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The additional rebates brings the total amount of rental rebates that the REIT has and will disburse to $18.1 million.
With the extension of the circuit breaker measures to 1 June, the manager of Starhill Global REIT announced that it will disburse $4.4 million worth in additional rebates to eligible office and retail tenants in Singapore.
To be rolled out in phases, the additional rebates brings the total amount of rental rebates that the REIT has and will disburse to $18.1 million, which includes the property tax rebates coming from the Singapore government.
“In view of the extension of the ‘circuit breaker’ measure to 1 June 2020, we have extended additional rental assistance to share the burden faced by our tenants,” said Ho Sing, CEO of Starhill Global REIT’s manager.
“We will continue to work together with our tenants and the authorities to navigate through this difficult period.”
The portfolio of the group is characterised by quality master retail leases within Singapore and Malaysia, which account for around 33.4% of its revenue in the third quarter of FY2019/2020. Its office portfolio make up 14.8% of revenue during the same period.
Meanwhile, the portfolio’s weighted average lease expiry by gross rents stood at 5.7 years as at 31 March 2020.
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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