Occupancy Of CDL’s Office Portfolio Hits 94.3% In Q3
SINGAPORE – City Development Limited (CDL) revealed that the group’s office portfolio remained strong with a committed occupancy of 94.3 percent as of the 3rd quarter ended 30 September 2022, according to the property developer’s latest operational update published on the local bourse on Wednesday evening (30 November, SGT).
The property developer said in its Singapore Exchange (SGX) filing that its office portfolio occupancy surpasses the Southeast Asian nation’s overall office occupancy rate of 88.3 percent, as per the Urban Redevelopment Authority’s (URA) real estate statistics as of Q3 2022.
In particular, CDL disclosed that the committed occupancy level of its flagship Grade A office building, Republic Plaza, has reached 96.1 percent, while the commercial property’s positive rental reversion stands at 5.9 percent.
Notably, property developer’s office portfolio includes South Beach in accordance with the group’s proportionate ownership, but it excludes the Central Mall Office Tower and the Central Mall Conservation Unit.
Looking ahead, CDL expects Singapore’s Grade A office sector to remain healthy thanks to the limited office stock in the central business district (CBD).
Meanwhile, the real estate developer reported that London’s office leasing market remained relatively stable during the period under review, with robust demand for Grade A office towers that are energy-efficient as this helps to reduce utility costs amidst the rising power bills in Europe.
“125 Old Broad Street and Aldgate House are benefitting from such resilience, providing well-located Grade A offices with enhanced amenities and a robust sustainability strategy.”
“Existing occupiers are renewing their leases, increasing their footprint or in active discussions around a longer-term lease arrangement,” CDL added.