- Year-to-date, office leasing demand in Hong Kong continued to be impacted by global financial market uncertainties. Nonetheless, Hongkong Land (SGX:H78)’s Central office portfolio fared better than its peers.
Office vacancy improved despite lingering market challenges.
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- Hongkong Land has concluded the renewal for a number of leases expiring in 2024. In Mar-24, only 7% of the portfolio remains subject to expirations in 2024, pointing to relatively lower occupancy risk. That said, negative rental reversion continued to work its way through the portfolio which resulted in lower office income.
Stronger retail tenants’ sales in Hong Kong.
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- Vacancy stayed low at 1.8% in Mar-24 (Dec-23: 1.5%). The overall performance of luxury malls in Beijing and Macau remained stable, with better trading at WF Central in Beijing offset by slower results at One Central in Macau.
Singapore office portfolio a bright spot.
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