SINGAPORE (EDGEPROP) - City Developments (CDL) announced that it will be rolling out rental and property tax rebates of over $17 million to its tenants.
The sum will include 100% of the property tax rebate for qualifying commercial property tenants, and 30% for businesses in other non-residential properties such as offices and industrial properties.
The reliefs will be disbursed in a calibrated manner, as Covid-19 has impacted different malls and trade categories in varying degrees, says CDL. Tenants facing severe cash flow issues will be given more flexibility in rental payments.
The firm says it has already disbursed rental rebates in a targeted manner to qualifying retail tenants in March.
To provide sustained rental relief, CDL will provide rental rebates amounting to 100% in April, and 50% in May for its retail tenants.
Further support may be rolled out progressively after May, the firm says.
“We have our tenants’ interests at heart, and we continue to engage with them closely. Enhanced relief support schemes are rolled out progressively to support and sustain their businesses and help tide them through this challenging period. There is no one-size-fits-all approach as needs vary, some more urgent than others,” says Yvonne Ong, CEO, commercial, of CDL.
“We strive to support all our tenants and will work with them closely to assist with their immediate and near-term needs,” she says.
“We are grateful for the strong support from the government and heartened to witness everyone’s collective commitment in seeing Singapore through this calamity,” says Sherman Kwek, group CEO of CDL.
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