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

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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
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
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 :

  1. Calculated on the basis of occupied gross rentable area (“GRA“) as a proportion of total GRA on the relevant date.
  1. Calculated on the basis of average rent per sq. ft. for occupied GRA on the relevant date.

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The issuer is solely responsible for the content of this announcement.

About Sunlight REIT

Listed on The Stock Exchange of Hong Kong Limited since 21 December 2006, Sunlight REIT (stock code: 435) is a real estate investment trust authorized by the Securities and Futures Commission and constituted by the amended and restated trust deed dated 10 May 2021 (the “Trust Deed“). It 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 located in both core and decentralized business areas, while the retail properties are situated in regional transportation hubs, new towns and 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. 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.