Source: Media Outreach
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
at 31 Mar 21
at 31 Dec 20
at 31 Mar 21
at 31 Dec 20
Office
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
Retail
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.
– Published and distributed with permission of Media-Outreach.com.
