CapitaLand will release a comprehensive support package for Singapore mall tenants including rental relief to help the retailers cope with the Covid-19 crisis.
In a statement released on Monday (24 February), CapitaLand announced that a $10 million marketing assistance programme has been set up on top of the budget measures in response to the outbreak of coronavirus.
Under this marketing assistance programme, rental relief will be disbursed to tenants in a “targeted manner” such as flexible rental payments and a one-time rental rebate of up to half-a-month.
Additionally, the tenants will receive offsets rental payment for the month of March 2020 from the one month security deposit released by CapitaLand.
CapitaLand said, “These initiatives are on top of the 15% property tax rebate granted by the Government under Budget 2020, which CapitaLand will pass on in full to its tenants.”
In line with government calls to upskill employee during this downtime, CapitaLand also plans to offer relevant training programmes under its signature Biz+ Series of tenant engagement events.
It is noted that more than 3,500 food services and retail stores tenants across CapitaLand mall in Singapore are estimated to be covered under the comprehensive relief package.
“CapitaLand’s relief package considers a broad range of needs and has been developed in response to feedback from tenants and industry associations. It offers immediate cost and cashflow relief for retailers while driving sales to boost their topline,” said the chief executive officer of CapitaLand Mall Trust Management Limited (CMTML), Tony Tan.
Mr Tan added that CapitaLand proposed training opportunities for tenants to future proof their skills sets and be better prepared for the eventual recovery from this virus outbreak.
The Covid-19 support package offered to the tenants of CapitaLand’s mall has the full endorsement from the Restaurant Association of Singapore (RAS) and Singapore Retailers Association (SRA).
The cooperation’s effort to help tenants deal with Covid-19 was reaffirmed during the dialogue session on Friday (21 Feb) between CapitaLand, RAS and SRA.
Speaking on the benefit of support package, vice president of RAS, Andrew Kwan said, “The release of security deposit coupled with the stated rental rebate for F&B operators, is tangible relief at a time of great need.”
Mr Kwan also urged other landlords to follow along in offering urgent and immediate cost relief measures for their tenants.
With the easing measure, president of Singapore & International CapitaLand Group, Jason Leow said, “We will continue to engage our tenants closely and stand prepared to do more should the situation worsen. We look forward to working closely with RAS and SRA to ride through this challenging period together.”
Minister for Trade and Industry Chan Chun Sing who shared CapitaLand’s support measures for its tenants in his Facebook also expressed that he is glad to see private developers and landlords providing additional support measures to tenants amid these tough times.
“The journey to overcome the evolving COVID-19 situation must be done in partnership with all stakeholders. The Government will do its part to support businesses and workers but other partners such as our private developers must also do theirs in order for us to emerge stronger collectively,” the Minister added.