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HONG KONG SAR - Media OutReach - 20 April 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 third quarter of the financial year 2020/21.
At 31 March 2021, the occupancy rate of Sunlight REIT's portfolio was 92.7% as compared to 91.5% at 31 December 2020. Office occupancy rate increased to 91.2% (31 December 2020: 90.1%), while retail occupancy rate also exhibited a mild improvement to 96.0% (31 December 2020: 94.5%), principally led by new letting activities at Metro City Phase I Property ("MCPI").
The overall passing rent of Sunlight REIT's portfolio was HK$48.1 per sq. ft. at 31 March 2021 (31 December 2020: HK$48.7 per sq. ft.). During the quarter under review, the office and retail portfolios registered negative rental reversions of 4.1% and 14.9% respectively, reflecting the still difficult business environment due to COVID-19.
In respect of the office portfolio, Dah Sing Financial Centre (previously known as Sunlight Tower) registered a steady occupancy rate of 88.5% at 31 March 2021 with a negative rental reversion of 1.5% for the quarter. Meanwhile, higher occupancy rates at the office properties in Sheung Wan/Central had been witnessed, illustrating the gradual recovery in demand for inexpensive spaces from local small-to-medium enterprises.
On the retail front, occupancy rates of Sheung Shui Centre Shopping Arcade ("SSC") and MCPI were 93.4% and 96.7% respectively. The passing rent of SSC recorded a 2.0% quarter on quarter decline to HK$103.5 per sq. ft., mainly reflecting lower committed rents for certain fashion and jewellery tenants, the performance of which were heavily impacted by the absence of tourists' spending. On the other hand, MCPI maintained a relatively stable passing rent of HK$56.8 per sq. ft..
Remarks: Attached operational statistics of Sunlight REIT for the third quarter of the financial year 2020/21.
Operational statistics for the third quarter of the financial year 2020/21
| Property | Location | Occupancy Rate (%) 1 | Passing Rent (HK$/sq. ft.) 2 | ||
|
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| at 31 Mar 21 | at 31 Dec 20 | at 31 Mar 21 | at 31 Dec 20 |
| Office |
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|
|
|
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| Dah Sing Financial Centre3 | Wan Chai | 88.5 | 88.8 | 44.7 | 44.9 |
| Strand 50 | Sheung Wan | 91.3 | 87.2 | 32.8 | 33.2 |
| The Harvest | Mong Kok | 100.0 | 100.0 | 53.1 | 53.3 |
| 135 Bonham Strand Trade Centre Property | Sheung Wan | 89.0 | 87.3 | 28.7 | 29.3 |
| Winsome House Property | Central | 88.6 | 85.8 | 44.9 | 45.5 |
| Righteous Centre | Mong Kok | 98.5 | 99.3 | 33.9 | 34.4 |
| 235 Wing Lok Street Trade Centre | Sheung Wan | 88.6 | 86.8 | 21.1 | 21.3 |
| Java Road 108 Commercial Centre | North Point | 96.1 | 96.1 | 25.3 | 25.4 |
| On Loong Commercial Building | Wan Chai | 98.0 | 96.0 | 31.7 | 32.0 |
| Sun Fai Commercial Centre Property | Mong Kok | 100.0 | 93.1 | 22.0 | 23.0 |
| Wai Ching Commercial Building Property | Yau Ma Tei | 94.5 | 94.5 | 17.6 | 17.6 |
| Average |
| 91.2 | 90.1 | 37.4 | 37.8 |
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| Retail |
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|
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| Sheung Shui Centre Shopping Arcade | Sheung Shui | 93.4 | 92.9 | 103.5 | 105.6 |
| Metro City Phase I Property | Tseung Kwan O | 96.7 | 94.3 | 56.8 | 57.3 |
| Kwong Wah Plaza Property | Yuen Long | 100.0 | 99.3 | 53.6 | 53.4 |
| Beverley Commercial Centre Property | Tsim Sha Tsui | 81.9 | 80.3 | 34.0 | 34.5 |
| Supernova Stand Property | North Point | 100.0 | 100.0 | 57.2 | 54.5 |
| Average |
| 96.0 | 94.5 | 70.0 | 71.0 |
| Average |
| 92.7 | 91.5 | 48.1 | 48.7 |
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.
3. The property was previously known as Sunlight Tower.
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 trust deed dated 26 May 2006 (as amended and supplemented by six supplemental deeds), 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 approximately 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.
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.
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