To ease cash flows for its tenants during the virus outbreak, CapitaLand announced today said it will release one month’s worth of security deposits to offset their rental payments for the month of March 2020. This is in response that there are lesser patrons to the malls by Capitaland given the new Covid-19 outbreak that is spreading everywhere in the world. This is on top of other potential rental relief measures it had announced last week in an effort to ease tenant’s cash flow that are hit hard by the virus. Many tenants will benefit from this including anchor tenants such as Food Junction as well as KouFu which are part of Capitaland’s tenants which have been in the malls since opening. Also, there might be relief from new launches such as Midtown Gardens which is located right at the heart of Bugis. Please see Midtown Gardens Register to know more about the development.
Measures from commercial real estate developers are addons to the sitmulus package that is already in place by the government such as tax rebates that are given to tenants. For tenants that upskill their workers during the infection period this time is also supported by the administration, CapitaLand likewise plans to offer preparing programs under its Biz+ Series of occupant engagement occasions. CapitaLand is set up to accomplish more should the circumstance decline. The gathering had likewise met agents from the Restaurant Association of Singapore (RAS) and Singapore Retailers Association (SRA) on Friday during a discourse meeting encouraged by Enterprise Singapore.
We encourage different landowners to take the general direction to CapitaLand and offer critical and prompt cost alleviation measures for their tenants. Just when all gatherings cooperate would we be able to spare employments during this troublesome time. SRA president R Dhinakaran likewise said he trusts different landowners will stick to this same pattern to help prop Singapore’s retail system up. Singapore’s retail part is confronting top difficulties and a large number of our individuals are confronting income issues. Therefore Capitaland is committed to introduce more relief measures for its occupants.