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.
