SINGAPORE’s $10 billion property trust Suntec REIT, will waive rents for retail tenants, in line with the city state government’s call to boost support for businesses and protect jobs during the “circuit-breaker” period.
The trust said during the month-long ‘circuit breaker’ from 7 April to 4 May 2020, Suntec City will be waiving the rents of all tenants from 1 April to 30 April 2020.
The waiver is not only for shops that are closed, it will also be extended to tenants providing essential services such as supermarkets, pharmacies, food courts, restaurants and banks.
The trust will also pass on in full the government property tax rebates to all tenants in the month of May, which will amount to approximately another month of rental reduction for most tenants.
Suntec said together with the one-month cash security deposit that mall tenants can use to offset rent, almost all tenants will enjoy cash flow relief equivalent to a total of three months’ rent over this trying period.
Suntec City is one of Singapore’s largest malls with over 360 retail stores and 100 food & beverage outlets across three levels and a basement.
The trust also four assets in Australia, 177 Pacific Hwy In Sydney, 477 Collins St and Southgate Complex in Melbourne and 55 Currie St in Adelaide.