Swire's retail properties 100% occupied

Office occupancy is strong at 97% as well.

According to Maybank Kim Eng, Swire Properties announced 3Q12 operating statement yesterday after market closed. The occupancy for HK’s office and retail properties were 97-100% and 100%, respectively, while the China portfolio reported 77-91% and 83-100%.

Here's more from Maybank Kim Eng:

HK offices recorded positive rental reversions of +20 to +51%, while the latest headline rentals are steady across the portfolio.

For investment properties under development, occupation permit of 28 Hennessy Road was issued while 8 Queen’s Road East is expected to be completed in 1Q13.

23 Tong Chong Street and Somerset House Redevelopment, with GFAs of 75k and 1.0m sq ft, respectively, are expected to be completed in 2014 and 2017.

The occupancy and completion schedule are inline with our expectations. Market sources suggested that the 81k-sq ft 8 Queen’s Road East in Wan Chai, Hong Kong is leased to Assicurazioni Generali, Italian insurer for HKD60s psf.

Meanwhile, the 145k-sq ft 28 Hennessy Road is 80%-preleased to SMEs from traditional CBD with rent of HKD70-80 psf.