Interim Management Statement

RNS Number : 5247Q

Hongkong Land Hldgs Ld

07 November 2012

 



To: Business Editor                                                           For immediate release

The following announcement was issued today to a Regulatory Information Service approved by the Financial Services Authority in the United Kingdom.

 

HONGKONG LAND HOLDINGS LIMITED

Interim Management Statement

7th November 2012 - Hongkong Land Holdings Limited has today issued an Interim Management Statement covering the period from 1st July to 6th November 2012 in accordance with the requirements of the Disclosure and Transparency Rules of the Financial Services Authority in the United Kingdom.

In Hong Kong, the office leasing market has remained relatively subdued.  Vacancy in the Group's Central office portfolio at the beginning of November was 3.9%, compared with 3.1% at 30th June 2012.  The retail portfolio continued to enjoy full occupancy.  Rental reversions have been generally positive.  Redevelopment of The Forum at Exchange Square, which is fully pre-let, is progressing well with completion expected in early 2014.  In Singapore, the office portfolio was fully leased with the exception of the third office tower of Marina Bay Financial Centre, which is 76% let following completion earlier this year.  In August, the Group's joint venture in Jakarta completed its fourth office tower, which is 88% let.

Residential sales continued in Hong Kong with the three remaining units at The Sail being sold together with five further units at Serenade, leaving 18 units remaining.  In Singapore, MCL Land's 50%-owned Parvis development of 248 units was completed, while the 65-unit D'Mira development is due for completion before the year end.  Both projects were 100% pre-sold.  As a result of higher completions in Hong Kong and Singapore, the Group's residential profits will be higher than anticipated at the beginning of the year.  The 33%-held Marina Bay Suites are now almost 85% pre-sold prior to completion in 2013.  At the 50%-held Bamboo Grove in Chongqing, 206 units of Phase 4B have been handed over to buyers since June, and construction is nearing completion of the 640 units in Phase 5A, which are 87% pre-sold.  Sales continue at other residential projects in Chongqing, Chengdu and Shenyang.

Hongkong Land's balance sheet remains strong with net debt at 31st October 2012 largely unchanged from the level at the end of June 2012.

Hongkong Land is one of Asia's leading property investment, management and development groups with premium commercial and residential property interests across the region.  The Group owns and manages some 450,000 sq. m (five million sq. ft) of commercial space in Hong Kong that defines the heart of the Central Business District, while in Singapore it has been instrumental in the creation of the city-state's new Central Business District at Marina Bay.  The Group develops premium residential properties in a number of cities in the region, principally in China and Singapore where its subsidiary, MCL Land, is a significant developer.  Hongkong Land Holdings Limited is incorporated in Bermuda.  It has a premium listing on the London Stock Exchange, and secondary listings in Bermuda and Singapore.  It is a member of the Jardine Matheson Group.

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For further information, please contact:

Hongkong Land Limited                                                                                                                  

Y.K. Pang (852) 2842 8428

John R. Witt (852) 2842 8101

GolinHarris

Sue So (852) 2501 7984

This and other Group announcements can be accessed through the Internet at 'www.hkland.com'.

 

END

 

 

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