Sunshine housing fund occupancy rate reached 96.9%

The Sunshine Real Estate Trust (435) announced that as of March 31, 2019, the occupancy rate of the overall property portfolio was 96.9%, which was higher than the 96.7% recorded on December 31, 2018. The occupancy rate of office properties improved to 96.8% (December 31, 2018: 95.7%), mainly due to the recovery of the occupancy rate of the Fengyi Center. The occupancy rate of the retail property portfolio decreased slightly to 97.2% (December 31, 2018: 98.9%), mainly due to the fact that the individual leases of the Phase 1 property of the Metro City (“Xinducheng Phase I”) were not renewed at the same time.

The current rental of the overall property portfolio of the Sunshine Real Estate Fund remains unchanged at $47.8 per square foot as at 31 March 2019, while the rental renewal of the office property portfolio and retail property portfolio has increased (renewed on a quarterly basis and is in force) The effective rent changes for the lease are calculated to be 12.4% and 10.8% respectively.

In terms of office property portfolio, the Sunshine Centre was almost fully leased out, and its rental renewal growth was a satisfactory 12.9%. At the same time, the renovation of the Baoheng Commercial Center was launched in April 2019 and is expected to be completed by the end of 2019 (in two phases).

In terms of retail properties, stable consumer sentiment supported the performance of the Sheung Shui Centre shopping mall and the new capital of Phase I. The rental growth of renewal rents recorded 11.5% and 7.0% respectively.