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“We stand united alongside our tenants in these unprecedented times,” said Sherman Kwek, group Chief Executive Officer of CDL.
City Developments Limited (CDL) commits to aid its tenants in overcoming the difficulties brought by COVID-19 through its more than $17 million worth of rental reliefs and support initiatives.
Among these efforts will be the passing of the government’s enhanced property tax rebate revealed under the Supplementary Budget 2020 on 26 March.
CDL will pass its full amount to its tenants, including the 100% rebate for qualifying commercial property tenants, as well as the 30% allotted for those engaged in non-residential property businesses such as offices and industrial properties.
The group has already disbursed rental rebates to qualifying retail tenants in a targeted manner for the month of March, said CDL. To further provide sustained rental relief, it also vows to grant rental rebates for its retail tenants amounting to 100% for April and 50% in May.
“We stand united alongside our tenants in these unprecedented times,” said Sherman Kwek, group Chief Executive Officer of CDL.
CDL is monitoring the situation closely. Further support may be rolled out after May, as may be necessary, and rental reliefs are being disbursed in a calibrated manner, considering that the pandemic has affected various malls and trade categories in different degrees.
CDL also assures that priority in terms of more flexible rental payments will be given to tenants facing severe cash flow issues.
“In the meantime, we must all continue to enhance our business continuity plans and implement any necessary procedures to ensure the well-being of our stakeholders”, said Kwek.
Aside from this, CDL acknowledges that understanding the operating challenges of tenants is critical nowadays. Thus, CDL commits to review tenants’ requests on a case-by-case basis and to work with them for further assistance.
“There is no one-size-fits-all approach as needs vary, some more urgent than others. We strive to support all our tenants and will work with them closely to assist with their immediate and near-term needs,” said CDL Chief Executive Officer, Commercial, Yvonne Ong.
As at 31 December 2019, CDL’s retail segment occupies 28% of its commercial portfolio. The group operates five core retail properties, along with four commercial properties having a retail component, which houses a total of 426 tenants. As to trade, 36% of such are in F&B.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg