for year 2007.
Investment Properties and Hotel
Our retail, office, serviced apartments
and hotel properties, accounted
for 47.2% of our total revenue, as
compared with 25.8% in 2007.
Revenue from our investment
properties comprising Great World
City Office and Retail, Great World
Serviced Apartments, Tanglin
Mall and Tanglin Place increased
by 18.8% led by higher rentals
achieved in 2008, driven in large
part by the continued high demand
for commercial space.
Midpoint Properties Limited, which
owns Great World City development,
reported a profit before tax and
revaluation gain of S$57.6 million
as against S$48.9 million in 2007.
Cuscaden Properties Pte Ltd, the
holding company for Tanglin Mall,
Tanglin Place and Traders Hotel,
performed well with S$26.3 million
profit in 2008 as compared with
S$24.1 million in 2007.
Great World Serviced Apartments
The year 2008 has been a positive
year for Great World Serviced
Apartments, despite the onset of
the sub-prime problems which
surfaced in the latter part of 2008.
Sales revenue increased by 21.4%
despite occupancy falling to 88.8%
in 2008.
From the last quarter of 2008,
however, sales registered a decrease
on the back of the deepening global
economic problem. Bookings from
corporate customers reduced
significantly following a reduction in
corporate travel. Customers became
more price sensitive as cost-cutting
measures across all industries set-in.
We will be using this period of slower
sales to focus on skills upgrading in
order to ensure our continued ability
to deliver high quality service for our
guests. For our existing clientele, the
new gymnasium and steam rooms,
as well as enhanced common
areas, are serving to heighten their
experience and keep our apartments
attractive for our residents.
Although the outlook for 2009
appears grim, we are hopeful of
a turnaround end 2009 given the
collective efforts by governments
and industries worldwide
to simulate their respective
economies. We will compete
aggressively for business, seeking
out new opportunities that we
believe still exists within this sector.
ANNUAL REPORT 2008 23
Retail
We completed the addition and
alteration works to Tanglin Mall
at the end of 2007, gaining about
24,000 sq ft of lettable retail space.
With the alteration works, the retail
space on the second storey was
extended by about 11,000 sq ft. This
allowed us to reconfigure the layout
of the mall and adjust the tenant
mix to offer shoppers a total lifestyle
experience. From home boutique,
iwannagohome! to eclectic eateries,
Tanglin Mall offers an attractive
niche for expats and professionals
and a compelling lifestyle alternative
to Orchard Road.
In 2008, we also completed
alteration works to Great World City
which had begun in early 2007. We
reconfigured the retail space there
in order to maximise lettable space
and obtain better rental yields.
Majority of the work was done on
the ground floor to focus on fashion
and creative restaurants targeted
at professionals, families and the
expatriate community of about 1
million people living in districts 9, 10,
11, 20 and 21 within a 4km radius.
New tenants who have added
more choices for this community
include Salon KR+, the chic hair
salon by celebrity hair stylist Kim
Robinson, Marks and Spencer,
leading UK retailer of clothing, food
and home products and the famed
Kuriya, Japanese fine dining, which
was moved to the ground floor
closer to business executives and
professionals at our office towers.
We added its sister restaurant,
Kushin Bo, to offer families quality
buffet Japanese cuisine. With
the new tenant mix, the overall
shopping and dining experience
of Great World City was further
enhanced making it a truly one-stop
family destination.
Offices
Occupancy rates and rental will be
challenging in view of the weakened
global financial situation and new
office space coming on stream in
Singapore this year. Despite the
cautious economic outlook, rentals
should remain positive as there
will still be an upside in rental
renewals given the low rental rates
contracted by certain tenants during
the previous economic downturn.
Traders Hotel
It was a record year for tourism
receipts reaching S$14.8 billion, a
5% increase over 2007. This was
despite lower tourist arrivals, 10.1
million at the end of 2008, a 2%
decline against 2007. Traders Hotel,
in line with sector performance
registered total occupancy of 78.3%,
a decrease from 85.8% last year.
Average room rates, however,
increased by S$30.1 or 13.9% to
S$246.80, also in line with industry
average of S$246. Overall, revenue
increased by 5.2% or S$2.8 million
to S$56.9 million.
The tourism sector is expected
to come down from the highs of
2007 and early 2008. In 2H2008,
Singapore saw a decline in visitor
arrivals reflecting the impact of
the global economic slowdown
on consumer sentiments and
discretionary spending.
Outlook for the tourism sector
in 2009 is cautious amidst the
economic climate. Sports, leisure
and business conventions will
continue to drive visitors to
Singapore with 2009 Formula
One, Singapore Grand Prix, Anime
Festival Asia 2009, Biomedical Asia,
Broadcast Asia 2009 etc. Three new
shopping malls, ION Orchard, 313@
Somerset and Orchard Central
are also set to open in 2009.
Room rates, although lower, could
converge with those of higher priced
regional peers.
Support Operations
Leo Property Management Private
Limited oversees the project
management of all Allgreen’s
properties and hotel projects.
Together with other support
operations, they accounted
for 0.2% of total revenue, as
compared to 0.1% in 2007. These
companies support Allgreen’s core
business by maintaining strict
standards of inspection, testing
and quality control.
Overseas Investments
Construction of our site in Shanghai
is on track. Located in Pudong near
the upcoming Shanghai World Expo
24
ALLGREEN PROPERTIES LIMITED
Operations Review
2010 whose total area covers 5.28
sq km, the project involves building
a top end hotel, offices, serviced
apartments and retail space. We
target to substantially complete the
project to coincide with the World
Expo 2010.
While development of existing
sites continued, we sought further
opportunities for investment in the
People’s Republic of China (‘PRC’)
through joint ventures. Following
our December 2007 announcement
of investment in the PRC relating to
five sites in Chengdu, Qinhuangdao
and Shenyang through a series
of separate joint ventures with
Kerry Properties Limited and Kerry
Holdings Limited, shareholder
approval was received at the EGM on
25 February 2008.
In July 2008, we successfully
tendered for three sites in Tangshan
City located in Hebei Province, PRC
together with our partners Kerry
Properties Limited, Shangri-La Asia
Limited and Kuok Brothers Sdn
Bhd. This was conducted under a
joint bid application in the respective
proportion of 25%, 40%, 20% and
15%. These sites for hotel, residential
and commercial uses in Tangshan
City totalled approximately 295,014
sqm and were obtained at a total
purchase price of RMB 1,705 million
(approximately S$337.6 million). In
light of the subsequent economic
conditions, we recently entered into
an agreement with the relevant
government authorities in the PRC
for the withdrawal of this land bid
confirmation for these sites and for
the consequent termination of our
respective rights and obligations
thereunder.
Additionally, in September, the
Company successfully tendered
for a site in Nanjing City with Kerry
Properties Limited and ShangriLa Asia Limited under a joint
bid application in the respective
proportion of 15%, 45% and 40%.
Designated for hotel, commercial
and office uses, the gross site area
is approximately 17,014.4 sqm and
was purchased at RMB200 million
(approximately S$41.4 million).
On 11 February 2009, the Company
successfully bidded for 2 smaller
sites in Tanghsan City, PRC,
released by the PRC authorities
for open bidding following the
withdrawal of the land bid
confirmation of the original 3
sites. The purchase price of the 2
Tangshan sites of approximately
94,768 sqm in area is approximately
RMB 377 million (approximately
S$82.7 million).
Apart from the PRC, we continue
to actively acquire land in Ho Chi
Minh City, Vietnam. In 2008, the
Group established a wholly-owned
indirect subsidiary, Allgreen
Property Management Services
Co Ltd (“APMS”) in Ho Chi Minh
City. APMS, which had received its
investment certificate in March, is
the Group’s property consultancy
cum management services arm
in Vietnam.
In June 2008, we formed a new joint
venture company, Allgreen-Vuong
Thanh Properties Co Ltd, with our
partner, Vuong-Thanh Service
Trade Construction Co Ltd (“VT”), to
undertake real estate activities in Ho
Chi Minh City. Allgreen holds 98%
equity interest. The remaining 2% is
held by VT.
Our plans for a prime residential site
of approximately 16,066 sqm located
in District 2 of Ho Chi Minh City are
being drawn up and reviewed for
development. Subject to approvals
from the relevant authorities, this
site will be developed into a highend residential condominium as it is
strategically located in an exclusive
residential district popular with
upper and middle-income locals and
expatriates.
We believe that the Vietnamese
market holds promise as it is
relatively less affected by the global
financial meltdown and ensuing
credit crunch. With its growing
population and rising domestic
consumption, we believe that mid
to upmarket residential properties
will be in demand in the next few
years. As such, we will continue to
explore and engage in talks with
various parties for potential projects
in Vietnam.
ANNUAL REPORT 2008 25
Progress Report
Cascadia
Blossoms@Woodleigh
187 out of 536 units have been sold todate.
240 condominium units. Soft launched in
September 2006 and publicly launched in
Cairnhill Residences
January 2007. Only 1 unit is left unsold.
97 apartments. All units have been sold.
TOP was obtained in December 2007. CSC
Pavilion Park
was obtained in February 2008.
78 units in Phase 1A have been fully sold. Its
TOP was obtained in November 2001.
VIVA
235 condominium units. Soft-launched in
82 units of Phase 1B have been sold with
September 2008. 15 units have been sold to
one unit remaining. TOP was obtained in
date.
March 2003.
D’Lotus
Phase 1C was launched in May 2007. Todate,
83 apartment units. 47 units have been sold
42 out of 43 units have been sold. TOP for 28
todate.
units were obtained in February 2008.
Suites at Orchard
Phase 2A was launched in November 2007.
118 apartment units. At planning stage.
Todate, 16 out of 17 units have been sold.
RiverBay
Phase 2B was launched in December 2007.
92 apartment units. At planning stage.
Todate, 28 out of 30 units have been sold.
Riviera 38
Phase 2C was launched in January 2008.
68 apartment units. At planning stage.
Todate, 2 out of 40 units have been sold.
RV Residences
The remaining phases with units of
220 apartment units. Showflats completed.
approximately 238 terraces and semidetached houses have not been launched.
Enggor Street
302 condominium units. At planning stage.
One Devonshire
152 condominium units. Showflats completed.
West Coast Road
70 apartment units. At planning stage.
Holland Residences
83 condominium units. Showflats completed.
26
ALLGREEN PROPERTIES LIMITED
Development Properties
as at 31 December 2008
Name/Location
Pavilion Park at
Bukit Batok Road
- Phase 1B (1 unit)
Type of
Tenure development
FH
Stage of
construction
Actual/
Expected Year
of Temporary
Effective
Gross
Occupation
equity
Site Area
Floor
Permit
interest (%)
(sqm) Area (sqm)
90
Landed
228
185
10,990
10,063
2009
3,049
3,614
Under construction
2010
4,868
6,383
Under construction
2011
6,476
8,492
Planning stage
n.a.
67,548
55,559
TOP
Mar 2003
- Phase 1Ca (28 units)
TOP
Feb 2008
- Phase 1Cb (15 units)
Under construction
2009
- Phase 2A (17 units)
Under construction
- Phase 2B
- Phase 2C
- Phase 1D/2D-2J
}
Blossoms@Woodleigh
at Woodleigh Close
FH
Condominium
TOP
Dec 2007
100
10,300
28,841
D’Lotus
at Lorong Ampas
FH
Apartments
TOP
Apr 2008
100
2,457
6,879
Cairnhill Residences
at Cairnhill Circle
FH
Apartments
Construction
In progress
2009
100
3,877
10,851
The Cascadia
at Bukit Timah Road
FH
Condominium
Construction
In progress
2010
65
27,571
57,072
One Devonshire
at Devonshire Road
FH
Condominium Showflats completed
n.a.
70
7,329
20,522
Holland Residences
at Taman Warna
FH
Condominium Showflats completed
n.a.
100
6,855
9,597
VIVA
at Jalan Korma
FH
Condominium
Construction
In progress
n.a.
80
11,901
33,324
RV Residences at
River Valley Road
999
Apartments
Showflats completed
n.a.
92
6,723
18,824
Riviera 38 at
Mar Thoma Road
999
Apartments
Planning stage
n.a.
100
2,828
7,918
RiverBay at Mar
Thoma Road
999
Apartments
Planning stage
n.a.
100
1,994
5,583
Project at
Enggor Street
99
Apartments
Planning stage
n.a.
90
2,788
23,420
Project at West
Coast Road
FH
Condominium
Planning stage
n.a.
100
7,038
9,853
Suites at Orchard
99
Apartments
Planning Stage
n.a.
100
3,586
10,041
188,406
n.a. - not available yet
327,021
ANNUAL REPORT 2008 27
Investment Properties and Hotel
as at 31 December 2008
Effective
Equity
Interest (%)
Net Lettable
Area (sqm)/
No. of Rooms
Name/Location
Tenure
Type
Holding Company
Tanglin Mall
163 Tanglin Road
Leasehold to
30 May 2090
Retail
Cuscaden Properties
Pte Ltd
55.4
13,548 sqm
Traders Hotel
1A Cuscaden Road
Leasehold to
30 May 2090
Hotel
Cuscaden Properties
Pte Ltd
55.4
546 rooms
Tanglin Place
91 Tanglin Road
Freehold
Retail/Office
Tanglin Place
Development Pte Ltd
55.4
3,213 sqm
Great World City Mall
1 Kim Seng Promenade
Freehold
Retail
Midpoint Properties
Limited
100
37,841 sqm
Great World City Offices
1 Kim Seng Promenade
Freehold
Office
Midpoint Properties
Limited
100
29,429 sqm
Great World Serviced
Apartments
2 Kim Seng Walk
Freehold
Serviced
Apartments
Midpoint Properties
Limited
100
304 apartments
28
ALLGREEN PROPERTIES LIMITED
Overseas Investments
as at 31 December 2008
Country/City
Effective
Equity
Interest
(%)
Site
Area
(sqm)
Gross
Floor
Area
(sqm)
Tenure
Type
Holding Company
Leasehold
to 31 Dec 2055
Mixed (Office/
Serviced Apartments/
Retail/Hotel)
Allgreen Properties
(Shanghai)
Pte. Ltd.
16
58,900
230,000
23 Jan 2078
(for residential)
23 Jan 2058
(for non residential)
Mixed (Residential/
Office/
Serviced Apartments/
Retail/Hotel)
Allgreen Properties
(Tianjin)
Pte. Ltd.
31
86,164
499,000
China
(Chengdu)
*
Mixed (Residential/
Commercial/ Serviced
Apartments)
Allgreen Properties
(Chengdu)
Pte. Ltd.
25
141,661
645,317
China
(Qinhuangdao)
*
Residential/ Retail
Allgreen Properties
(Qinhuangdao)
Pte. Ltd.
10
205,644
442,200
China
(Shenyang)
*
Mixed (Hotel/Office/
Retail/Apartments)
Allgreen Properties
(Shenyang)
Pte. Ltd.
30
172,694
1,212,281
China
(Tangshan)
*
Mixed (Hotel/
Residential/
Commercial)
Jeston Investments
Pte Ltd
25
295,014
920,000
China
(Nanjing)
*
Mixed (Hotel/
Commercial/Office)
Belfin Investments
Pte. Ltd.
15
17,014
85,072
977,091
4,033,870
16,066
96,400
993,157
4,130,270
China
(Shanghai)
China
(Tianjin)
Vietnam
(Ho Chi Minh
City)
*
Residential
* Land Use Rights Certificate has not been issued.
Allgreen Properties
(Vietnam)
Pte. Ltd.
65
30
ALLGREEN PROPERTIES LIMITED
Corporate Structure
Allgreen Properties Limited
- Suites at Orchard (Handy Road)
- Project at West Coast Road
Kerry Development
(Chengdu) Ltd
25%
Million Palace
Development (Chengdu)
Co., Ltd.
25%
Lucky Billion
Development
(Qinhuangdao) Co., Ltd
10%
25%
Sky Fair Development
(Qinhuangdao) Co., Ltd
10%
Wealthy Plaza
Development (Chengdu)
Ltd.
Shanghai Pudong Kerry
City Properties Co. Ltd.
(Investment in
Shanghai Expo)
Kerry (Shenyang) Real
Estate Development
Co., Ltd.
Allgreen - Vuong Thanh
Trung Duong Co., Ltd.
90%
16%
30%
Tianjin Kerry Real Estate
Development Co., Ltd.
31%
Golden Age Joint Venture
Ltd. Co.
65%
Allgreen – Vuong Thanh
Properties Company
Limited
98%
Allgreen Property
Management Services
Co., Ltd.
100%
Allgreen - Vuong Thanh
Company Limited
98%
Allgreen Properties
(Chengdu) Pte. Ltd.
- Investment in Chengdu
100%
Benefit Investments
Pte. Ltd.
(Dormant)
100%
Allgreen Properties
(Qinhuangdao) Pte. Ltd.
-Investment in
Qinhuangdao
100%
Binjai Crest Pte Ltd
- Binjai Crest at Jalan
Kampong Chantek
80%
Boonridge Pte Ltd
- The Cascadia at Bukit
Timah Road
65%
Allgreen Properties
(Shanghai) Pte. Ltd.
- Investment in Shanghai
Expo
100%
Allgreen Properties
(Shenyang) Pte. Ltd.
- Investment in Shenyang
100%
Allgreen Properties
(Tianjin) Pte. Ltd.
-Investment in Tianjin
100%
Allgreen Properties
(Vietnam) Pte. Ltd.
- Investment in Vietnam
100%
Arcadia Development
Pte. Ltd.
- Project at Enggor Street
90%
Asiawide Resources Pte Ltd
- RV Residences at
River Valley Road
92%
Beatty Holdings Pte Ltd
- Kerrisdale at Beatty Road
80%
Bedok Properties Pte Ltd
-Baywater at Bedok
Reservoir Road/Bedok
North Ave 3
Belfin Investments Pte. Ltd.
- Investment in Nanjing
85%
100%
Bukit Batok Development
Pte Ltd
- Pavilion Park at
Bukit Batok Road
90%
Cairnhill Green Pte Ltd
- Cairnhill Residences at
Cairnhill Circle
100%
Devonshire Peak Pte Ltd
- One Devonshire at
Killiney Road
70%
Eastwood Green Pte Ltd
- Riviera 38 at
Mar Thoma Road
100%
Evergreen Park Pte Ltd #
- Evergreen Park at
Hougang Ave 7
65%
Green Bay Pte Ltd
- River Bay at
Mar Thoma Road
100%
Holland Village
Development Pte Ltd
-Holland Residences at
Taman Warna
Jeston Investments Pte Ltd
- Investment in Tangshan,
PRC
Leo Property Management
Private Limited
(Project Management &
Estate Agent)
100%
100%
100%
ANNUAL REPORT 2008 31
Cuscaden Properties
Pte Ltd
- Tanglin Mall
- Traders Hotel
55.4%
Central Laundry
Pte Ltd
(Laundry Services)
25%
Tanglin Place Development
Pte Ltd
-Tanglin Place
100%
Midpoint Properties
Limited
- Great World Serviced
Apartments
- Great World City
(Retail)
- Great World City
(Office)
Ong Lye Development Pte
Ltd
- Cherry Gardens at
Lorong Lew Lian
100%
100%
Wyndham Asia Co Ltd
(Building Materials)
(Myanmar)
43%
85%
Wyndham Sdn Bhd #
(Building Materials)
(Malaysia)
33.37%
100%
Woodleigh Gardens Pte Ltd
-Blossoms@Woodleigh
100%
Wyndham Supplies
Pte Ltd
(Building Materials)
100%
75%
Queenstown Peak
Pte Ltd #
-Queens at Stirling Road
80%
Petals Development Pte.
Ltd.
(Dormant)
100%
Perfect Bright Pte. Ltd.
(Dormant)
100%
Rufiji Pte Ltd
- D’Lotus at Lorong
Ampas
100%
Thomson Green
Pte Ltd #
- Horizon Gardens at Ang
Mo Kio Ave 2 / Ave 5
Wyndham Construction
(Pte) Ltd
(Construction)
Valleypoint Investments
Pte. Ltd.
(Dormant)
Yishun Residency
Pte Ltd
- The Shaughnessy at
Miltonia Close/Yishun Ave 1
100%
Thomson Peak Pte Ltd
- VIVA at Jalan Korma
80%
Thomson Vale Pte Ltd #
- Horizon Green at
Ang Mo Kio Ave 2 / Ave 5
100%
# In Members’ Voluntary Liquidation
32
ALLGREEN PROPERTIES LIMITED
Financial Highlights
For The Year (S$’000)
Revenue
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Total
2008
87,884
74,115
113,352
78,385
353,736
2007
181,163
121,768
123,415
142,489
568,835
% Change
-51.49%
-39.13%
-8.15%
-44.99%
-37.81%
17,456
17,187
31,188
(504)
65,327
49,615
27,067
35,003
33,302
144,987
-64.82%
-36.50%
-10.90%
-101.51%
-54.94%
67,411
493,457
-86.34%
31,808
79,519
-60%
Share Capital
Reserves
Retained Profits
Total Shareholders’ Funds
Minority Interests
Total Equity
1,177,185
102,562
966,112
2,245,859
272,266
2,518,125
1,177,185
79,037
978,220
2,234,442
261,717
2,496,159
0.00%
29.76%
-1.24%
0.51%
4.03%
0.88%
Total Borrowings
1,263,458
856,156
47.57%
Total Assets
4,043,293
3,609,679
12.01%
Earnings Per Share (Cents)
Basic - Before Fair Value Gain Of Investment Properties
Basic - After Fair Value Gain Of Investment Properies
4.11
4.24
9.23
31.40
-55.58%
-86.53%
Proposed Final Dividends
Net Dividends (Cents Per Share)
Cover
2.00
2.12
5.00
6.21
-60.00%
-65.86%
Net Tangible Assets Per Share (S$)
1.41
1.40
0.71%
Net Debt To Equity And Minority Interests (Time)
0.45
0.30
50.00%
Return On Assets
- Before Revaluation Gain Of Investment Properties
- After Revaluation Gain If Investment Properties
1.62%
1.67%
4.02%
13.67%
-59.70%
-87.78%
Return On Shareholders’ Funds
- Before Revaluation Gain Of Investment Properties
- After Revaluation Gain If Investment Properties
2.91%
3.00%
6.49%
22.08%
-55.16%
-86.41%
Profit/(loss) Attributable To Shareholders
- Before Fair Value Gain Of Investment Properties
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Total
Profit Attributable To Shareholders
- After Fair Value Gain Of Investment Properties
Proposed Dividends
At Year End (S$’000)
Financial Ratios
ANNUAL REPORT 2008 33
Revenue and Profit
Revenue for the Group decreased by 38% to S$354 million in 2008 from S$569M in 2007. This was mainly due to a significant drop in
revenue from development properties.
Revenue from development properties decreased by 56% to S$186 million in 2008 from S$421 million in 2007 mainly due to the
significantly lower number of units sold and lower income recognition from previously launched projects. Contributions to revenue for year
2008 were from Cascadia at Bukit Timah Road, Pavilion Park (Phase 1c, 2a and 2b) at Bukit Batok, Cairnhill Residences at Cairnhill Circle,
Blossoms@Woodliegh and D’Lotus at Lorong Ampas. D’Lotus at Lorong Ampas obtained its TOP during the year.
Revenue from investment properties increased by 19% to S$ 110 million in 2008 from S$93 million in 2007. This was mainly due to the
higher rental rates achieved by all investment properties.
Revenue from Traders Hotel improved by 5% to S$57 million as compared to a year ago due to higher room rates, despite a drop in the
occupancy to 78.3% from 85.8% a year ago.
The profit before fair value gain of investment properties decreased by 55% from S$145 million in year 2007 to S$65 million in year 2008,
mainly due to the decrease in revenue from development properties and provisions made for diminution in value of development properties.
After taxation and minority interests, the group’s profit attributable to the shareholders declined significantly to S$67 million in year 2008
from S$494 million in year 2007. Excluding fair value gain of investment properties (net of its tax and minority interests) of S$2.1 million
in 2008 and S$348.5 million for 2007 respectively, 2008 group’s profit attributable to the shareholders was S$65 million as compared to
S$145 million with the previous year.
Assets
At end of December 2008, the total value of the Group’s investment properties was S$1,681.3 million, as compared with S$1,667.5 million
in 2007. This was mainly due to a net increase in values of the investment properties arising from the year end revaluation. As at 31
December 2008, Associated companies were S$432.8 million, an increase of S$293.8 million over the previous year. This was mainly due to
equity contribution to the joint venture companies in the People’s Republic of China.
Borrowings
Net borrowings at year end 2008 was S$1,137.6 million and gearing increased to 0.45x as compared to S$743.6 million with a gearing of
0.3x in 2007.
As at 31 December 2008, out of the total borrowings of S$1,263.5 million, bilateral bank borrowings accounted for 73% and medium term
notes accounted for the balance; 27% of the total borrowings were at fixed rates whilst the rest were at variable rates. Interest rates are
monitored closely by a treasury team and we managed to keep the Group’s average interest rate for the year 2008 at below 4%.
Shareholders’ equity
The share captial of the Group remained at $1,177.2 million at 31 December 2008.
The Group ended the year 2008 with profit attributable to the shareholders at S$67 million, as compared to S$494 million in 2007.
Overall, the shareholders’ funds increased slightly by S$11.4 million to S$2,245.9 million. The net tangible asset backing as at 31
December 2008 was S$1.41 per share.
34
ALLGREEN PROPERTIES LIMITED
Financial Highlights
Total Assets (in millions)
As at 31 December 2008
2,443
(60.4%)
As at 31 December 2007
1,597
(39.5%)
3
(0.1%)
1,453
(40.3%)
2,153
(59.6%)
4
(0.1%)
Investment Properties and Hotel
Development Properties
Others
Source of Borrowing
As at 31 December 2008
27%
As at 31 December 2007
73%
43%
Medium Term Notes
Bilateral Bank Notes
57%
ANNUAL REPORT 2008 35
Profit before Tax
by Segment (1)
(in S$ million)
Turnover by
Business Segment
(in S$ million)
600
250
500
200
Profit Attributable to
Shareholders (1)
(in S$ million)
200
150
400
150
300
100
200
50
100
50
100
0
0
50
04
05
06
07
08
04
05
06
07
08
Development properties
Development properties
Investment properties & hotel
Investment properties & hotel
Others
Others
0
04
05
06
07
08
Head office expense
(1)
Return on Assets (2)
This profit excluded the fair value gain of investment properties
Earnings per Share (2)
- Basic (in cents)
Return on Shareholders’
Fund (2)
7%
4.5%
10
9
4.0%
6%
8
3.5%
5%
7
3.0%
2.5%
4%
2.0%
3%
6
5
4
1.5%
3
2%
1.0%
2
1%
0.5%
1
0%
04
05
06
(2)
07
08
0%
04
05
06
07
08
0
04
05
Return and earnings are based on Group’s attributable profit before fair value gain of investment properties
06
07
08
36
ALLGREEN PROPERTIES LIMITED
Five-Year Financial Summary
2008
2007
2006
2005
2004
185,869
167,107
760
353,736
421,157
146,870
808
568,835
345,744
127,703
3,059
476,506
200,040
113,857
3,711
317,608
134,886
105,529
2,623
243,038
36,814
83,078
(1,315)
(10,114)
108,463
(850)
107,613
130,752
72,853
2,772
(12,876)
193,501
(359)
193,142
52,830
58,757
2,380
(8,424)
105,543
18
105,561
37,974
58,226
575
(7,499)
89,276
89
89,365
27,094
49,524
126
(6,568)
70,176
20
70,196
65,327
67,411
144,987
493,457
75,943
75,943
63,318
63,318
50,585
50,585
Group Balance Sheets (S$'000)
Current assets
Investment properties
Fixed and other assets
Associated companies
Total borrowings
Other liabilities including minority interests
Total net assets
1,615,350
1,681,300
313,803
432,840
(1,263,458)
(533,976)
2,245,859
1,460,503
1,667,500
342,591
139,085
(856,156)
(519,081)
2,234,442
1,167,503
1,285,500
218,637
46,890
(571,313)
(724,406)
1,422,811
1,396,032
1,221,500
210,514
5,722
(766,802)
(429,732)
1,637,234
1,279,932
1,188,500
192,881
5,633
(683,254)
(392,704)
1,590,988
Share capital
Reserves
Retained profits
Shareholders' funds
1,177,185
102,562
966,112
2,245,859
1,177,185
79,037
978,220
2,234,442
859,356
378,545
184,910
1,422,811
526,527
633,098
477,609
1,637,234
525,608
600,603
464,777
1,590,988
Financial Ratios
Earnings per ordinary share (cents)
Basic - before fair value gain of investment properties
Basic - after fair value gain of investment properties
4.11
4.24
9.23
31.40
7.20
7.20
6.02
6.02
4.81
4.81
Proposed final dividends
Gross dividends (cents per share)
Tax exempt (one-tier) dividends (cents per share)
Cover
2.00
2.12
5.00
6.21
4.00
1.46
6.00
1.25
6.00
1.00
-
-
0.30
-
-
1.41
1.40
1.34
1.55
1.51
Return on assets
- before fair value gain of investment properties
- after fair value gain of investment properties
1.62%
1.67%
4.02%
13.67%
2.79%
2.79%
2.23%
2.23%
1.90%
1.90%
Return on shareholders’ fund
- before fair value gain of investment properties
- after fair value gain of investment properties
2.91%
3.00%
6.49%
22.08%
5.34%
5.34%
3.87%
3.87%
3.18%
3.18%
0.45
0.30
0.29
0.39
0.36
Group Profit and Loss Accounts (S$’000)
Revenue (1)
Development properties
Investment properties & hotel
Others
Total
Profit & Loss (1)
Development properties
Investment properties & hotel
Others
Head office expense
Share of results of associated companies
Profit before taxation
Profit attributable to shareholders
- before fair value gain of investment properties
- after fair value gain of investment properties
Special interim dividends
Net dividends (cents per share)
Net tangible assets (S$)
Net debt to equity and minority interests (time)
(1)
Figures for years 2004 to 2005 have been reclassified to conform with 2006 presentation.
ANNUAL REPORT 2008 37
Monthly Share Price Information
S$ Per Share
3.0
850
800
750
2.5
700
650
2.0
600
550
1.5
500
450
SES
Property
Closing
Index
1.0
400
350
0.5
High
Close
Low
300
250
0
200
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
HIGH
1.500
1.320
1.300
1.330
1.330
1.050
1.000
0.925
0.815
0.660
0.460
0.485
CLOSE
1.110
1.280
1.230
1.290
0.980
0.990
0.930
0.805
0.635
0.395
0.400
0.430
LOW
1.090
1.120
1.090
1.230
0.970
0.970
0.900
0.800
0.615
0.250
0.370
0.375
Financial Calendar
Financial Year End
31 December
Announcement of Unaudited 2008 First Quarter Results
28 April 2008
Announcement of Unaudited 2008 Half Year Results
31 July 2008
Announcement of Unaudited 2008 Third Quarter Results
12 November 2008
Announcement of Unaudited 2008 Full Year Results
26 February 2009
Date of Annual General Meeting
28 April 2009
Final Dividend Entitlement Date
7
2008 Proposed Final Dividend Payment Date
20 May 2009
May 2009
38
ALLGREEN PROPERTIES LIMITED
Corporate Governance
The Company is committed to maintaining a high standard of corporate governance, and has always recognised the
importance of good governance to ensure continued growth, success and justify investor confidence. In view of this, the
Company is pleased to disclose below the manner in which it has applied the principles of good governance.
This Report is presented in a tabular format with the specific Guidelines of the Corporate Governance Code of 2005
complied set out alongside our Report. Any deviation from the Guidelines is disclosed and explained in our Report.
Board of Directors (Principles 1 and 10)
The Company is headed by an effective Board of Directors to lead, and control its
operations and affairs. The Board is collectively responsible for the success of the
Group and works with management, which is accountable to the Board to achieve this.
The Board has delegated specific responsibilities to three committees, namely, the
Audit, Nominating and Remuneration Committees which operate within defined Terms
of Reference. These committees have the authority to examine particular issues and
report to the Board with their recommendations.
Guideline 1.3:
Delegation of authority
by the Board to the Board
Committees
The Board is scheduled to meet at least four times a year to review and approve the
Company’s key strategic and operational matters, financial and funding decisions, to
supervise executive management as well as to approve its financial results before public
announcement. The Company will present quarterly announcements of its financial
results to shareholders so that shareholders are able to have a fair assessment of the
Company’s performance and prospects. The Articles of Association of the Company
allows the Board to conduct telephonic and other means of electronic conference
meetings, if circumstances require. Apart from its statutory responsibilities, the Board
also ensures that the principal risks of the Company’s business are identified and
properly managed.
Guideline 1.4:
Board to meet regularly
There is a schedule of matters reserved specifically for Board approval, including
amongst others, major investment proposals or divestments, policy or strategic matters
affecting the Group, re-organisations or substantial transactions which have a material
impact on the Group. The Board takes objective decisions in the interest of the Group.
Guideline 1.5:
Matters requiring board
approval
There is an orientation exposure programme for new Board members which includes
visits to development and investment properties, briefing by the CEO, Financial Controller
and Company Secretary to facilitate their understanding of the Group. Directors also
have to continuously update or train themselves on new laws, regulations and changing
commercial risks. New Directors will be provided with a formal letter, setting out the
scope of his/her duties and obligations.
Guidelines 1.6 and 1.8:
Directors to receive
appropriate training
The Board is responsible for the overall strategy and direction of the Group whilst the
Executive Chairman and Management Team are responsible for day-to-day operations
and administration. To ensure that the Board is able to fulfil its responsibilities,
management provides the Board with monthly management accounts of the Group’s
and the Company’s performances.
The Board is accountable to the shareholders while Management is accountable to the
Board.
ANNUAL REPORT 2008 39
Corporate Governance
Board Balance (Principle 2)
There is a strong and independent element on the Board with Independent Directors
forming one-third of the Board.
Guideline 2.1:
One-third of directors to be
independent
The Board has eight members, of whom five are non-Executive (inclusive of three
Independent Directors) and three - the Chairman Mr Goh, Mr Choo and Mr Khor - are
Executive Directors. In considering the scope and nature of operations of the Group, the
Board considers its current size and members whose core competencies, qualifications,
skills and experience are extensive and complementary, to be adequate and
appropriate. The Board will examine its size and composition whenever circumstances
require it. Details of the Directors’ academic and professional qualifications and other
appointments are set out on pages 10 to 13 of this Annual Report.
Guideline 2.3:
Board to determine its
appropriate size
Guideline 2.4:
Board to comprise directors
with core competencies
The three non-Executive Independent Directors are professionals drawn from a broad
spectrum of expertise who can provide a balance of views in the Board make-up. The
Board considers them to be independent having regard to the criteria set out in the
Code of Corporate Governance 2005.
Executive Chairman (Principle 3)
The Executive Chairman, being the Chief Executive Officer (CEO) of the Group, has
overall responsibility for the management and daily operation of the Group, supported
by the respective Heads of Departments. The Executive Chairman also provides
Board leadership and apart from the three Independent Directors, is supported by
two Executive Directors and two other non-Executive Directors of the relevant calibre
and experience necessary for the balance of authority on the Board. The Executive
Chairman sets the agenda for each Board meeting in consultation with the 2 Executive
Directors and senior managers where relevant.
The role of the Executive Chairman is not separate from that of the CEO as the Board,
upon its consideration, felt that there is adequate accountability and transparency as
reflected by the internal controls established within the Group. As Executive Chairman,
Mr Goh Soo Siah plays a pivotal role in assisting the Board in developing policies and
strategies, and ensuring that they are implemented effectively. The Board is unanimous
in its decision that it would currently not be in the Group’s interest to effect a separation
in the role of the Chairman from that of the Chief Executive Officer as this would slow
down the Group’s decision-making and implementation process.
Re-election of Directors (Principle 4)
In accordance with the Company’s Articles of Association, one-third of the Board
including the Executive Chairman is subject to re-election annually.
The Directors who are retiring and who, being eligible, will offer themselves for reelection at the next Annual General Meeting are named below:
Guideline 3.2:
Chairman’s role
40
ALLGREEN PROPERTIES LIMITED
Corporate Governance
Mr Goh Soo Siah
Mr Andrew Choo Hoo
Mr Khor Thong Meng
Mr Ang Keng Lam
Mdm Kuok Oon Kwong
Mr Jimmy Seet Keong Huat
Mr Keith Tay Ah Kee
Mr Wan Fook Kong
#
Date of appointment
Date of last election
Directors due for re-election*
1.10.1986
1.11.2000
1.11.2000
26.11.2003
1.10.1986
12.4.1999
18.1.2000
12.4.1999
28.4.2008
27.4.2007
27.4.2007
27.4.2007
28.4.2006
28.4.2008
28.4.2006
28.4.2008
*
*
#
*
-
Mr Jimmy Seet Keong Huat, who is over the age of 70, will on re-appointment continue in office as a Director of the Company until
the next AGM of the Company.
Nominating Committee (Principles 4 and 5)
The Nominating Committee has three members. All are non-Executive Directors, with
the Chairman and one member being Independent Directors.
Guideline 4.1:
Composition of nominating
committee
The Nominating Committee is charged with the responsibility to review and make
recommendations and nominations on new board appointments and re-appointments.
The Nominating Committee may invite candidates through personal contacts or other
Board members or through an independent search at the Singapore Institute of Directors
or other professional bodies. In assessing these candidates, the criteria to be employed
by the Nominating Committee shall include contribution to the Group’s businesses
and development, and the potential Directors’ business contacts. The Nominating
Committee is also responsible for evaluating the effectiveness and performance of the
Board as a whole in view of the complementary and collective nature of the Directors’
contributions. The evaluation parameters are based on objective performance criteria
such as the success of strategic and long term objectives, effectiveness of the Board in
monitoring management’s performance against set goals and attendance at meetings.
The Nominating Committee is scheduled to meet at least once a year and at such other
times as may be necessary.
Guideline 4.5:
Process for the selection and
appointment of new directors
to the board
The Nominating Committee has conducted a review of the Directors based on
performance, revenue growth of the Group, attendance record of Directors, experience,
skills and prospects and considered the independence criteria of the independent
Directors. The Nominating Committee was satisfied that the independent Directors
have no existing relationship with the Group which could be seen to interfere with the
exercise of independent judgement.
The number of Nominating Committee meetings held during the financial year ended
31 December 2008 and details of attendance of each committee member are disclosed
on page 44.
When a Director serves on multiple boards, that Director is required to ensure that
sufficient time and efforts are allocated to the affairs of each company with assistance
from management, who provides complete and timely information on a regular basis
for effective discharge of his/her duties as well as a comprehensive schedule of events
drawn up in consultation with the relevant Director.
Guideline 5.1
Process for assessing the
effectiveness of the Board as a
whole and the contribution of
each individual director to the
effectiveness of the Board
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ALLGREEN PROPERTIES LIMITED
1 Kim Seng Promenade #05-02 Great World City Singapore 237994
(Company Registration No. : 198601009N)