SGREIT Extends Further Rental Rebates To Retail And Office Tenants In Singapore
May 19, 2020 — Following the earlier extension of the ‘circuit breaker’ measures to 1 June 20201, YTL Starhill Global REIT Management Limited (YTL Starhill Global), the manager of SGREIT, would like to update that additional rental rebates of S$4.4 million will be disbursed in phases to eligible retail and office tenants in Singapore.
This brings the total amount of rental rebates that has been and will be disbursed to tenants in the portfolio to approximately S$18.1 million, which includes the property tax rebates from the Singapore Government2.
Mr Ho Sing, CEO of YTL Starhill Global, said: “In view of the extension of the ‘circuit breaker’ measures to 1 June 2020, we have extended additional rental assistance to share the burden faced by our tenants. We will continue to work together with our tenants and the authorities to navigate through this difficult period.”
The Group’s portfolio is characterised by its quality master retail leases in Singapore and Malaysia which make up about 33.4% of revenue in 3Q FY19/20.
Office portfolio contributed another 14.8% of revenue in 3Q FY19/20. Additionally, as at 31 March 2020, the weighted average portfolio lease expiry by gross rent stands at 5.7 years.
Read full statement here…