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UOL has granted rental waivers to all eligible tenants that were mandated or that opted to close from 27 March or 7 April till end May.
Aside from the rental rebates received in March and April, retail tenants of UOL Group and its subsidiary United Industrial Corporation (UIC) will receive additional rental rebates in May until July.
This will bring the total relief package for such tenants to over $50 million, inclusive of the $16 million property tax rebate from the government.
In a statement released on Monday (4 May), UOL revealed that they have granted rental waivers to all eligible tenants that were mandated or that opted to close from 27 March or 7 April till end May.
Tenants that continue to operate, which make up around 25% of its retail tenants, will enjoy waivers on the fixed component of their rent while being charged only variable rent based on their gross turnover from the start of the circuit breaker period till end-May.
Moreover, eligible tenants will also receive 50% rental rebates for June and July.
“We are thankful for the various measures implemented by the government and its agencies to support the economy and industry. In this crisis, all business sectors are badly affected. No one is spared. As such, we are committed to stand alongside our valued partners to keep businesses viable,” said UOL Chief Investment and Asset Officer Jesline Goh.
From 7 April to 1 June, all non-essential businesses within the properties of UOL Group have closed, while those offering essential services remained open, in view of the extended circuit breaker measures of the government.
With this, UOL executed a comprehensive range of precautionary measures, which include temperature checking, frequent cleaning of public areas and implementation of safe-distancing measures, across its commercial property portfolio.
“Landlords are committed to providing a safe environment for their shoppers, tenants and employees, and are putting their best foot forward to enforce safe distancing and abide by other safety measures. As COVID-19 evolves, we expect the recovery to be in phases. It is therefore important for all stakeholders to continue to work together to ride through this unprecedented crisis,” added Goh.
UOL’s retail malls include Velocity@Novena Square, United Square, Marina Square shopping mall, KINEX, West Mall, New Park Shopping Arcade as well as other retail premises in Odeon Towers and Clifford Centre.
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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