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 Center 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 Center 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$55.0 per sq. ft..
Remarks: Attached operational statistics of Sunlight REIT for the third quarter of the financial year 2022/23.
Ooperational statistics for the third quarter of the financial year 2022/23
|
Property |
Lease |
Occupancy Missed (%) 1 |
Passing Rent (HK$/sq.ft.) 2 |
||
|
|
|
at 31 Mar 23 |
at 31 Dec 22 |
at 31 Mar 23 |
at 31 Dec 22 |
|
Office |
|
|
|
|
|
|
Dah Sing Financial Center |
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 Center 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 Center |
Mong Kok |
99.3 |
100.0 |
35.1 |
34.9 |
|
235 Wing Lok Street Trade Center |
Sheung Wan |
94.1 |
94.5 |
19.7 |
19.7 |
|
Java Road 108 Commercial Center |
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 Center 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 Center 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 Center 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 profitable 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.
Hashtag: #SunlightREIT
The issuer is solely responsible for the content of this announcement.
