Hongkong Land’s Q3 profit rises on China build-to-sell completions

However, the company will no longer pursue new standalone build-to-sell projects.

Build-to-sell completions in China boosted Hongkong Land’s underlying profit in Q3 2024.

In Q3, the group recorded attributable interest in contracted sales of US$169m.

Hongkong Land, however, will no longer pursue new standalone build-to-sell projects, focusing solely on ultra-premium integrated commercial property opportunities.

Meanwhile, the group also reported lower contributions from investment properties due to reduced income from its Hong Kong Central portfolio.

In Hong Kong, flight-to-quality demand underpinned the performance of the group’s Central office portfolio, pushing vacancy to 7.6%.

The group also suffered from lower contributions from its Landmark retail portfolio amidst tenant movements.

Vacancy for its Landmark retail portfolio, however, remained low at 1.9%.

In Singapore, the group’s office portfolio remained fully occupied and had positive rental reversions.

Physical vacancy in Singapore was 1.5%, down from 2.6% in Q2.