With Singapore returning to Phase 2 (Heightened Alert) from July 22 to Aug 18, City Developments Limited (CDL) is again extending rental, operational and marketing support to its affected tenants, which number close to 400.
According to CDL, 35.2% of these tenants are in the food and beverage business.
In addition, CDL will continue to provide rent restructuring to selected tenants whose businesses are still badly affected, as well as rental payment flexibility for those facing severe cash flow issues, says the company in a press release on July 21.
“Close to 90% of CDL’s retail tenants have received rental assistance. With over $40 million in property tax and rental rebates to tenants in Singapore and overseas committed since the beginning of the pandemic last year, CDL is monitoring the situation and continues to work closely with our tenants during this challenging period,” says CDL.
In Singapore’s earlier Phase 2 (Heightened Alert) from May 16 to June 13, CDL provided rental waivers for tenants under mandated closure and those that could not operate online within the period.
CDL’s Singapore retail segment accounts for 34% of its commercial portfolio net lettable area. CDL has five core retail properties: City Square Mall, Palais Renaissance, Quayside Isle, Central Mall and Waterfront Plaza.
The company also has eight retail properties where the Group owns strata-titled units: City Plaza, Delfi Orchard, Tanglin Shopping Centre, The Venue Shoppes, Fortune Centre, The Arcade, Golden Mile Complex and Katong Shopping Centre.
It also has four commercial properties with a retail component: Republic Plaza, King’s Centre, City House and Tampines Concourse.
To encourage tenants to utilise CDL eMall, CDL’s online retail and F&B sales and delivery platform for its malls, CDL will be absorbing all onboarding costs and commissions, as well as all delivery charges, until end-August 2021.
Photo: Bloomberg
