CapitaLand boosts support for tenants as coronavirus impacts sales
Mall owner-operator CapitaLand is introducing additional support measures to its mall tenants as the coronavirus outbreak continues.
CapitaLand has been offering flexible rental payments and a one-time rebates to its mall tenants in a targeted manner, and will release a one-month security deposit to offset rental payments for this March.
The group met with representatives from the Restaurant Association of Singapore and Singapore Retailers Association late last week to reaffirm its commitment and provide more details about its support packages, which are in addition to the Singapore government’s 15-per-cent property tax rebate.
Some 3500 foodservice and retail tenants operating in CapitaLand malls in Singapore will benefit from the support.
“As the operator of Singapore’s largest shopping mall network, we recognise that we will succeed only if our retail partners do,” said Capitaland Group president, Singapore & international Jason Leow. “Our commitment to build a sustainable retail ecosystem remains unwavering. We will continue to engage our tenants closely and stand prepared to do more should the situation worsen.”
CapitaLand initially announced on February 13 a move to offer mall tenants the flexibility to operate shorter store hours. The firm has also put in place an SG$10 million (US$7.16 million) marketing assistance programme to fund retailer-driven and mall-wide promotional activities to help its tenants achieve more sales.
Andrew Kwan, VP of the Restaurant Association of Singapore, said CapitaLand’s moves were “tangible relief at a time of great need”.
“We urge other landlords to take the cue from CapitaLand and offer urgent and immediate cost-relief measures for their tenants. Only when all parties work together can we save jobs during this difficult time.”