Singapore-listed office landlord Keppel REIT (SGX:K71U) announced today that both the office and newly retail spaces at the Ocean Financial Center are now fully committed. This significant milestone means that all of Keppel REIT’s five Singapore properties are now 100 per cent occupied, up from its Singapore portfolio average occupancy of 99.5 per cent as at end-September 2013.
|Keppel REIT has beaten the Singapore CBD average occupancy for offices with full tenancy in all its Singapore properties.|
The achievement is also seen as a testimony to the quality and retention ability of properties in Keppel REIT's portfolio. Average portfolio occupancy for Keppel REIT beats Singapore CBD occupancy of 93.5 per cent for the third quarter of 2013.
Ms Ng Hsueh Ling, CEO of Keppel REIT Management, said, "We have steadily signed on tenants to achieve full occupancy, from approximately 80 per cent when we acquired Ocean Financial Centre in December 2011. This attests to Ocean Financial Center as one of Singapore’s premium office properties with an enviable location at the heart of the Raffles Place and Marina Bay precincts.
“We will continue to focus on maintaining a strong portfolio of established tenants, as well as delivering steady performance and value to our unit holders", said Ms Ng again.
The latest tenants at Ocean Financial Centre include those from the energy, human resources as well as legal service sectors, namely Linc Energy, BGC Group and Olswang Asia LLP. They add to the stellar line-up of multinational companies such as Australia and New Zealand Banking Group Ltd (ANZ), BNP Paribas, Gazprom and Drew & Napier, all of whom have made Ocean Financial Center their choice business address.
As at 30 September 2013, Keppel REIT has an asset size of approximately S$6.8 billion comprising ten premium commercial assets located in the central business districts of Singapore, and key cities of Sydney, Melbourne, Brisbane and Perth in Australia. In Singapore, Keppel REIT owns a 99.9 per cent interest in Ocean Financial Center, a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and Marina Bay Link Mall, a one-third interest in One Raffles Quay, a 92.8 per cent interest in Prudential Tower, and Bugis Junction Towers.
Units of Keppel REIT finished the day unchanged from the previous session at S$1.15 on the Singapore Exchange.