Source: Media Outreach
HONG KONG SAR – Media OutReach – 19 October 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 first quarter of the financial year 2021/22.
At 30 September 2021, the overall portfolio occupancy rate of Sunlight REIT was 93.8% (30 June 2021: 93.7%). Office occupancy rate slightly improved to 93.1% (30 June 2021: 92.4%), while retail occupancy rate registered a mild decline to 95.3% as compared to 96.5% at 30 June 2021.
The overall passing rent of Sunlight REIT’s portfolio was HK$46.8 per sq. ft. at 30 September 2021, down 1.9% from the last quarter. Reflecting the lingering impact of COVID-19, office and retail portfolios recorded negative rental reversions of 5.3% and 5.4% respectively.
Occupancy rate of Dah Sing Financial Centre stood at 88.5% (30 June 2021: 88.3%), while demand for certain Grade B office properties continued to recover, as evidenced by the improvement in occupancy rates of 235 Wing Lok Street Trade Centre and Java Road 108 Commercial Centre to 94.1% and 98.1% respectively. On the Kowloon side, The Harvest and Righteous Centre were almost fully let at 30 September 2021; however, vacancy rate of The Harvest is expected to increase by December 2021 as its core retail tenant has decided not to renew its tenancy upon expiry.
On the retail front, the occupancy rates of Sheung Shui Centre Shopping Arcade and Metro City Phase I Property at 30 September 2021 were 94.1% and 95.4% respectively, while their corresponding passing rents were HK$101.6 per sq. ft. and HK$56.0 per sq. ft..
Remarks: Attached operational statistics of Sunlight REIT for the first quarter of the financial year 2021/22.
Operational statistics for the first quarter of the financial year 2021/22
Property
Location
Occupancy Rate (%) 1
Passing Rent (HK$/sq. ft.) 2
at 30 Sep 21
at 30 Jun 21
at 30 Sep 21
at 30 Jun 21
Office
Dah Sing Financial Centre
Wan Chai
88.5
88.3
43.5
44.0
Strand 50
Sheung Wan
95.3
95.8
32.1
32.1
The Harvest
Mong Kok
100.0
100.0
53.0
53.2
135 Bonham Strand Trade Centre Property
Sheung Wan
92.5
93.1
27.8
27.9
Winsome House Property
Central
100.0
94.3
39.7
42.7
Righteous Centre
Mong Kok
99.3
100.0
33.7
33.9
235 Wing Lok Street Trade Centre
Sheung Wan
94.1
88.6
20.4
20.9
Java Road 108 Commercial Centre
North Point
98.1
96.1
24.9
24.9
On Loong Commercial Building
Wan Chai
100.0
100.0
30.5
31.2
Sun Fai Commercial Centre Property
Mong Kok
100.0
100.0
21.7
21.7
Wai Ching Commercial Building Property
Yau Ma Tei
94.5
91.7
17.2
17.4
Average
93.1
92.4
36.3
36.7
Retail
Sheung Shui Centre Shopping Arcade
Sheung Shui
94.1
95.3
101.6
104.2
Metro City Phase I Property
Tseung Kwan O
95.4
97.6
56.0
56.7
Kwong Wah Plaza Property
Yuen Long
98.5
97.7
53.1
53.5
Beverley Commercial Centre Property
Tsim Sha Tsui
81.9
77.5
31.9
32.8
Supernova Stand Property
North Point
100.0
100.0
57.2
57.2
Average
95.3
96.5
69.1
70.4
Average
93.8
93.7
46.8
47.7
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.
– Published and distributed with permission of Media-Outreach.com.
