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Mapletree commits S$18m rental relief for its tenants, offers payment deferment
MAPLETREE Commercial Trust (MCT) is committing an additional S$18 million of rental relief to cushion the impact of Covid-19 on its retail tenants, it said in a statement on Thursday.
In addition, its tenants will also be offered a deferment of payment for the fixed rent for April 2020 "to further ease their cash flow".
The assistance package comes on top of the additional property tax rebates (which will be fully passed on to eligible tenants) announced by the government. Qualifying commercial properties will pay no property tax this year; businesses in other non-residential properties will get a rebate of 30 per cent, Deputy Prime Minister and Finance Minister Heng Swee Keat on Thursday.
Given stricter measures put in place to control the spread of Covid-19, it "will inevitably lead to a knock-on effect on retail footfall and sales across the country", said Sharon Lim chief executive officer of Mapletree Commercial Trust Management.
The measures rolled out by MCT will hence help its retail tenants offset a total of about two months of rent, she said.
On Feb 24, MCT had rolled out an S$11 million retail-support package; about S$8 million from that has been given out as rental rebates to eligible retail tenants at VivoCity.
MCT has also implemented safe-distancing measures across its properties. Examples include putting in place queue-management systems, floor markers, visual reminders and signage to guide and remind all tenants, visitors and shoppers to maintain safe distances.