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Six-month rental reduction for iFly Singapore’s tenants amid challenging business climate
iFly Singapore announced on Tuesday a 20 per cent rental reduction for six consecutive months fro April till September 2020 for all its food and beverage (F&B) tenants at its wind tunnel facility at Sentosa.
These include Bistro At iFly, Marrybrown, McDonald’s and Toast and Curry.
The move comes amid the "current challenging business climate for attractions which are highly dependent on tourists visits", iFly said in a press statement.
Visitor numbers to Sentosa have fallen more than 50 per cent since the Covid-19 outbreak and was further exacerbated by border control measures. The F&B operators have been directly impacted as they "depended highly on the patronage of visitors to Sentosa".
Said chief executive officer of iFly Lawrence Koh: "Despite a slight increase in local visitors during the March school holiday to Sentosa, it is no secret that the tourism and hospitality sector is hard-hit during this time of Covid-19 pandemic."
"In putting together the rental reduction package for our tenants, we passed on over 230 per cent of the property tax rebate that iFly Singapore has received to provide a substantial relief to their overheads," he said.
"By reducing their costs, we hope to help them stay in business and protect jobs," he added.
In the meantime, its management will continue to monitor the business situation in the upcoming months to determine if additional measures should be implemented to assist its tenants and partners.