Sunlight Real Estate Investment Trust Operational Statistics for the First Quarter of the Financial Year 2022/23

HONG KONG SAR –
Media OutReach – 24 October 2022 – 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 2022/23.
At 30 September 2022, the occupancy rate of Sunlight REIT’s portfolio was 93.2% (30 June 2022: 94.7%), while the office and retail occupancy rates were 93.5% and 92.4% respectively (30 June 2022: 94.8% and 94.5%). The passing rent of Sunlight REIT’s portfolio was down slightly to HK$44.9 per sq. ft. (30 June 2022: HK$45.4 per sq. ft.). The office and retail portfolio registered negative rental reversions of 4.4% and 8.3% respectively during the quarter under review, demonstrating the still fragile economic sentiment attributable to rising interest rates and persistent pandemic situation.
In respect of operational performance of key office properties, Dah Sing Financial Centre maintained a steady occupancy rate of 91.3% with a passing rent of HK$42.3 per sq. ft.. However, its vacancy rate is expected to increase by end-2022 as certain multinational tenants opted not to renew their tenancies upon expiry. Meanwhile, the overall Sheung Wan/Central office portfolio recorded a satisfactory occupancy rate at 30 September 2022 with the exception of Winsome House Property, the performance of which was affected by the high vacancy rate and thus intense competition in the vicinity. In contrast, occupancy rate and passing rent of The Harvest exhibited steady improvement as the confectionary store at ground floor has moved in.
Regarding the shopping malls, a drop in the occupancy rate of Metro City Phase I Property was mainly due to the co-termination of certain leases relating to its renovation project which commenced in September 2022. On the other hand, the occupancy rate of Sheung Shui Centre Shopping Arcade edged lower to 91.0%, while its passing rent also recorded a mild decrease to HK$99.2 per sq. ft..
Remarks: Attached operational statistics of Sunlight REIT for the first quarter of the financial year 2022/23.
Operational statistics for the first quarter of the financial year 2022/23

Property

Location

Occupancy Rate
(%)
1

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

at 30 Sep 22

at 30 Jun 22

at 30 Sep 22

at 30 Jun 22

Office

Dah Sing Financial Centre

Wan Chai

91.3

91.4

42.3

42.7

Strand 50

Sheung Wan

95.9

99.7

32.2

32.4

The Harvest

Mong Kok

83.5

80.4

39.8

36.7

135 Bonham Strand Trade Centre Property

Sheung Wan

98.5

99.1

26.8

27.1

Winsome House Property

Central

85.9

97.2

40.2

39.9

Righteous Centre

Mong Kok

100.0

100.0

34.7

34.5

235 Wing Lok Street Trade Centre

Sheung Wan

96.8

96.8

19.7

19.8

Java Road 108 Commercial Centre

North Point

96.1

100.0

24.8

25.0

On Loong Commercial Building

Wan Chai

100.0

100.0

27.3

27.6

Sun Fai Commercial Centre Property

Mong Kok

98.5

98.5

21.3

21.4

Wai Ching Commercial Building Property

Yau Ma Tei

93.1

97.2

16.9

17.0

Average

93.5

94.8

35.0

35.1

Retail

Sheung Shui Centre Shopping Arcade

Sheung Shui

91.0

92.9

99.2

100.6

Metro City Phase I Property

Tseung Kwan O

90.7

94.6

53.7

54.7

Kwong Wah Plaza Property

Yuen Long

99.3

98.4

50.0

50.5

Beverley Commercial Centre Property

Tsim Sha Tsui

90.2

81.9

30.0

30.6

Supernova Stand Property

North Point

100.0

100.0

57.2

57.2

Average

92.4

94.5

66.6

67.6

Average

93.2

94.7

44.9

45.4

Notes :

Calculated on the basis of occupied gross rentable area (“GRA”) as a proportion of total GRA on the relevant date.

Calculated on the basis of average rent per sq. ft. for occupied GRA on the relevant date.

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