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HONG KONG SAR –
Media OutReach – 19 April 2023 – 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 2022/23.
At 31 March 2023, the portfolio occupancy rate of Sunlight REIT stood at 92.1% (31 December 2022: 92.5%). Office and retail occupancy rates were 91.5% and 93.3% respectively, as compared to 92.2% and 93.1% at 31 December 2022.
The overall passing rent of Sunlight REIT’s portfolio was HK$45.2 per sq. ft. at 31 March 2023, largely unchanged from the corresponding figure a quarter ago. Benefitting from the decent leasing demand for Grade B office properties focusing on service trades, the office portfolio registered a mild rental reversion of 2.1% for the quarter under review. While a negative rental reversion of 2.3% was recorded for the retail portfolio, the momentum of downward adjustment was clearly decelerating, reflecting the gradual recovery of the retail sector in tandem with the removal of social distancing restrictions.
In respect of the performance of key office properties, occupancy rate of Dah Sing Financial Centre was 87.1% at 31 March 2023, with a passing rent of HK$41.7 per sq. ft.. Meanwhile, Strand 50 experienced a drop in occupancy rate to 89.6% as the Manager decided to restructure the lease with a co-working space operator. On the Kowloon side, capitalizing on the improving consumer sentiment, occupancy rate of The Harvest rebounded to a satisfactory level of 95.7%.
On the retail front, occupancy rates of Sheung Shui Centre Shopping Arcade and Metro City Phase I Property were 91.8% and 92.5% at 31 March 2023 respectively, while their corresponding passing rents were HK$98.5 per sq. ft. and HK$55.0 per sq. ft..
Remarks: Attached operational statistics of Sunlight REIT for the third quarter of the financial year 2022/23.
Operational statistics for the third quarter of the financial year 2022/23
Property
Location
Occupancy
Rate (%)
1
Passing Rent (HK$/sq. ft.)
2
at 31 Mar 23
at 31 Dec 22
at 31 Mar 23
at 31 Dec 22
Office
Dah Sing Financial Centre
Wan Chai
87.1
88.5
41.7
41.6
Strand 50
Sheung Wan
89.6
92.3
30.6
32.3
135 Bonham Strand Trade Centre Property
Sheung Wan
100.0
99.4
26.6
26.7
The Harvest
Mong Kok
95.7
91.4
41.2
41.0
Winsome House Property
Central
91.5
88.8
40.1
39.9
Righteous Centre
Mong Kok
99.3
100.0
35.1
34.9
235 Wing Lok Street Trade Centre
Sheung Wan
94.1
94.5
19.7
19.7
Java Road 108 Commercial Centre
North Point
98.1
96.1
24.6
24.8
On Loong Commercial Building
Wan Chai
100.0
100.0
27.8
27.2
Sun Fai Commercial Centre Property
Mong Kok
98.5
97.1
21.3
21.4
Wai Ching Commercial Building Property
Yau Ma Tei
91.7
97.2
17.0
17.0
Average
91.5
92.2
34.5
34.7
Retail
Sheung Shui Centre Shopping Arcade
Sheung Shui
91.8
91.7
98.5
98.4
Metro City Phase I Property
Tseung Kwan O
92.5
91.9
55.0
54.6
Kwong Wah Plaza Property
Yuen Long
97.0
97.8
53.8
52.1
Supernova Stand Property
North Point
100.0
100.0
57.3
57.2
Beverley Commercial Centre Property
Tsim Sha Tsui
100.0
100.0
29.6
29.6
Average
93.3
93.1
67.6
67.1
Average
92.1
92.5
45.2
45.0
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.
Disclaimer: The information contained in this press release does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for units in Sunlight REIT in Hong Kong or any other jurisdiction.
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The issuer is solely responsible for the content of this announcement.