UOL’s Office Occupancy In Singapore Rises To 94.1%
SINGAPORE – The occupancy level of UOL Group’s office properties in the city-state rose from 93.7 percent in Q4 2020 to 94.1 percent during the second quarter of the year, according to local bourse (SGX) filings published on Thursday afternoon (12 August, SGT).
The Singapore-based property developer expects office rents here to continue increasing in the near term thanks to steady take-up from growth sectors, like media, healthcare, technology, family business, and wealth management.
“However, the office rental market may face headwinds in the medium term as more firms review their workspace requirements post COVID-19,” said UOL Group in its filings.
The real estate developer’s office portfolio in Singapore includes the UIC Building, Faber House, SGX Centre 2, The Gateway, Clifford Centre, Odeon Towers, United Square, Stamford Court, Novena Square, Tampines Plaza 1, Tampines Plaza 2, One Upper Pickering, Singapore Land Tower, and 333 North Bridge Road.
Notably, the occupancy rate in Q2 2021 excludes office units in Faber House, Odeon Towers, and 333 North Bridge Road that are poised to undergo asset enhancement initiatives (AEI).
Meanwhile, UOL Group revealed that the occupancy rate of its office properties in the UK climbed from 90.9 percent in Q4 2020 to 92.1 percent as of the end of June 2021. As for its sole office asset in Australia, the occupancy level was unchanged at 100 percent.
The property developer’s Australia office property is 72 Christie Street in Sydney, while its 2 office assets in the United Kingdom consist of 110 High Holborn & 120 Holborn Island in London.
However, UOL Group disclosed that the percentage of its overall office net leasable area (NLA) in Singapore, Australia, and the UK with leases expiring this year has reached 11 percent as of 30 June 2021.