SPH Reit to give eligible tenants two more months off rentals

Published Wed, May 6, 2020 · 11:18 AM

SPH Reit will be granting its "eligible non-trading retail and medical tenants" full rental waivers for the months of April and May. Together with rebates granted in February and March, the Reit said it will have granted an average of 2.3 months in rebates.

The rental rebates are fully funded by SPH Reit, it said in an announcement Wednesday. On top of this, SPH Reit will fully pass on the government's property tax rebates to its tenants.

The rebate for qualifying retail and medical tenants is 100 per cent of the property tax payable, which is equivalent to a little over a month's worth of rentals. For office tenants, the rebate is 30 per cent of property tax payable.

Ms Susan Leng, chief executive of SPH Reit, said: "The COVID-19 situation continues to evolve and the measures implemented to combat the spread have affected the businesses. SPH Reit remains fully committed to support our tenants to ride through this unprecedented situation to overcome this crisis together."