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Mr. Jolyon
Culbertson, Director & General Manager of Swire
Properties attend Media Interview after Eye-dotting
Ceremony at Pacific Place.
Overall comments on
the company’s projects:
Have no change for all current projects with no additional project.
We will be more advanced for the existing projecgts.
Office and Retails
Portfolio
1) Overall
Performance in Retail Portfolio
Retail is much more specific to locations. all our shopping
centres are extremely well located.
We have satisfactory performance in X mas & CNY, not a
lot of change from previous years.
Quite a healthy business all round.
2) Occupancy Rate
Retail: all our shopping centres are full. Expected retail
occupancy would remain 100%
Office buildings: Almost full, only brand new One Island
East (OIE) got 3 floors remaining to let. The occupancy rate for OIE is 95%
3) Leasing Situations
Office Tenants
No financial institution has terminated the rental contract,
All contracts in last year were continuing as they were. No body needs to move
out.
2009 Rental Income:
Office building rentals is expected to be mild softening
during the year. Less expansion is going on, so no more demand for new space as
of last year.
Reduce in rental income, yet renal cycle is a period of 3-5
years, so rental may vary. We are now expecting the positive reversion coming
through this year. Indeed, the current rental is higher than 4 years ago.
We expect confidence returning in Q4 2009 as we are
expecting some new demand.
4) On Pacific
Place Project
The renovation programme has planned 2 years ago, and has
been stared last year, and is continuing as planned.
The expected expenditure on the project would not change
much, but would be varied according to the market as it is a timely exercise.
information from Swire Properties Limited
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