Swire Properties (1972) Q1 2025 earnings summary

Executive summary

• Office occupancy rates in Hong Kong declined slightly, with Pacific Place dropping from 95% to 94% and Taikoo Place from 93% to 91% as of March 2025 compared to December 2024.

• Retail properties maintained high occupancy, with all major Hong Kong malls at 100% and most Chinese Mainland malls above 96% as of March 2025.

• Retail sales performance was mixed, with some properties experiencing year-on-year declines and others showing growth.

Segment performance

• Hong Kong office portfolio saw negative rental reversions, with Pacific Place at -16% and Taikoo Place at -14% for the quarter.

• Chinese Mainland office occupancy remained stable or improved slightly, with Taikoo Hui Offices rising from 90% to 91%.

• Retail sales at Taikoo Li Sanlitun, Beijing, and INDIGO, Beijing, grew by 2.9% and 6.0% year-on-year, while other locations like Cityplaza and Citygate Outlets in Hong Kong saw declines of 5.0% and 5.8%, respectively.

Outlook and guidance

• Multiple investment properties and hotels are under development in the Chinese Mainland, with expected completion dates ranging from mid-2026 to 2029.

• Trading properties in Hong Kong, Shanghai, Jakarta, and Bangkok are progressing, with several projects expected to complete and hand over units from 2025 to 2029.