- While physical vacancy in the Central office portfolio remained at 7.5% in Sep-25, committed vacancy improved to 6.4% from Jun-25’s 6.9% amidst strengthened leasing momentum led by recovering capital market and a strong IPO pipeline. This compares favourably with the 11% vacancy rate in the overall Central Grade A office market, reflecting continued “flight-to-quality” demand.
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Stable retail income despite renovation disruption.
- More than 30% of lettable space at the LANDMARK retail portfolio was under renovation in 3Q25, yet its retail income should be largely in line with 3Q24, when the renovation programme had just commenced. Furthermore, demand from the ultra-high-net-worth segment remained resilient, with top-tier customer spending up y-o-y.
Positive rental reversions in Singapore continues despite slightly higher vacancy.
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Muted China residential sales amid weak market sentiment.
- Attributable contracted sales in China amounted to US$161m in 3Q25, bringing 9M25 sales to US$523m, roughly half of the US$1bn recorded in 9M24. With buyer sentiment deteriorating in 3Q25, Hongkong Land will conduct a thorough review of the carrying value of its build-to-sell inventory in China at year-end.
- As the company pursues capital recycling targets, it focuses on driving sales through a flexible pricing strategy.
Strong capital recycling progress.
- Read more at SGinvestors.io.
