- Office leasing demand has softened with prolonged interest rate hikes and a subdued financial market. Physical vacancy at Hongkong Land (SGX:H78)'s Central office portfolio crept up to 7.3% in Sep-23 from Jun-23’s 6.9%.
- - Read this at SGinvestors.io -
- Reversionary growth continued to be in negative territory. This, coupled with lower portfolio occupancy, should drag Hongkong Land's office income. However, this should be offset by higher contributions from the luxury retail portfolio in Hong Kong, Beijing, and Macau, and Singapore office portfolio.
Luxury retail portfolio continues its post-pandemic business recovery.
- - Read this at SGinvestors.io -
- WF Central in Beijing and One Central in Macau saw a continued recovery of tenants’ sales and footfall.
Singapore office portfolio continues to enjoy positive rental reversion.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Jeff YAU CFA DBS Group Research | Percy Leung DBS Research | Cherie Wong DBS Research | https://www.dbs.com/insightsdirect/ 2023-11-10
Read also DBS's most recent report:
2024-03-08 Hongkong Land - Strong Embedded Value; Rental Income Exhibit Resilience.
Price targets by other brokers at Hongkong Land Target Prices.
Listing of research reports at Hongkong Land Analyst Reports.
Relevant links:
Hongkong Land Share Price History,
Hongkong Land Announcements,
Hongkong Land Dividends & Corporate Actions,
Hongkong Land News Articles
