UOL to pass property tax rebates on to tenants at its 3 malls

PROPERTY developer UOL Group said on Friday that it is passing "all the savings from the property tax rebate" announced in Budget 2020 on to retail tenants at its three shopping malls - United Square, Velocity@Novena Square and Kinex.

This will be done in a "targeted manner", based on their tenants' needs, said Jesline Goh, UOL's chief investment and asset officer.

UOL did not specify whether this means it will reduce rents for tenants.

Deputy Prime Minister and Finance Minister Heng Swee Keat had announced a 15 per cent property tax rebate for private commercial properties, to support food services and retail establishments operating there amid the virus outbreak.

"I strongly urge landlords to pass this (rebate) on to their tenants by reducing rentals," Mr Heng said in his Budget speech on Tuesday.

In addition, UOL will provide more than S$500,000 in marketing assistance to the retail tenants to tide over the Covid-19 situation. 

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There will also be free parking at the three malls. Starting Feb 22, parking at Velocity@Novena Square and United Square will be free for the first hour on Saturdays and Sundays and after 6pm daily. Kinex, meanwhile, will have free parking for the first hour and after 6pm daily.

Tenants have the option to shorten their operating hours from 11am to 8pm as well, although the malls' standard operating hours will stay the same from 10am to 9.30pm.

UOL said that members of its mall loyalty programme, U-POPP, will receive discounts through flash deals offered by fashion tenants and others.

The company has launched a food promotion initiative to reward customers who order from UOL mall's food outlets through any delivery platform. Customers who order takeaways for prepacked meals can get savings via promotional deals with strategic partners.

UOL shares were trading at S$8.09, down S$0.04 or 0.5 per cent as at 3.52pm on Friday.