Hongkong Land Hldgs HKLD Interim Management Statement

  Hongkong Land Hldgs (HKLD) - Interim Management Statement

RNS Number : 5247Q
Hongkong Land Hldgs Ld
07 November 2012




To: Business Editor
For immediate release



The following announcement was issued today to a Regulatory Information
Service approved by the Financial Services Authority in the United Kingdom.

      

      HONGKONG LAND HOLDINGS LIMITED

Interim Management Statement



7th November 2012 - Hongkong Land Holdings Limited has today issued an Interim
Management Statement covering the period from 1st July to 6th November 2012 in
accordance with the requirements of the Disclosure and Transparency Rules of
the Financial Services Authority in the United Kingdom.



In Hong Kong, the office leasing market has remained relatively subdued.
Vacancy in the Group's Central office portfolio at the beginning of November
was 3.9%, compared with 3.1% at 30th June 2012. The retail portfolio
continued to enjoy full occupancy. Rental reversions have been generally
positive. Redevelopment of The Forum at Exchange Square, which is fully
pre-let, is progressing well with completion expected in early 2014. In
Singapore, the office portfolio was fully leased with the exception of the
third office tower of Marina Bay Financial Centre, which is 76% let following
completion earlier this year. In August, the Group's joint venture in Jakarta
completed its fourth office tower, which is 88% let.



Residential sales continued in Hong Kong with the three remaining units at The
Sail being sold together with five further units at Serenade, leaving 18 units
remaining. In Singapore, MCL Land's 50%-owned Parvis development of 248 units
was completed, while the 65-unit D'Mira development is due for completion
before the year end. Both projects were 100% pre-sold. As a result of higher
completions in Hong Kong and Singapore, the Group's residential profits will
be higher than anticipated at the beginning of the year. The 33%-held Marina
Bay Suites are now almost 85% pre-sold prior to completion in 2013. At the
50%-held Bamboo Grove in Chongqing, 206 units of Phase 4B have been handed
over to buyers since June, and construction is nearing completion of the 640
units in Phase 5A, which are 87% pre-sold. Sales continue at other
residential projects in Chongqing, Chengdu and Shenyang.



Hongkong Land's balance sheet remains strong with net debt at 31st October
2012 largely unchanged from the level at the end of June 2012.



Hongkong Land is one of Asia's leading property investment, management and
development groups with premium commercial and residential property interests
across the region. The Group owns and manages some 450,000 sq. m (five
million sq. ft) of commercial space in Hong Kong that defines the heart of the
Central Business District, while in Singapore it has been instrumental in the
creation of the city-state's new Central Business District at Marina Bay. The
Group develops premium residential properties in a number of cities in the
region, principally in China and Singapore where its subsidiary, MCL Land, is
a significant developer. Hongkong Land Holdings Limited is incorporated in
Bermuda. It has a premium listing on the London Stock Exchange, and secondary
listings in Bermuda and Singapore. It is a member of the Jardine Matheson
Group.




- end -



For further information, please contact:



Hongkong Land
Limited

Y.K. Pang (852) 2842 8428

John R. Witt (852) 2842 8101



GolinHarris

Sue So (852) 2501 7984



This and other Group announcements can be accessed through the Internet at
'www.hkland.com'.

                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


IMSGMMGMLNRGZZG -0- Nov/07/2012 09:09 GMT