Occupancies slip for Swire Properties

Swire Properties (1972) said the occupancy rate of its office portfolio slid to 93 percent as of December, compared with 96 percent in 2022.

Taikoo Place, where the occupancy rate dropped five percentage points to 91 percent, saw a negative rental reversion of six percentage points.

Pacific Place's occupancy rate rose by one percentage point to 98 percent but reported a negative rental reversion of 12 percentage points.

The occupancy rate for Taikoo Hui Offices in the mainland slipped by two percentage points to 92 percent while that for One Indigo slipped to 85 percent from 94 percent.

In its Hong Kong retail portfolio, the occupancy rate for three malls remained unchanged while their retail sales all reported growth.

Retail sales at Pacific Place mall jumped 44.1 percent while sales for Cityplaza climbed 6 percent and that of Citygate Outlets grew 42.8 percent.

Separately, Emperor Group said it would open a cinema in Swire's Taikoo Li Sanlitun in Beijing in the third quarter of this year.