HONG KONG, Feb 19, 2025 – (ACN Newswire) – Champion Sincere Property Investment Believe (stock code: 2778), the owner of Three Garden Road and Langham Build, broadcasts its monetary results for year ended 31 December 2024.
Summary of monetary results
|
FY 2024 |
FY 2023 |
Replace |
|
|
Total Rental Profits (HK$ million) |
2,185 |
2,312 |
– 5.5% |
|
Catch Property Profits (HK$ million) |
1,820 |
1,946 |
– 6.5% |
|
Distributable Profits (HK$ million) |
958 |
1,122 |
– 14.6% |
|
Distribution per unit (HK$) |
0.1422 |
0.1683 |
– 15.5% |
|
31 Dec 2024 |
31 Dec 2023 |
Replace |
|
|
Wicked Impress of Portfolio (HK$ million) |
60,104 |
62,950 |
– 4.5% |
|
Catch Asset Impress per unit (HK$) |
7.16 |
7.72 |
– 7.3% |
|
Gearing Ratio |
23.7% |
22.8% |
+ 0.9 pp |
Investment and Investor Relatives Director (Moral)
Overview
Amid the unstable macro environment, the occupancy of the Believe’s properties portfolio demonstrated resilience in 2024. While tenants’ gross sales of Langham Build Mall continued to outperform the market in 2024, do apart of dwelling of job rental remained below strain in assume about of the center-broken seek data from and provide misfortune. In consequence, total rental profits of the Believe reduced by 5.5% to HK$2,185 million. Catch property profits dropped 6.5% to HK$1,820 million. The larger-for-longer curiosity rate environment remained opposed for the Believe. The Believe recorded a fall in distributable profits by 14.6% to HK$958 million and distribution per unit (“DPU”) reduced by 15.5% to HK$0.1422.
Three Garden Road
Despite the unhurried momentum of the final Central Grade A do apart of dwelling of job leasing in 2024, occupancy of Three Garden Road continued to illustrate resilience and was as soon as 82.6% as at 31 December 2024, similar to filled with 2023. Rental profits dropped 7.4% to HK$1,132 million (2023: HK$1,222 million) as a results of negative rental reversion.
Langham Build Office Tower
The property stays an enviable daily life and wellness hub with daily life tenants accounting for 67% of the quandary as at 31 December 2024. Occupancy stood at 87.2% as at 31 December 2024. Rental profits declined by 7.3% to HK$324 million (2023: HK$350 million). The “Six Dimensions Wellness Hub” programme was as soon as launched to proceed selling it as a one-cease wellness hub and cultivate potentialities for scientific and wellness tenants.
Langham Build Mall
Langham Build Mall continued to outperform the market. Occupancy of the mall maintained a excessive stage at ninety 9.3% as at 31 December 2024 (31 December 2023: 98.6%). Tenants’ gross sales of the mall declined by 4.3% in 2024, compared with a 7.3% fall in Hong Kong retail gross sales. Overall, rental profits of the mall dropped a shrimp bit by 1.6% to HK$728 million (2023: HK$740 million).
Distribution
Distributable profits of the Believe dropped 14.6% to HK$958 million (2023: HK$1,122 million) and DPU for 2024 amounted to HK$0.1422 (2023: HK$0.1683). Per the closing unit imprint of HK$1.73 recorded on 31 December 2024, the total DPU represented a distribution yield of 8.2%.
Asset Impress
The appraised fee of the Believe’s property portfolio was as soon as HK$60.1 billion as at 31 December 2024, compared with HK$62.9 billion as at 31 December 2023.
Sustainability
We fetch carried out the prestigious title of “Worldwide Listed Sector Leader” and the best five-star ranking in the 2024 GRESB Sincere Property Evaluate. Three Garden Road has secured two Platinum certifications in Management in Vitality and Environmental Originate (LEED) and WiredScore, marking it the first “Quadruple Platinum” Grade A novel do apart of dwelling of job constructing in Hong Kong. One day of the year, we launched our inaugural “Champion REIT ESG Week”, taking part with extra than 20 partners and organisations from varied sectors. Increasing upon the correctly-bought Inexperienced Champion Concern last year, we took a step forward by organising the EcoChampion Pledge. Furthermore, in partnership with social enterprise V Cycle and further than 40 beauty tenants, we initiated the Langham Magnificence’s Inexperienced Vitality Magnificence Empties Recycling initiative at Langham Build Mall.
Outlook
Attempting forward, the macro financial system outlook appears to be like to be to be risky amid rising global geopolitical tensions. The opposed aggressive working panorama of the do apart of dwelling of job market must proceed to impress market rental in 2025. As a retail pioneer, Langham Build Mall will endeavour to acquire one-of-a-variety ride for our patrons and can fetch an even time its twentieth anniversary via a series of new initiatives. We can remain agile whereas deepening collaboration with our stakeholders below the dynamic market environment.
About Champion REIT (stock code: 2778)
Champion Sincere Property Investment Believe is a belief fashioned to fetch and put money into profits producing do apart of dwelling of job and retail properties. The Believe specializes in Grade A commercial properties in prime areas. It in the intervening time provides merchants disclose publicity to in the case of 3 million sq. feet. of prime do apart of dwelling of job and retail ground quandary. These encompass two Hong Kong landmark properties, Three Garden Road and Langham Build, as correctly as a joint enterprise stake in 66 Shoe Lane in Central London. The Believe has been awarded the discontinue five-star ranking by GRESB for 2 consecutive years since 2023.
Internet intention: www.championreit.com
Topic: Press unlock abstract
Offer: Champion REIT
Sectors: Sincere Property & REIT
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