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Goodman completes 1.3m sq ft of leasing transactions in Hong Kong during Q1 2010

Sunday, 25 April 2010

Goodman Asia (Goodman), the integrated property group which owns, develops and manages industrial space, today announces that it has concluded approximately 1.3 million sq ft of leasing transactions in Hong Kong in the first quarter of 2010.  

Highlights include:

  • Increased demand from existing customers who committed to 223,000 sq ft of additional space in the Hong Kong portfolio. The increase in demand over the quarter underpinned steady rental growth across the portfolio.
  • Six new customers were added to the portfolio including two leading brand name retail operators.
  • Transactions in the port area accounted for approximately 68% or approximately 877,000 sq ft of the leases, indicating an increase in demand for properties in prime location.

Successful leasing transactions of 1.3 million sq ft undertaken for the quarter include new leases and renewals and have supported the increase in portfolio occupancy rate to 93%. These leasing transactions represent over 16% of the portfolio’s gross lettable area and secured HK$85 million of net rental income per annum, providing further stability and income growth.

Mr Philip Pearce, Goodman’s Managing Director, Greater China said, “Enquiry for space during the first quarter has continued to improve.  With renewed confidence and positive outlook for the industrial property market, existing customers are expanding their operations and require additional space.  During the first quarter, new leases signed by existing customers accounted for 17% or 223,000 sq ft of total leasing transactions indicating the strength of Goodman’s customer service model.”

New leases included one of the portfolio’s top ten customers taking a further 53,000 sq ft, in addition to the 318,000 sq ft they currently occupy, at Western Plaza in Tuen Mun; a leading distributor of electronic products leasing 67,000 sq ft over two floors at Dynamic Cargo Centre in Tsuen Wan; and an international 3PL customer signing a new lease at Wo Kee Hong Building in Kwai Chung for one floor or 25,500 sq ft.

“Our active asset management has not only helped us to retain customers, but the improved quality of our buildings has also attracted six new customers to the portfolio,” Mr Pearce added.

A major local retail department store operator has signed a lease at Tsuen Wan International Centre in Tsuen Wan for 69,700 sq ft while another FMCG enterprise will move into the 25,600 sq ft premises at Wo Kee Hong Building in Kwai Chung.

“Industrial space in port areas such as Tsuen Wan and Kwai Chung is highly sought after as prime location supply is very limited.  During the quarter, leasing transactions in the port area accounted for approximately 70% of all leases committed in our portfolio.   This give us confidence that our latest development, Interlink in Tsing Yi, which is well located in the prime port area will continue to attract interest from the market,” Mr Pearce concluded.

- Ends - 

For further information, please contact:

Besy Leung
Marketing Director, Asia
Tel + 852 2249 3149 / 6111 9452

About Goodman Asia

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