Swire Properties' occupancy, rents, drop in HK office portfolio in Q1

Swire Properties (1972) saw the occupancy rate in its Hong Kong office portfolio further decline 1 percentage point to 92 percent in the first quarter compared to the end of last year.

The developer said in a filing on Friday that its Pacific Place's office occupancy rate fell by 1 percentage point to 94 percent while the rental reversion dropped 16 percent in the quarter. 

Its Taikoo Place project, whose office occupancy rate went down 2 percentage points to 91 percent, saw the rental reversion decline by 14 percent in the first three months of this year. 

As for its Hong Kong retail portfolio, the occupancy rate for three properties remained unchanged at 100 percent, though the retail sales performance for the three was mixed. 

While sales in Cityplaza rose 2.9 percent, those in Citygate Outlets and The Mall, Pacific Place fell 5.8 percent and 5 percent, respectively.

Staff reporter