Sunlight REIT’s Operational Statistics 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$55.0 per sq. ft..
Remarks: Attached operational statistics of Sunlight REIT for the third quarter of the financial year 2022/23.
| Property | Location | Occupancy Rate (%) 1 | Passing Rent (HK$/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.
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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 six retail properties in Hong Kong with a total gross rentable area of approximately 1.3 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.
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.
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