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Source: Media Outreach

HONG KONG, CHINA – Media OutReach – 17 October 2019 – 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 2019/20.

At 30 September 2019, the average occupancy rate of the overall portfolio of Sunlight REIT was 95.9% (30 June 2019: 95.3%). Office occupancy rate improved to 95.9% (30 June 2019: 94.0%), mainly attributable to the partial handover of the new co-working space at Strand 50. On the other hand, retail occupancy rate declined to 95.9% as compared with 98.1% at 30 June 2019, principally reflecting a trade mix reshuffling exercise at Metro City Phase I Property (” MCPI”).

Passing rent of the overall portfolio was HK$49.1 per sq. ft. at 30 September 2019, representing a quarterly increase of 1.0%. Rental reversions for the office and retail portfolios, calculated on the basis of change in effective rent of the leases that have been renewed and commenced during the quarter, were 13.3% and 9.1% respectively.

On the office front, Sunlight Tower was fully let as passing rent improved 0.3% quarter on quarter. The Sheung Wan/Central office portfolio performed well with an average passing rent increase of 3.8%.

Regarding the retail portfolio, Sheung Shui Centre Shopping Arcade recorded an occupancy rate of 97.7% with passing rent unchanged at HK$118.4 per sq. ft.. Meanwhile, both MCPI and Kwong Wah Plaza Property recorded reasonable passing rent improvement during the quarter under review.

Remarks: Attached operational statistics of Sunlight REIT for the first quarter of the financial year 2019/20.

Operational statistics for the first quarter of the financial year 2019/20

Property

Location

Occupancy Rate (%) 1

Passing Rent (HK$/sq. ft.) 2

at 30 Sep 19

at 30 Jun 19

at 30 Sep 19

at 30 Jun 19

Office

Sunlight Tower

Wan Chai

100.0

98.2

39.7

39.6

Strand 503

Sheung Wan

78.8

68.44

34.0

31.8

The Harvest

Mong Kok

91.3

96.4

52.5

51.2

135 Bonham Strand Trade Centre Property

Sheung Wan

98.0

100.0

30.0

29.4

Winsome House Property

Central

100.0

100.0

45.5

43.8

Righteous Centre

Mong Kok

100.0

100.0

36.6

36.3

235 Wing Lok Street Trade Centre

Sheung Wan

94.9

93.8

22.6

22.6

Java Road 108 Commercial Centre

North Point

96.1

96.1

26.6

26.4

On Loong Commercial Building

Wan Chai

100.0

100.0

32.1

31.6

Sun Fai Commercial Centre Property

Mong Kok

96.5

100.0

23.4

22.7

Wai Ching Commercial Building Property

Yau Ma Tei

100.0

97.2

16.9

16.1

Average

95.9

94.0

36.0

35.5

Retail

Sheung Shui Centre Shopping Arcade

Sheung Shui

97.7

98.1

118.4

118.4

Metro City Phase I Property

Tseung Kwan O

94.1

98.9

59.7

57.5

Kwong Wah Plaza Property

Yuen Long

100.0

100.0

54.8

54.3

Beverley Commercial Centre Property

Tsim Sha Tsui

75.4

62.9

45.0

45.6

Supernova Stand Property

North Point

100.0

100.0

54.5

54.5

Average

95.9

98.1

77.3

75.8

Average

95.9

95.3

49.1

48.6

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 Bonham Trade Centre.
4.         Excluding the renovated area, the occupancy rate would have been 95.4%.

– Published and distributed with permission of Media-Outreach.com.