The rule applies to all listed developers. But DMG & Partners Research analyst Ong Kian Lin said QC rules would still apply to KepLand if it went under KepCorp's listed structure. That said, the Keppel Bay land plots are exempted from QC taxes, because the land was bought before the revision to the Residential Property Act in July 2005. Several also noted that KepCorp's newly appointed CEO (with effect from the start of 2014), Loh Chin Hua, is a 25-year property veteran and could be looking to restructure the group's portfolio. He founded Alpha Investment Partners, KepLand's property fund management arm, and before joining Keppel in 2002, was leading Prudential Investment Inc's Asian real estate fund management business.