CMT Commits Support For CapitaLand’s S$10 Million (US$7.14 Million) Relief Package For Mall Tenants Affected By COVID-19
February 24, 2020 – CapitaLand Mall Trust Management Limited (CMTML), the manager of CapitaLand Mall Trust (CMT), today expressed its support for CapitaLand’s relief package for shopping mall tenants affected by COVID-19.
CapitaLand has committed rental relief and S$10 million in marketing assistance to help its mall tenants in Singapore ride through current challenges and position for the future.
As COVID-19 has impacted different malls and trade categories by varying degrees, the rental relief will be disbursed to tenants in a targeted manner. CapitaLand will offer various forms of support which may include flexible rental payments, and a one-time rental rebate of up to half- a-month for eligible tenants. In addition, to ease cashflows for all its mall tenants, CapitaLand will release one month security deposit to offset rental payments for the month of March 2020.
These initiatives are on top of the 15% property tax rebate granted by the Government under Budget 2020, which CapitaLand will pass on in full to its tenants. For tenants who heed the Government’s call to upskill their employees during this period, CapitaLand plans to offer relevant training programmes under its signature Biz+ Series of tenant engagement events. The comprehensive relief package will benefit tenants operating more than 3,500 stores in CapitaLand’s retail network, including the over 3,000 stores in 15 malls owned by CMT.
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