SINGAPORE: The Singapore government announced an extension of the circuit breaker by 4 weeks to 1 June 2020. To assist its tenants, SPH REIT will be granting full rental waiver for two months – April and May 2020, for eligible non-trading retail and medical tenants.
Together with the rental rebates granted in February and March, the total rebates average 2.3 months and are fully funded by SPH REIT.
Additionally, as part of the government’s Resilience Budget announced on 26 March 2020, SPH REIT will fully pass on the enhanced property tax rebates to its tenants.
Qualifying retail and medical tenants’ rebate is 100% of the property tax payable. This is equivalent to slightly more than 1 month’s rental. Qualifying office tenants’ rebate is 30% of the property tax payable.
Due to further tightening of social distancing measures, businesses will be impacted. To support its tenants operating during the circuit breaker period, majority of the retail tenants will receive rental relief and will pay rent based on service charge and a percentage of their sales.
Ms Susan Leng, CEO of SPH REIT, said: “The COVID-19 situation continues to evolve and the measures implemented to combat the spread have affected the businesses. SPH REIT remains fully committed to support our tenants to ride through this unprecedented situation to overcome this crisis together.”