Swire Properties Reports Mixed Results in Office Occupancy and Retail Performance

Swire Properties (1972) has disclosed a shift in the occupancy rates of its office properties as of December, noting a decline to 93 percent from the 96 percent recorded in 2022.

The company's prominent office destination, Taikoo Place, experienced a notable decrease in occupancy, falling five percentage points to 91 percent. This location also faced a setback in rental income, with a negative rental reversion of six percentage points.

On the other hand, Pacific Place showcased a slight improvement in its occupancy rate, ascending one percentage point to reach 98 percent. Despite this uptick in occupancy, it too suffered a negative rental reversion, this time a substantial 12 percentage points.

Further insights reveal that the occupancy rate for Taikoo Hui Offices, located on the mainland, has dipped by two percentage points, bringing it to 92 percent. One Indigo witnessed a more significant drop, plummeting to 85 percent from the previous 94 percent.

In contrast to the office portfolio, Swire's retail segments in Hong Kong maintained steady occupancy rates across three malls, all of which reported increases in retail sales. Pacific Place mall led the surge with a striking 44.1 percent jump in sales. Cityplaza and Citygate Outlets also enjoyed gains, with sales rising by 6 percent and 42.8 percent, respectively.

In related news, the Emperor Group has announced plans to launch a new cinema within Swire's Taikoo Li Sanlitun in Beijing, aiming for an opening in the third quarter of the current year.