Another big Singapore landlord has announced measures to help tenants of its malls cope with the business impact of the coronavirus outbreak.
Frasers Property Retail is introducing a tenant support package across its 14 malls here, it said in a media statement yesterday.
As part of the package, Frasers will pass on to tenants the 15 per cent property tax rebate that the Government is giving commercial properties for the calendar year 2020, as announced in the Budget last week.
It did not say how it plans to do so.
On a case-by-case basis, tenants may also convert security deposits paid for in cash into banker’s guarantees, so as to ease cash flow challenges.
The 14 malls comprise Anchorpoint, Bedok Point, Causeway Point, Changi City Point, Eastpoint Mall, Northpoint City, The Centrepoint, YewTee Point, Waterway Point, as well as five malls under AsiaMalls Management’s portfolio, namely, Century Square, Hougang Mall, Tiong Bahru Plaza, Tampines 1 and White Sands.
Tenants can also opt for shorter operating hours from 11am to 9pm, although the standard operating hours of the malls, 10am to 10pm, remain unchanged.
To increase traffic to the malls and support tenant sales, Frasers also introduced complimentary parking at its malls from noon to 2pm, and 6pm to 10pm daily.
It also plans to roll out marketing initiatives to support tenants and boost sales.
One such initiative is a reduced rental rate for atrium spaces in malls, so that tenants can use such spaces to drive sales.
Mr Low Chee Wah, chief executive of Frasers Property Retail, said: “The tenant support package will help stem the immediate cash flow challenges that tenants might be facing due to a sudden and unexpected dip in revenue.
“We will monitor the situation closely, and if the situation worsens, we will consider rolling out additional support, such as rental reliefs to tenants who are most affected.”
Other mall owners and developers have launched measures to help tenants tide over this period.
CapitaLand, which operates Singapore’s largest mall network with 18 malls under its management, is allowing all tenants to pay their March rental from their security deposits.
It is also passing on the property tax rebate to tenants, extending them $10 million in marketing assistance and allowing shorter operating hours.
Mapletree Commercial Trust, APM Property Management and Perennial Real Estate Holdings have announced similar measures to help retail tenants amid the outbreak.
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