Hongkong Land's Landmark Central lifts luxury tenant sales 11% as its $1bn renewal advances

Hongkong Land Holdings Limited reported underlying profit of US$259 million for the first half of 2026, up 11% year on year, with earnings per share up 14% to US¢12.07, according to half-year results the group published on 28 July. Net asset value per share rose 3% from the end of 2025 to US$14.71, and the group raised its interim dividend to US¢8.00 a share.

Group chief executive Michael T. Smith attributed the growth mainly to lower financing costs, citing "lower net financing charges from active capital recycling" — the group has been selling down mature assets and redeploying the proceeds, including seeding its Singapore commercial portfolio into a new private real-estate fund, SCPREF, launched in February.

Landmark Central: growth despite the scaffolding

The more striking number sits inside Hongkong Land's flagship Hong Kong retail estate. At LANDMARK, the group's cluster of Central district luxury malls anchored by Alexandra House, Prince's Building and Gloucester Tower, overall tenant sales rose 11% year to date, "with the watch & jewellery segment in particular continuing to drive growth," the company said. Average retail rents rose to HK$240 per square foot, from HK$220 a year earlier, even as roughly 40% of the estate's lettable retail area remained under renovation at period-end — a proportion the group called broadly similar to a year ago.

That renovation is Tomorrow's CENTRAL, the group's US$1 billion transformation of the district, and the period's contribution from LANDMARK came in ahead of a year earlier largely because of new Maisons and flagships opening during its initial phases — including, the company said, another two-storey global luxury flagship that recently opened at Alexandra House. Hongkong Land frames the renovation as part of a broader shift, under what it calls its Strategic Vision 2035, from a decade spent optimising its portfolio to a growth phase built around the ultra-premium commercial segment and a scalable third-party capital platform.

The read-through for floortok is that a luxury district can keep growing tenant sales through a renovation, not merely survive one — the same wager Ginza and Omotesando landlords are making as they remix their own flagship line-ups mid-construction. Landmark Central's watch-and-jewellery strength, in particular, tracks a category floortok watches closely in Tokyo and Osaka, where the same segment has led department-store growth for much of the past two years. The harder number to read is how much of Landmark's 11% gain is genuinely new spending, rather than footfall simply shifting away from the 40% of the estate still boarded up, a split Hongkong Land's release does not break out.