Swire Properties' assets hit 97-100% occupancy

This came from 5 major properties.

According to Maybank Kim Eng, SP announced a 4Q operating statement after market closed yesterday. On HK investment property portfolios, 5 major properties (including Pacific Place (PP), Cityplaza and TaiKoo Place) recorded occupancies of 97-100% as at December 2012. 

Rental reversion of the offices range from +20 to +51%. Three major retail properties PP Mall, Cityplaza Mall and Citygate Outlets were fully let. 

PP Mall’s average SSSG rose 3.3% after taken account into area under renovation, while retail sales growth of the other 2 malls were +6% and +21.2%, respectively.

Here's more from Maybank Kim Eng:

Mainland’s office and retail portfolio also reported occupancies of 79-95% and 84-99%, respectively. SP also included the development status of its 4 and 3 investment properties under development, in HK and China, respectively.

The occupancies in HK Office portfolio and rental reversions slightly surprised us on the upside, while the retail sales growth of the 3 major malls in HK are largely in line.

We expect that the operating results will help in share price performance. Near term catalysts including occupancy of 2 major investment properties in HK, 28 Hennessy Road and 8 Queen’s Road East, and pre-sales of trading properties in HK, Mount Parker Residence and Dunbar Place.