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Frasers Property offers virus relief measures for Singapore mall tenants
TENANTS at 14 malls across Singapore will receive support from Frasers Property Retail (FPR) to tide over the business impact of the novel coronavirus outbreak.
These malls are Causeway Point, Bedok Point, YewTee Point, Changi City Point, The Centrepoint, Eastpoint Mall, Northpoint City, Waterway Point, Anchorpoint, Century Square, Hougang Mall, Tiong Bahru Plaza, Tampines 1 and White Sands.
Security deposits that were paid in cash may be converted to banker’s guarantees, on a case-by-case basis, to ease tenants’ cash flow challenges, Frasers Centrepoint Trust (FCT) and Frasers Property said in a joint statement on Wednesday.
FPR will also pass the recently announced 15 per cent property tax rebate on to the tenants, although it did not specify how it plans to do so. Last week, Deputy Prime Minister Heng Swee Keat had urged landlords to pass this on by reducing rents.
FPR will consider introducing additional support – such as rental reliefs – to tenants who are “most affected”, should the Covid-19 situation worsen, said Low Chee Wah, chief executive officer of FPR.
“We are actively looking to identify ways we can reduce the pressures (the tenants) are facing,” Mr Low said.
In addition, the tenants can now opt to operate shorter hours, from 11am to 9pm. However, the malls’ standard operating hours remain at 10am to 10pm.
“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.”
To drive shopper traffic and help tenants increase sales, FPR has implemented initiatives such as daily complimentary lunch-time parking between 12pm and 2pm, and 6pm and 10pm daily. It has also rolled out marketing initiatives targeted at both tenants and shoppers.
Tenants who wish to use available atrium spaces to boost their sales can book them at reduced atrium rental rates.
Marketing assistance will also be provided to select tenants, according to the media statement.
The 14 malls in the Frasers Property group portfolio include retail properties held under Frasers Centrepoint Trust as well as retail properties managed by AsiaMalls Management.
FPR is a retail-focused platform under Frasers Property Singapore, which is a strategic business unit of Frasers Properties and subsidiaries.
Frasers is the latest landlord to unveil initiatives to help cash-strapped retail tenants.
CapitaLand on Monday said it will release one month's worth of security deposits to offset rental payments for the month of March 2020. This is on top of other potential rental relief measures announced by the real estate giant, which operates Singapore’s largest mall network.
Mapletree Commercial Trust, APM Property Management and Perennial Real Estate Holdings are also offering measures to help cash-strapped retail tenants amid the outbreak.
As at 2.02pm on Wednesday, Frasers Property was unchanged at S$1.60, and FCT was flat at S$2.95.