Occupancy Of UOL’s Singapore Office Portfolio Rises To 88.1%
SINGAPORE – The committed occupancy of UOL Group’s office properties in the city-state increased to 88.1 percent at the end of December 2022 from 86.8 percent six months before, according to Singapore Exchange (SGX) filings published on Monday afternoon (27 February, SGT).
The real estate player said that while office rents in Singapore’s central region rose by 11.7 percent for the whole of 2022, rental growth is expected to slow down this year.
Nevertheless, UOL Group said office rental activity in the city-state should continue to be supported by the limited upcoming office stock and could be further mitigated by the reduction of office supply because of redevelopments in Singapore’s central business district (CBD).
“We are pursuing more AEI projects to strengthen our office portfolio to be better positioned to cater to tenants who are seeking more flexible space, living room concepts and sustainable features,” added UOL Group’s CEO Liam Wee Sin.
The property player’s office properties in Singapore include the UIC Building, The Gateway, SGX Centre 2, Faber House, United Square, Stamford Court, Odeon Towers, Novena Square, Clifford Centre, One Upper Pickering, Singapore Land Tower, and 333 North Bridge Road, as well as Tampines Plaza 1 and 2.
On the other hand, the committed occupancy of UOL Group’s office assets in the UK, rose to 83.9 percent at the end of December 2022 from 80.2 percent at the end of June 2022. At the same time, the committed occupancy of its Australia office portfolio remained unchanged at 100 percent.
The real estate player’s UK office properties consist of 110 High Holborn and 120 Holborn Island in London, while its sole office asset in Australia is 72 Christie Street in Sydney.
Furthermore, UOL Group revealed that 12 percent of its portfolio net lettable area will expire this year. This is as of 31 December 2022 and excludes expiring office spaces that have been renewed or taken up by new occupants as of the said day.
