Nine of 11 office buildings owned by Keppel Reit enjoy full occupancy

SINGAPORE - Keppel Reit said nine of its 11 completed office towers in Singapore and Australia have achieved full occupancy.

This includes Bugis Junction Towers, Marina Bay Financial Centre (MBFC) Towers 1 and 2, the North and South Towers at One Raffles Quay as well as Ocean Financial Centre in Singapore.

Occupancy at the newly acquired MBFC Tower 3 has also increased to 97 per cent from 94 per cent when Keppel Reit announced the proposed acquisition in September 2014.

Over in Australia, the properties that have achieved full committed occupancies are 8 Chifley Square in Sydney, 8 Exhibition Street in Melbourne and 275 George Street in Brisbane.

Last year, rental rates for new leases and renewals at Keppel Reit's properties in the Raffles Place and Marina Bay precincts in Singapore averaged $12 per square foot per month, with a number of leases committed at $15 psf per month. Meanwhile, leases that were reviewed during the year registered an approximate 17% positive rental reversion on average.

New tenants signed on in 2014 range from diverse sectors including banking, insurance and financial services, technology, media and telecommunications (TMT) sector, energy and natural resources, as well as real estate and property services.

Last year also saw Keppel Reit getting an increase in demand from firms in the TMT sector for its properties in Singapore's central business district.

The amount of space taken up by new TMT tenants was more than double that of 2013 as these companies locate to prime business addresses.