OUE, OUE C-Reit offer relief, rebates to tenants

Singapore

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, which will be reviewed monthly.

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

Other reliefs it announced include a waiver of gross rental for April and flexible payment schemes.

OUE deputy chief executive officer Brian Riady said: "These are unprecedented times for all of us, and we at OUE Group are committed to sharing the burden with our tenants and working cooperatively to navigate through the uncertainty."

He added: "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."

OUE shares closed down 1.5 cents or 1.52 per cent at 97.5 Singapore cents, while OUE C-Reit units finished one cent or 2.86 per cent lower at 34 Singapore cents on Wednesday.