Media Coverage

Swire Properties reported strong recovery in its shopping mall sales performance in the first three months of the year. This positive outcome can be attributed to the relaxation of travel restrictions and increased local tourism, despite the concurrent increase in outbound travel.

During the first quarter, sales at Pacific Place, Cityplaza and Citygate Outlets rose 68.6%, 20.2% and 96.1% year-on-year, respectively, while the occupancy rate at the respective malls remained high at 96%, 100% and 100%. Benefitting from the Government’s massive promotional campaigns, the Company expects further improvement in retail sales and footfall in the coming months.

Meanwhile, the Company’s overall office portfolio had an occupancy rate of 94%, which was two percentage points lower than that of 2022. The occupancy rates at Pacific Place and Taikoo Place dropped by one percentage point to 96% and 95%, respectively.

The office rental market has experienced downward pressure due to an increase in new office supply in Central and Kowloon East, as well as geopolitical and economic uncertainties. However, since the reopening of borders, there has been an uptick in market activity, with more on-site inspections taking place. The Company’s newest office property, Two Taikoo Place, currently holds an occupancy rate of over 56%.