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<Research>JPM Estimates Full Leasing of IGC in West Kowloon Can Boost SHK PPT (00016.HK) Rental Income by 4.3%
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JPMorgan issued a research report saying that it will become the first major office tenant of SHK PPT (00016.HK)'s Artist Square Towers (AST) in West Kowloon, relocating from its current office at The Quayside in 2028. There is no indication of relocation from its office at Chater House in Central. The rental levels of the International Commerce Centre (ICC) are $60-80 per square foot per month, while recent IGC transaction rents range from $45 to $55 per square foot, according to data. Assuming an average office rent of $50 and retail rent of $100 for IGC, with efficiency ratios of 80% for office and 65% for retail, the full leasing of IGC could result in a 4.3% increase in SHK PPT's rental income. In terms of net profit, IGC is expected to contribute 2.7% to SHK PPT's earnings. AASTOCKS Financial News Website: www.aastocks.com |
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