Land Central Office vacancy rate is only 1.4%
The net profit of UK-based Land Requisition, which has been relocated to Singapore for many years, increased by 9% to US$1,036 million (approximately HK$8,81 million). The increase in net profit was driven by the contribution of the Hong Kong Central Property Portfolio, as well as the rental rate and rental increases. The Group’s Central office property portfolio had a vacancy rate of 1.4% at the end of 2018. The renewal rent for office buildings was raised to HK$113 per square foot in 2018. The Group’s Central retail property portfolio remained fully leased out. The average retail rent rose to HK$233 per square foot.