Bookmark & Share
Keppel REIT announced Sunday (11 January) that nine of its 11 completed office towers in Singapore and Australia have achieved 100 percent committed occupancy.
This includes Bugis Junction Towers, Marina Bay Financial Centre (MBFC) Towers 1 and 2, One Raffles Quay’s North and South Towers, as well as the Ocean Financial Centre in Singapore. Additionally, Keppel REIT said its newly acquired MBFC Tower 3 occupancy rate has also increased from 94 percent to 97 percent since the announcement of the proposed acquisition in September last year.
According to Keppel REIT, rental rates for new leases and renewals at the company’s properties in the Raffles Place and Marina Bay precincts averaged $12 per sq ft per month in 2014, with a number of leases committed at $15 per sq ft per month. However, leases that were reviewed during the year registered an approximate 17 percent positive rental reversion on average, the company said.
“New tenants signed on in 2014 range from diverse sectors including banking, insurance and financial services, technology, media and telecommunications (TMT) sector, energy and natural resources, as well as real estate and property services,” it added.
Meanwhile, the REIT’s Australian properties that have achieved full occupancy include 8 Chifley Square in Sydney, 8 Exhibition Street in Melbourne and 275 George Street in Brisbane.
Looking ahead, Keppel REIT’s portfolio with its long weighted average lease expiry of approximately nine years for its top 10 tenants will continue to provide its unitholders steady and sustainable returns over the longer term.
Keppel REIT announced Sunday (11 January) that nine of its 11 completed office towers in Singapore and Australia have achieved 100 percent committed occupancy.
This includes Bugis Junction Towers, Marina Bay Financial Centre (MBFC) Towers 1 and 2, One Raffles Quay’s North and South Towers, as well as the Ocean Financial Centre in Singapore. Additionally, Keppel REIT said its newly acquired MBFC Tower 3 occupancy rate has also increased from 94 percent to 97 percent since the announcement of the proposed acquisition in September last year.
According to Keppel REIT, rental rates for new leases and renewals at the company’s properties in the Raffles Place and Marina Bay precincts averaged $12 per sq ft per month in 2014, with a number of leases committed at $15 per sq ft per month. However, leases that were reviewed during the year registered an approximate 17 percent positive rental reversion on average, the company said.
“New tenants signed on in 2014 range from diverse sectors including banking, insurance and financial services, technology, media and telecommunications (TMT) sector, energy and natural resources, as well as real estate and property services,” it added.
Meanwhile, the REIT’s Australian properties that have achieved full occupancy include 8 Chifley Square in Sydney, 8 Exhibition Street in Melbourne and 275 George Street in Brisbane.
Looking ahead, Keppel REIT’s portfolio with its long weighted average lease expiry of approximately nine years for its top 10 tenants will continue to provide its unitholders steady and sustainable returns over the longer term.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
Related Articles:
Premium grade office rents to rise 10-15%