Interim Management Statement

RNS Number : 9792C

Hongkong Land Hldgs Ld

09 May 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

9th May 2012 - Hongkong Land Holdings Limited has today issued an Interim Management Statement covering the period from 1st January to 8th May 2012 in accordance with the requirements of the Disclosure and Transparency Rules of the Financial Services Authority in the United Kingdom.

Activity in the Hong Kong office leasing market was subdued, although occupancy remained relatively high for Grade A office space.  Vacancy in the Group's Central office portfolio at the end of April was 3.6%, compared with 2.9% a year earlier and 2.0% at 31st December 2011.  The retail portfolio continued to have full occupancy.  Rental reversions were generally positive.  In Singapore, the existing office portfolio was almost fully leased.  The third office tower of Marina Bay Financial Centre, which is 66% pre-let, obtained its Temporary Occupation Permit in March and tenants are commencing their fit-out. 

In the residential sector, sentiment particularly in mainland China continues to be negatively affected by government measures to cool the market.  In Hong Kong, a further 14 units at Serenade were sold.  In Singapore, MCL Land launched its 679-unit Ripple Bay development in March.  The project which is now 64% pre-sold is scheduled for completion in 2014.  In Chongqing, at the 50%-held Bamboo Grove, Phase 4B is now 94% sold with a further 406 units handed over to buyers.  Construction continues on Phase 5A which is now 67% pre-sold.  Sales also continued at other Group projects in Chongqing and Shenyang. 

Hongkong Land's balance sheet remains strong.  Net debt at 30th April 2012 was some US$300 million higher than at the end of December 2011 as a result of land instalment payments for previously acquired sites. 

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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