Media-OutReach Newswire
, the Executive Director and Head of International Operations of ZJLD Group)
 and Ang Eng Siong, CEO of OCBC China (Right) at the MoU signing ceremony.){kind=spacer}
Việt Nam International Defence Exhibition extends visiting times in some areas
1.
HONG KONG, CHINA - Media OutReach - 27 April 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 third quarter of the financial year 2019/20.
At 31 March 2020, the occupancy rate of Sunlight REIT's portfolio was 95.9% as compared to 96.1% at 31 December 2019. Office occupancy rate was largely unchanged at 95.6% (31 December 2019: 95.7%), while retail occupancy rate recorded a slight decrease to 96.4% (31 December 2019: 97.1%), principally caused by a higher vacancy rate at Metro City Phase I Property ("MCPI").
Average passing rent of Sunlight REIT's portfolio was HK$49.3 per sq. ft. at 31 March 2020, while office and retail rental reversions for the quarter were 10.3% and 2.5% respectively. The reported statistics reflected the relatively stable office leasing demand in decentralized business areas where Sunlight REIT has a reasonable presence; however, they also signified an exceptionally difficult retail environment attributable to the COVID-19 outbreak. The Manager envisages that slower and/or negative rental reversion would be a more predominant feature for the retail portfolio until the COVID-19 situation comes under control.
In respect of the operating performance of Sunlight REIT's key office properties, Sunlight Tower demonstrated its resilience in the midst of mounting economic headwinds, as its occupancy rate stayed at 96.4% with a decent rental reversion of 17.1% for the quarter. Meanwhile, Strand 50's occupancy rate improved to 91.7%, as the renovation project involving the low zone of the building was nearing completion.
On the retail front, occupancy rate of MCPI decreased to 95.8% while rental reversion for the quarter was 1.4%. For Sheung Shui Centre Shopping Arcade, its occupancy rate stayed at a satisfactory level of 96.3%; however, the severe disruption to retail sales had clearly heightened tenants' caution, resulting in a negative rental reversion of 1.3% for the quarter.
Remarks: Attached operational statistics of Sunlight REIT for the third quarter of the financial year 2019/20.
Operational statistics for the third quarter of the financial year 2019/20
| Location | Occupancy Rate (%) 1 | Passing Rent (HK$/sq. ft.) 2 | |||
|
|
| at 31 Mar 20 | at 31 Dec 19 | at 31 Mar 20 | at 31 Dec 19 |
| Office |
|
|
|
|
|
| Sunlight Tower | Wan Chai | 96.4 | 96.4 | 40.8 | 40.6 |
| Strand 50 | Sheung Wan | 91.7 | 90.9 | 35.7 | 35.6 |
| The Harvest | Mong Kok | 100.0 | 100.0 | 51.4 | 51.4 |
| 135 Bonham Strand Trade Centre Property | Sheung Wan | 95.8 | 98.0 | 30.1 | 30.1 |
| Winsome House Property | Central | 96.1 | 98.9 | 44.8 | 44.4 |
| Righteous Centre | Mong Kok | 98.5 | 98.9 | 35.4 | 36.1 |
| 235 Wing Lok Street Trade Centre | Sheung Wan | 90.2 | 86.8 | 22.7 | 22.8 |
| Java Road 108 Commercial Centre | North Point | 100.0 | 100.0 | 26.4 | 26.4 |
| On Loong Commercial Building | Wan Chai | 96.0 | 98.0 | 32.7 | 32.6 |
| Sun Fai Commercial Centre Property | Mong Kok | 95.0 | 95.0 | 23.5 | 23.7 |
| Wai Ching Commercial Building Property | Yau Ma Tei | 94.5 | 94.5 | 17.7 | 17.4 |
| Average |
| 95.6 | 95.7 | 36.7 | 36.6 |
|
|
|
|
|
|
|
| Retail |
|
|
|
|
|
| Sheung Shui Centre Shopping Arcade | Sheung Shui | 96.3 | 96.4 | 118.1 | 118.6 |
| Metro City Phase I Property | Tseung Kwan O | 95.8 | 97.2 | 58.5 | 58.9 |
| Kwong Wah Plaza Property | Yuen Long | 100.0 | 100.0 | 55.6 | 55.3 |
| Beverley Commercial Centre Property | Tsim Sha Tsui | 78.0 | 77.4 | 42.2 | 42.5 |
| Supernova Stand Property | North Point | 100.0 | 100.0 | 54.5 | 54.5 |
| Average |
| 96.4 | 97.1 | 76.3 | 76.5 |
| Average |
| 95.9 | 96.1 | 49.3 | 49.4 |
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.
About Sunlight REIT
Sunlight REIT (Stockcode: 435) is a real estate investment trust authorized by the Securities andFutures Commission and constituted by the trust deed dated 26 May 2006 (asamended and supplemented by six supplemental deeds) (the "Trust Deed") and has been listedon The Stock Exchange of Hong Kong Limited on 21 December 2006. Sunlight REIToffers investors the opportunity to invest in a diversified portfolio of 11office and five retail properties in Hong Kong with a total gross rentable areaof over 1.2 million sq. ft.. The office propertiesare primarily located in core business areas, includingWan Chai and Sheung Wan/Central, as well as in decentralized business areassuch as Mong Kok and North Point. The retail properties are situated inregional transportation hubs and new towns including Sheung Shui, Tseung Kwan Oand Yuen Long, as well as in urban areas with high population density.
About the Manager
The Manager ofSunlight REIT is an indirect wholly-owned subsidiary of Henderson LandDevelopment Company Limited (恒基兆業地產有限公司); its mainresponsibility is to manage Sunlight REIT and all of its assetsin accordance with the Trust Deed in the sole interest of its unitholders.
Disclaimer:
Theinformation contained in this press release does not constitute an offer or invitationto sell or the solicitation of an offer or invitation to purchase or subscribefor units in Sunlight REIT in Hong Kong or any other jurisdiction.
