Tuesday, May 26 2020

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Sunlight Real Estate Investment Trust ("Sunlight REIT") Operational Statistics for the Quarter Ended 31 March 2020

Update: April, 27/2020 - 11:47

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

Property

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 (Stock code: 435) is a real estate investment trust authorized by the Securities and Futures Commission and constituted by the trust deed dated 26 May 2006 (as amended and supplemented by six supplemental deeds) (the "Trust Deed") and has been listed on The Stock Exchange of Hong Kong Limited on 21 December 2006. Sunlight REIT offers investors the opportunity to invest in a diversified portfolio of 11 office and five retail properties in Hong Kong with a total gross rentable area of over 1.2 million sq. ft.. The office properties are primarily located in core business areas, including Wan Chai and Sheung Wan/Central, as well as in decentralized business areas such as Mong Kok and North Point. The retail properties are situated in regional transportation hubs and new towns including Sheung Shui, Tseung Kwan O and Yuen Long, as well as in urban areas with high population density.


About the Manager

The Manager of Sunlight REIT is an indirect wholly-owned subsidiary of Henderson Land Development Company Limited (恒基兆業地產有限公司); its main responsibility is to manage Sunlight REIT and all of its assets in accordance with the Trust Deed in the sole interest of its unitholders.

 

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.

Sunlight REIT

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