UOL Sees Lower Occupancy For Its Singapore Office Portfolio
SINGAPORE – The committed occupancy rate of UOL Group’s office buildings in the city-state declined to 91.3 percent during the second half of 2021 compared to 93.7 percent in the prior 6-month period, according to filings published on the Singapore Exchange (SGX) on Monday afternoon (28 February, SGT).
The group’s Singapore office properties consists of United Square, Novena Square, Odeon Towers, 333 North Bridge Road, Faber House, One Upper Pickering, Tampines Plaza 1 and Tampines Plaza 2, Clifford Centre, SGX Centre 2, Singapore Land Tower, Stamford Court, The Gateway, and UIC Building.
For the period under review, UOL has excluded units that are slated for asset enhancement initiatives (AEI) at Odeon Towers, 333 North Bridge Road, and Faber House.
On the other hand, the committed occupancy rate of UOL’s office buildings in the United Kingdom rose from 90.9 percent in H1 2021 to 91.4 percent during the last six months of 2021. The Singapore-listed group’s UK office properties comprise 110 High Holborn and 120 Holborn Island in London.
As for its sole office building in Australia, 72 Christie Street in Sydney, the committed occupancy rate was unchanged at 100 percent.
UOL also revealed that 22 percent of its overall office portfolio by net leasable area (NLA) expired as of 31 December 2021.
Moreover, the group disclosed that it has received in-principle approval from the Urban Redevelopment Authority (URA) to enlarge Odeon Towers in 333 North Bridge Road, which was purchased for S$79.3 million in December 2019.
The new addition consists of a standalone 7-storey building with 5 levels of office space with retail and F&B located over 4 floors including on the rooftop, while part of the existing basement 1 and 2 of Odeon Towers will be converted into commercial space.
UOL also plans to incorporate biophilic design elements, like garden terraces and vertical greenery, and facilities for bicycle parking.
Overall gross floor area (GFA) of the standalone 7-storey building is around 7,430 sq m. Construction work is expected to start this quarter, with completion targeted in two years.