HONG KONG SAR – Media OutReach – 19 October 2021 – Henderson Sunlight Asset Management Limited (the “Manager“), as manager of Sunlight Real Estate Investment Trust (“Sunlight REIT“), announces the operational statistics of Sunlight REIT for the first quarter of the financial year 2021/22.
At 30 September 2021, the overall portfolio occupancy rate of Sunlight REIT was 93.8% (30 June 2021: 93.7%). Office occupancy rate slightly improved to 93.1% (30 June 2021: 92.4%), while retail occupancy rate registered a mild decline to 95.3% as compared to 96.5% at 30 June 2021.
The overall passing rent of Sunlight REIT’s portfolio was HK$46.8 per sq. ft. at 30 September 2021, down 1.9% from the last quarter. Reflecting the lingering impact of COVID-19, office and retail portfolios recorded negative rental reversions of 5.3% and 5.4% respectively.
Occupancy rate of Dah Sing Financial Centre stood at 88.5% (30 June 2021: 88.3%), while demand for certain Grade B office properties continued to recover, as evidenced by the improvement in occupancy rates of 235 Wing Lok Street Trade Centre and Java Road 108 Commercial Centre to 94.1% and 98.1% respectively. On the Kowloon side, The Harvest and Righteous Centre were almost fully let at 30 September 2021; however, vacancy rate of The Harvest is expected to increase by December 2021 as its core retail tenant has decided not to renew its tenancy upon expiry.
On the retail front, the occupancy rates of Sheung Shui Centre Shopping Arcade and Metro City Phase I Property at 30 September 2021 were 94.1% and 95.4% respectively, while their corresponding passing rents were HK$101.6 per sq. ft. and HK$56.0 per sq. ft..
Remarks: Attached operational statistics of Sunlight REIT for the first quarter of the financial year 2021/22.
Operational statistics for the first quarter of the financial year 2021/22
| Property | Location | Occupancy Rate (%) 1 | Passing Rent (HK$/sq. ft.) 2 | ||
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| at 30 Sep 21 | at 30 Jun 21 | at 30 Sep 21 | at 30 Jun 21 |
| Office |
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| Dah Sing Financial Centre | Wan Chai | 88.5 | 88.3 | 43.5 | 44.0 |
| Strand 50 | Sheung Wan | 95.3 | 95.8 | 32.1 | 32.1 |
| The Harvest | Mong Kok | 100.0 | 100.0 | 53.0 | 53.2 |
| 135 Bonham Strand Trade Centre Property | Sheung Wan | 92.5 | 93.1 | 27.8 | 27.9 |
| Winsome House Property | Central | 100.0 | 94.3 | 39.7 | 42.7 |
| Righteous Centre | Mong Kok | 99.3 | 100.0 | 33.7 | 33.9 |
| 235 Wing Lok Street Trade Centre | Sheung Wan | 94.1 | 88.6 | 20.4 | 20.9 |
| Java Road 108 Commercial Centre | North Point | 98.1 | 96.1 | 24.9 | 24.9 |
| On Loong Commercial Building | Wan Chai | 100.0 | 100.0 | 30.5 | 31.2 |
| Sun Fai Commercial Centre Property | Mong Kok | 100.0 | 100.0 | 21.7 | 21.7 |
| Wai Ching Commercial Building Property | Yau Ma Tei | 94.5 | 91.7 | 17.2 | 17.4 |
| Average |
| 93.1 | 92.4 | 36.3 | 36.7 |
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| Retail |
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| Sheung Shui Centre Shopping Arcade | Sheung Shui | 94.1 | 95.3 | 101.6 | 104.2 |
| Metro City Phase I Property | Tseung Kwan O | 95.4 | 97.6 | 56.0 | 56.7 |
| Kwong Wah Plaza Property | Yuen Long | 98.5 | 97.7 | 53.1 | 53.5 |
| Beverley Commercial Centre Property | Tsim Sha Tsui | 81.9 | 77.5 | 31.9 | 32.8 |
| Supernova Stand Property | North Point | 100.0 | 100.0 | 57.2 | 57.2 |
| Average |
| 95.3 | 96.5 | 69.1 | 70.4 |
| Average |
| 93.8 | 93.7 | 46.8 | 47.7 |
Notes:
1. Calculated on the basis of occupied gross rentable area (“GRA“) as a proportion of total GRA on the relevant date.
2. Calculated on the basis of average rent per sq. ft. for occupied GRA on the relevant date.
About Sunlight REIT
Sunlight REIT (Stock code: 435) is a real estate investment trust authorized by the Securities and Futures Commission, and constituted by the amended and restated trust deed dated 10 May 2021 (the “Trust Deed“), and has been listed on The Stock Exchange of Hong Kong Limited on 21 December 2006. Sunlight REIT offers investors the opportunity to invest in a diversified portfolio of 11 office and five retail properties in Hong Kong with a total gross rentable area of over 1.2 million sq. ft.. The office properties are primarily located in core business areas, including Wan Chai and Sheung Wan, as well as in decentralized business areas such as Mong Kok and North Point. The key retail properties are situated in regional transportation hubs and new towns including Sheung Shui, Tseung Kwan O and Yuen Long.
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About the Manager
The Manager of Sunlight REIT is an indirect wholly-owned subsidiary of Henderson Land Development Company Limited. Its main responsibility is to manage Sunlight REIT and all of its assets in accordance with the Trust Deed in the sole interest of its unitholders.
Disclaimer: The information contained in this press release does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for units in Sunlight REIT in Hong Kong or any other jurisdiction.
