Sunlight REIT Operational Statistics for the Quarter Ended 30 September 2018

    Kamis, 11 Oktober 2018 - 12:44 Editor : Redaksi Dibaca : 172 Views

    HONG KONG, CHINA – Media OutReach – 11 October 2018 – Henderson Sunlight Asset Management Limited (the “Manager“) is pleased to announce the operational statistics of Sunlight REIT for the first quarter of the financial year 2018/19.

    At 30 September 2018, the overall portfolio occupancy of Sunlight REIT was 97.7% (30 June 2018: 98.2%). The slight decline was mainly attributable to the higher vacancy recorded at Bonham Trade Centre (“BTC“) in preparation for the upcoming asset enhancement initiative.

    Passing rent of the overall portfolio was HK$47.1 per sq. ft. at 30 September 2018, representing a quarterly increase of 1.3%. Office and retail rental reversions, calculated on the basis of change in effective rent of the leases that have been renewed and commenced during the quarter, were 9.6% and 9.4% respectively.

    During the quarter, Sunlight Tower continued to benefit from the favourable leasing environment and brisk demand for decentralized office spaces, as illustrated by its occupancy rate of 99.5% and a rental reversion of 12.2%. On the retail front, solid consumer sentiment supported the performances of Sheung Shui Centre Shopping Arcade and Metro City Phase I Property. Both shopping malls were almost fully occupied and achieved rental reversions of 8.6% and 11.4% respectively.

    In respect of the Grade B office portfolio, the enhancement plan of BTC which is in the final planning stage, will involve the renovation (and vacating) of approximately 28% of its gross rentable area. Meanwhile, Fung Shun Commercial Building maintained full occupancy during the quarter under review.  However, its vacancy rate is expected to rise transiently given that the existing (sole) office tenant will vacate more than half of the occupied area.  As disclosed in Sunlight REIT’s 2017/18 annual report, the Manager will capture this opportunity to execute minor facility upgrade and to diversify the trade profile of the property.

     

    Remarks: Attached operational statistics of Sunlight REIT for the first quarter of the financial year 2018/19.

    Operational statistics for the first quarter of the financial year 2018/19

     

    Property

    Location

    Occupancy (%) 1

    Passing Rent (HK$/sq. ft.) 2

    at 30 Sep 18

    at 30 Jun 18

    at 30 Sep 18

    at 30 Jun 18

    Office

    Sunlight Tower

    Wan Chai

    99.5

    98.5

    38.6

    38.2

    Bonham Trade Centre

    Sheung Wan

    85.7

    93.0

    30.1

    29.8

    Fung Shun Commercial Building

    Mong Kok

    100.0

    100.0

    47.3

    47.3

    Winsome House Property

    Central

    97.1

    100.0

    43.1

    42.8

    135 Bonham Strand Trade Centre

    Sheung Wan

    98.5

    100.0

    28.2

    27.6

      Property

    Righteous Centre

    Mong Kok

    98.8

    98.8

    34.7

    34.5

    235 Wing Lok Street Trade Centre

    Sheung Wan

    98.9

    96.0

    22.0

    21.7

    Java Road 108 Commercial Centre

    North Point

    98.1

    94.2

    24.8

    24.7

    On Loong Commercial Building

    Wan Chai

    100.0

    100.0

    30.7

    30.4

    Sun Fai Commercial Centre Property

    Mong Kok

    100.0

    100.0

    21.6

    21.6

    Wai Ching Commercial Building

    Yau Ma Tei

    93.1

    100.0

    15.0

    14.5

      Property

    Average

     

    97.2

    97.8

    34.2

    33.8

    Retail

    Sheung Shui Centre Shopping Arcade

    Sheung Shui

    99.5

    98.9

    116.8

    115.9

    Metro City Phase I Property

    Tseung Kwan O

    99.5

    99.8

    56.3

    55.8

    Kwong Wah Plaza Property

    Yuen Long

    97.2

    100.0

    53.4

    52.1

    Beverley Commercial Centre Property

    Tsim Sha Tsui

    89.5

    82.9

    44.7

    44.5

    Supernova Stand Property

    North Point

    100.0

    100.0

    54.0

    54.0

    Average

     

    98.9

    99.2

    74.6

    73.9

    Average

     

    97.7

    98.2

    47.1

    46.5

    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 since 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 approximately 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 primarily 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) and is responsible for managing Sunlight REIT in accordance with the Trust Deed in the sole interest of the 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.

     



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