Mapletree Industrial Trust to set aside up to S$13.7m in relief for tenants in Singapore

MAPLETREE Industrial Trust will set aside up to S$13.7 million to cushion the impact of Covid-19 on its tenants in Singapore, over and above the property tax rebates announced by the government, which will be fully passed on to them. 

The additional programme is aimed at easing the pressure on tenants from "supply-chain disruptions and falls in business volume as a result of the pandemic", Mapletree said on Wednesday night. 

Under this package, rental rebates will be disbursed to tenants in a "targeted manner" as the impact of the outbreak varies across different trade sectors. 

A rental rebate of up to 1.5 months of fixed rent - comprising base rent, service charges and advertising and promotion fees - will be given to retail tenants at 18 Tai Seng by May. 

Industrial canteen operators, including cafeterias and food courts, will be given a rental rebate of one month of net rent - which excludes the service charges - in May. 

Additional support measures such as a rental rebate of up to half a month's net rent, or using cash security deposits to offset rents due, will be made available to industrial tenants in Singapore on a case-by-case basis.

A NEWSLETTER FOR YOU

Friday, 8.30 am

SGSME

Get updates on Singapore's SME community, along with profiles, news and tips.

Sign Up

Under the government's Resilience Budget in March, certain commercial premises and non-residential properties stand to receive property tax rebates of 100 per cent and 30 per cent respectively. 

Mapletree said these will be fully passed on to its tenants, and the rebates will amount to some S$10.5 million in total.