Interim Management Statement

RNS Number : 3283S

Hongkong Land Hldgs Ltd

06 November 2013

 



To: Business Editor                                                      For immediate release

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

 

HONGKONG LAND HOLDINGS LIMITED

Interim Management Statement

6th November 2013 - Hongkong Land Holdings Limited has today issued its Interim Management Statement covering the period from 1st July to 5th November 2013.

In the commercial property sector, activity in the Hong Kong office leasing market remained relatively low, with rental reversions in the Group's Central office portfolio continuing to be largely positive.  Vacancy is currently 5.9%, compared to 5.6% at 30th June 2013, but is expected to decrease before the end of the year.  The retail portfolio is fully occupied and rental reversions were positive.  In Singapore, the market was also quiet with rents remaining stable, and vacancy in the Group's office portfolio was 2.4% compared with 3.1% at the end of June. 

In the Group's residential interests, MCL Land in Singapore completed Este Villa, a fully pre-sold project of 121 freehold townhouses.  In mainland China, Hongkong Land's attributable interest in contracted sales was US$140 million in the third quarter of 2013, compared with US$95 million in the same period last year, which reflected a strengthening in end-user demand.  In Chongqing, 246 out of 324 townhouses at Phase 1 of Yorkville South were completed and handed over to buyers in September.  Scheduled for completion later this year are 1,297 apartment units of Phase 5B at the 50%-held Bamboo Grove and the 343 apartment units of Phase 1A at the 50%-held Landmark Riverside, with most of the units having been pre-sold. 

Hongkong Land's balance sheet remains strong, with net debt at 31st October 2013 largely unchanged from that reported at the half year.

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 and has a premium listing on the London Stock Exchange, with 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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