Swire suffers decline in rents at Pacific Place

PUBLISHED : Wednesday, 01 May, 2013, 12:00am
UPDATED : Wednesday, 01 May, 2013, 3:46am

Office rents at Pacific Place Three in Admiralty fell 5 per cent to as low as HK$90 per square foot in the first quarter, the landlord, Swire Properties, said.

The company said in a quarterly operating statement rents dropped to HK$90 to HK$95 per square foot in the three months to March from HK$95 to HK$100 in the preceding quarter.

Office rents at Pacific Place One and Two also declined, to HK$95 to HK$110 per square foot from HK$100 to HK$110.

Rents at Cityplaza, Taikoo Place, One Island East and its "techno-centres" in Quarry Bay remained unchanged.

Swire said tenancies totalling 351,628 sq ft at Pacific Place were renewed in the quarter.

Meanwhile, its sales performance at Pacific Place Mall and Cityplaza slowed.

Retail sales at Pacific Place Mall dropped 1 per cent, compared with growth of 0.3 per cent in the previous quarter.

Sales at Cityplaza Mall in Taikoo Shing grew 3.5 per cent, against 6 per cent in the previous quarter.

Meanwhile, Swire has sold 10 of the first batch of 30 units at Dunbar Place in Ho Man Tin at an average of HK$21,770 per square foot in terms of saleable area, pocketing HK$304 million.

The developer is the first to offer a new residential project for pre-sale under a new law governing the sale of flats, which took effect on Monday.

The units at Dunbar Place are mainly three or four-bedroom flats with 1,200 sq ft to 1,830 sq ft of saleable floor area. The prices of the flats range from HK$23.23 million to HK$41.63 million.

Separately, Hong Kong Ferry sold four units at its Green Code project in Fanling on Monday, the first flats to be sold under the new rules.