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With the additional relief, a majority of CDL retail tenants will benefit from over 2.8 months of gross rental rebates.
City Developments Limited (CDL) enhanced its rental relief for its retail tenants in Singapore to over $23 million from $17 million previously, following the government’s decision to extend the ‘circuit breaker’ period until 1 June.
With the additional relief, a majority of CDL retail tenants will benefit from over 2.8 months of gross rental rebates, of which an average of two months is entirely funded by CDL.
Specifically, retail tenants will enjoy 100% rental rebates in April and May, 50% in June and 30% in July.
Aside from the rebates, tenants are also allowed to offset rent by using a portion of their security deposit.
“The full quantum of the government’s enhanced property tax rebate, which was announced under the Supplementary Budget 2020 on 26 March, will be passed on to its tenants. This includes 100% of the property tax rebate for qualifying retail property tenants and 30% for businesses in other non-residential properties such as offices and industrial properties,” it said in a statement released on 28 April.
The ‘circuit breaker’ period’s extension and further tightening of essential services affected about 80% of CDL’s retail tenants.
“During such challenging times, CDL stands united alongside our tenants, and we will strive to support them with their immediate and urgent needs,” said Yvonne Ong, Chief Executive Officer, Commercial of CDL.
As of 31 December 2019, the Singapore retail segment of CDL made up 28% of its commercial portfolio.
CDL has five core retail properties – namely, City Square Mall, Palais Renaissance, Quayside Isle, Central Mall and Waterfront Plaza. It also has eight retail properties, in which it owns strata-titled units as well as an additional four commercial properties with a retail component.
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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