OUE offers retail tenants up to 25% rent reductions, flexible payment

PROPERTY group OUE has joined a string of landlords in Singapore offering rental reliefs to tenants amid poor business brought on by the novel coronavirus outbreak.

OUE and the manager of OUE Commercial Real Estate Investment Trust (OUE C-Reit) on Wednesday said retail tenants of Downtown Gallery, Mandarin Gallery, OUE Bayfront, OUE Link and OUE Tower will receive a rent reduction of between 15 per cent and 25 per cent, reviewed on a month-on-month basis.

The mainboard-listed company said it will also pass on all property tax rebates to be received from the government to tenants in full.

Other reliefs include a waiver of gross rental for the month of April, and flexible payment schemes. 

OUE deputy chief executive officer Brian Riady said: "As landlords, we take a long-term view of the relationships we forge with all of our tenants. As such, we are prepared to explore and introduce further rental relief initiatives should the situation call for it."

At Tuesday's close, OUE shares fell S$0.02 or 2 per cent to S$0.99. OUE C-Reit units rose 1.5 Singapore cents or 4.5 per cent to 35 cents.