CapitaLand meets up with representatives from the Restaurant Association of Singapore (RAS) and Singapore Retailers Association (SRA) to reaffirm its commitment to support food services and retail companies to ride through the challenges brought on by COVID-19.
At the dialogue session on 21 February 2020, CapitaLand provided more details of the comprehensive support package the Group has drawn up for its mall tenants, which was announced in statements issued on 13 February 2020 and 19 February 2020.
These initiatives are on top of the 15% property tax rebate granted by the Government under Budget 2020. Food services and retail tenants operating more than 3,500 stores across CapitaLand malls in Singapore stand to benefit from the support package.
As COVID-19 has impacted different malls and trade categories by varying degrees, rental relief will be disbursed to tenants in a targeted manner. CapitaLand will offer various forms of support which may include flexible rental payments and a one-time rental rebate of up to half-a-month for eligible tenants.
In addition, to ease cashflows for all its mall tenants, CapitaLand will release a one-month security deposit to offset rental payments for the month of March 2020.
The company first announced that it is offering its mall tenants the flexibility to operate shorter store hours. It has also put in place a S$10 million marketing assistance programme to fund retailer-driven and mall-wide promotional activities to help its tenants achieve more sales.
In response to Budget 2020, it will pass on the full savings of the Government’s property tax rebate for qualifying commercial properties to its tenants. For tenants who heed the Government’s call to upskill their employees during this period, CapitaLand plans to offer relevant training programmes under its signature Biz+ Series of tenant engagement events.
Over and above the Budget 2020 measures, CapitaLand has committed additional support, including rental relief, for tenants affected by COVID-19.