Keppel Reit secures full occupancy at most of its office towers

THE manager of Keppel Reit (real estate investment trust) said on Sunday that nine of its 11 completed office towers in its two markets - Singapore and Australia - have hit full committed 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.

Rental rates last year for new leases and renewals at Keppel Reit's properties in the Raffles Place and Marina Bay precincts in Singapore averaged S$12 per square foot (psf) per month, with a number of leases signed at S$15 psf per month. Leases that were reviewed during the year had an approximate 17 per cent positive rental reversion on average.