Eco-system for Value Creation


Offshore & Marine

We are a global leader in the design, construction, conversion and repair of rigs and vessels, and are extending our capabilities to create floating infrastructure solutions.

Download Offshore & Marine Operating & Financial Review


We are a multi-faceted property company and a choice developer in Asia with a sterling portfolio of award-winning residential developments, integrated townships and investment-grade commercial properties.

Download Property Operating & Financial Review


We develop, own and operate competitive energy and environmental infrastructure solutions and provide related services, as well as offer connectivity solutions for businesses and consumers in the areas of data centres, urban logistics and telecommunications businesses.

Download Infrastructure Operating & Financial Review


We manage private funds, and listed real estate and infrastructure trusts, as well as incubate the Group’s future growth engines, including businesses in smart city development and more.

Download Investments Operating & Financial Review

Our Business Model


Our business model, underpinned by strong collaboration across verticals, provides a robust eco-system that allows us to create and capture value from all parts of the Group. From the time an asset is created till its injection into a Keppel-managed trust or fund, our business model produces multiple income streams and enables us to create and capture value across our businesses.

To fuel Keppel’s growth, we are also expanding the Group’s capital base, bringing on board like-minded co-investors through our private funds to seize opportunities and accelerate asset creation without putting a strain on our balance sheet.

We can also turn our assets efficiently through our business model, unlocking value and recycling capital to achieve the best risk-adjusted returns for our stakeholders.

Our Business Model Our Business Model

Design and Build

The Group has a strong track record for designing and developing high-quality real assets including rigs and ships, residential and commercial properties, data centres, power plants and more.

Private Funds

Through the creation of private funds, Keppel can also bring on board investors, such as pension and sovereign wealth funds, to co-invest in the development of assets across its business verticals. This expands Keppel’s capital base to seize opportunities while it earns recurring fees from managing the private funds.

Project-based income Project-based income Recurring income Recurring income

1. Turnkey

The Group also sells products and provides turnkey solutions to its customers. Some of the assets created, such as rigs and homes, will be handed over to customers when they are completed. In this phase of asset creation, business units can earn development margins from the sale of their solutions.

Project-based income Project-based income

2a. Own and Operate

Keppel owns and operates many of the assets it creates which are retained as investments for long-term, steady cash flows and recurring income. Business units can earn fees from leasing out and operating such assets. They can also earn fees from rendering project and asset management services to the private funds created by Keppel.

Recurring income Recurring income

2b. Stabilise and Monetise

The heavy assets held as investments by Keppel and its private funds are revalued annually, and contribute revaluation gains to the Group each year. As these assets mature and are de-risked and stabilised, the Group can monetise them through divestments to its REITs and Trust as well as third parties. This robust process for turning assets enables the Group to achieve the best risk-adjusted returns from its investments by unlocking value and recycling capital to seize new growth opportunities.

Revaluation & divestment gains Revaluation & divestment gains

2c. REITs and Trust

The Group sponsors and manages real estate and infrastructure trusts across its business lines, which it leverages as platforms to recycle capital from assets. Matured assets are well suited to the REITs and Trust, whose investors seek stable, recurring income.

The injection of assets to the REITs and Trust helps to grow the total portfolio of assets managed by the Group.

Recurring income Recurring income