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Source: Media Outreach

HONG KONG, CHINA – Media OutReach – 21 October 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 first quarter of the financial year 2020/21.

The overall portfolio occupancy rate of Sunlight REIT was 85.1% at 30 September 2020, compared with 95.7% recorded at 30 June 2020. The notable decline was mainly attributable to office occupancy rate which dropped to 80.4% (30 June 2020: 95.6%), principally reflecting the transitional vacancy relating to the departure of a major tenant at Sunlight Tower. In contrast, retail occupancy rate stayed relatively steady at 95.2% (30 June 2020: 95.8%).

At 30 September 2020, the overall passing rent of Sunlight REIT’s portfolio was HK$49.3 per sq. ft.. The office and retail portfolios registered negative rental reversions of 3.6% and 6.9% respectively, demonstrating that the impact of COVID-19 was exerting increased rental pressure on both sectors.

On the office front, Sunlight Tower was inevitably affected by the transitional vacancy as mentioned above, while a more cautious approach on new letting was evident throughout the quarter. However, had we taken into account the lease with Dah Sing Bank, Limited which only commenced in early October 2020, the average occupancy rate for the office portfolio would have been approximately 91%. 

On the retail front, despite the tightened social distancing restrictions and closure orders for selected trades during the quarter, business activities in our community shopping malls were reasonably upheld by domestic consumption, as the summer promotional campaign launched by the Manager was met with a warm reception. Accordingly, Sheung Shui Centre Shopping Arcade and Metro City Phase I Property recorded decent occupancy rates of 95.3% and 94.0% respectively, with corresponding passing rents of HK$109.9 per sq. ft. and HK$58.0 per sq. ft..

Remarks: Attached operational statistics of Sunlight REIT for the first quarter of the financial year 2020/21.

Operational statistics for the first quarter of the financial year 2020/21

Property

Location

Occupancy Rate (%) 1

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

at 30 Sep 20

at 30 Jun 20

at 30 Sep 20

at 30 Jun 20

Office

Sunlight Tower

Wan Chai

65.0

94.3

42.8

40.8

Strand 50

Sheung Wan

86.5

95.5

33.2

35.6

The Harvest

Mong Kok

100.0

100.0

51.1

51.1

135 Bonham Strand Trade Centre Property

Sheung Wan

91.6

94.5

29.5

30.1

Winsome House Property

Central

94.3

96.1

44.9

44.8

Righteous Centre

Mong Kok

94.4

99.3

35.4

35.2

235 Wing Lok Street Trade Centre

Sheung Wan

91.0

94.3

21.9

22.3

Java Road 108 Commercial Centre

North Point

100.0

100.0

25.6

26.4

On Loong Commercial Building

Wan Chai

92.1

94.1

32.8

32.9

Sun Fai Commercial Centre Property

Mong Kok

100.0

100.0

22.8

23.1

Wai Ching Commercial Building Property

Yau Ma Tei

97.2

100.0

17.9

17.8

Average

80.4

95.6

36.1

36.5

Retail

Sheung Shui Centre Shopping Arcade

Sheung Shui

95.3

96.8

109.9

112.9

Metro City Phase I Property

Tseung Kwan O

94.0

94.5

58.0

58.4

Kwong Wah Plaza Property

Yuen Long

99.3

99.3

55.3

55.7

Beverley Commercial Centre Property

Tsim Sha Tsui

86.7

77.4

36.7

39.6

Supernova Stand Property

North Point

100.0

100.0

54.5

54.5

Average

95.2

95.8

73.3

74.8

Average

85.1

95.7

49.3

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