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CapitaLand to give 1,000 tenants rental rebates

Fresh property news selection on March 06. 2020, Friday.

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Mall operator CapitaLand will be giving 1,000 tenants rental rebates over two months in a move to help stores tide over the current retail storm caused by the coronavirus outbreak.

In a letter sent to tenants on Wednesday, the landlord said it had reviewed February sales and footfall data and will be granting a 50 per cent rebate on the fixed components of their one-month gross rent. This will be disbursed in two tranches of 25 per cent in April and May.

 

It also assured tenants that it would be passing on the full amount of savings from the 15 per cent property tax rebate provided by the Government once the rebate has been received.

Earlier this week, the Restaurant Association of Singapore (RAS) called out landlords for dragging their feet when it came to providing promised rental rebates.

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