Source: Media Outreach
HONG KONG, CHINA – Media OutReach – 27 April 2020 – 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 2019/20.
At 31 March 2020, the occupancy rate of Sunlight REIT’s portfolio was 95.9% as compared to 96.1% at 31 December 2019. Office occupancy rate was largely unchanged at 95.6% (31 December 2019: 95.7%), while retail occupancy rate recorded a slight decrease to 96.4% (31 December 2019: 97.1%), principally caused by a higher vacancy rate at Metro City Phase I Property (“MCPI”).
Average passing rent of Sunlight REIT’s portfolio was HK$49.3 per sq. ft. at 31 March 2020, while office and retail rental reversions for the quarter were 10.3% and 2.5% respectively. The reported statistics reflected the relatively stable office leasing demand in decentralized business areas where Sunlight REIT has a reasonable presence; however, they also signified an exceptionally difficult retail environment attributable to the COVID-19 outbreak. The Manager envisages that slower and/or negative rental reversion would be a more predominant feature for the retail portfolio until the COVID-19 situation comes under control.
In respect of the operating performance of Sunlight REIT’s key office properties, Sunlight Tower demonstrated its resilience in the midst of mounting economic headwinds, as its occupancy rate stayed at 96.4% with a decent rental reversion of 17.1% for the quarter. Meanwhile, Strand 50’s occupancy rate improved to 91.7%, as the renovation project involving the low zone of the building was nearing completion.
On the retail front, occupancy rate of MCPI decreased to 95.8% while rental reversion for the quarter was 1.4%. For Sheung Shui Centre Shopping Arcade, its occupancy rate stayed at a satisfactory level of 96.3%; however, the severe disruption to retail sales had clearly heightened tenants’ caution, resulting in a negative rental reversion of 1.3% for the quarter.
Remarks: Attached operational statistics of Sunlight REIT for the third quarter of the financial year 2019/20.
Operational statistics for the third quarter of the financial year 2019/20
Property
Location
Occupancy Rate (%) 1
Passing Rent (HK$/sq. ft.) 2
at 31 Mar 20
at 31 Dec 19
at 31 Mar 20
at 31 Dec 19
Office
Sunlight Tower
Wan Chai
96.4
96.4
40.8
40.6
Strand 50
Sheung Wan
91.7
90.9
35.7
35.6
The Harvest
Mong Kok
100.0
100.0
51.4
51.4
135 Bonham Strand Trade Centre Property
Sheung Wan
95.8
98.0
30.1
30.1
Winsome House Property
Central
96.1
98.9
44.8
44.4
Righteous Centre
Mong Kok
98.5
98.9
35.4
36.1
235 Wing Lok Street Trade Centre
Sheung Wan
90.2
86.8
22.7
22.8
Java Road 108 Commercial Centre
North Point
100.0
100.0
26.4
26.4
On Loong Commercial Building
Wan Chai
96.0
98.0
32.7
32.6
Sun Fai Commercial Centre Property
Mong Kok
95.0
95.0
23.5
23.7
Wai Ching Commercial Building Property
Yau Ma Tei
94.5
94.5
17.7
17.4
Average
95.6
95.7
36.7
36.6
Retail
Sheung Shui Centre Shopping Arcade
Sheung Shui
96.3
96.4
118.1
118.6
Metro City Phase I Property
Tseung Kwan O
95.8
97.2
58.5
58.9
Kwong Wah Plaza Property
Yuen Long
100.0
100.0
55.6
55.3
Beverley Commercial Centre Property
Tsim Sha Tsui
78.0
77.4
42.2
42.5
Supernova Stand Property
North Point
100.0
100.0
54.5
54.5
Average
96.4
97.1
76.3
76.5
Average
95.9
96.1
49.3
49.4
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.
– Published and distributed with permission of Media-Outreach.com.
