The Covid-19 virus is slowly eating away at businesses all over the country.
And with the “circuit breaker” measures being implemented for a month, companies that will remain open will surely see even fewer customers.
Fortunately for the tenants of one mall, their landlord understands the financially difficult situation they’re in, and is willing to help out in a huge way.
Suntec City Waives Off Entire April Rental That is Fully Funded By Its Landlord
If you’re a retail tenant at Suntec City you should get out some champagne and balloons.
Tenant: You think champagne is cheap ah?
Oh no, I know it’s not but I have some-
Tenant: Ya you only think of yourself, that’s why
But that’s not what’s happening here, I-
Tenant: No one cares about our problems or-
I HAVE SOME GOOD NEWS!
Tenant: Oh why didn’t you say so earlier?
All retail tenants at Suntec City will get a rental waiver for the month of April, to cope with temporary closures and disruptions, the mall announced on Monday (6 Apr).
This waiver is “funded entirely” by the landlord and will also be extended to tenants providing essential services, such as supermarkets, pharmacies, food courts, restaurants and banks, its statement said.
As you know, non-essential workplaces will have to close from 7 Apr to 4 May, which is why the mall said it will work closely with its tenants to comply with these rules.
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Will pass full savings to tenants
But that’s not all. The mall said it will also pass on the full savings of the Government’s property tax rebates to all retail tenants next month.
A portion of this had been passed in March, and the balance will be passed on in the form of rental rebates for the period from 1 May to 31 May, it said.
According to the CNA, this will amount to approximately another month of rental reduction for most tenants in May.
Retail tenants can also draw down the one-month security deposit to offset rental payments, and together with the other benefits, is “equivalent to a total of three months’ rent”.
City Developments Rental Rebates
Meanwhile, City Developments, one of the largest property and hotel conglomerates in Singapore, said it will be passing on the “full quantum” of the property tax rebates to its tenants.
Reader: Simi is quantum?
It basically means amount.
Reader: So why didn’t they just say that?
No one knows, dear reader.
The group said it will provide its 426 retail tenants with rental rebates amounting to 100 per cent in April and 50 per cent next month, after disbursing them “in a targeted manner” last month.
“Tenants facing severe cash flow issues will be given more flexibility in rental payments”, it added.
You’re probably wondering why everyone is being so nice all of a sudden. Well, a certain bill might have something to do with it.
New bill
According to CNA, these announcements came a day before the introduction of a Bill that would ensure landlords pass on the property tax rebates in full to their smaller tenants.
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As you know, the authorities have received complaints about some property owners who are not fully passing on their rebate to tenants.
So, this new bill will ensure that property owners who have not passed on the rebate will do so, said the ministry.
