CapitaLand and CMMT introduce support measures for retailers in Malaysia

CapitaLand and CapitaLand Malaysia Mall Trust announced a series of support measures for more than 1,800 stores across all seven CapitaLand malls in Malaysia.

Kuala Lumpur, 2 March 2020 – CapitaLand and its sponsored real estate investment trust CapitaLand Malaysia Mall Trust (CMMT) today announced a series of support measures for retail partners across all seven CapitaLand malls1 in Malaysia. Tenants operating more than 1,800 stores across these malls will benefit from these measures.

Ms Fern Tan, General Manager, Retail Management, CapitaLand Malaysia, said: “As a proactive shopping mall operator, we are committed to helping our retailers to succeed. This is key to building resilience in our retail ecosystem and ensuring long-term sustainable growth for the company. In light of COVID-19, we will be implementing a series of measures to help alleviate the operating pressures of our retail partners and help them do more sales. While COVID-19 has remained under control in Malaysia, we will continue to monitor the situation and remain committed to offer more support should the need arise.”

In response to the stimulus package announced by the Malaysian Government on 27 February 2020, CapitaLand will pass on the full 15% discount on monthly electricity bills to its mall tenants.

Gurney Plaza

Over the next six months, CapitaLand will roll out initiatives to boost shopper spending. Throughout March 2020, shoppers at CapitaLand malls in Malaysia will enjoy free weekday parking2 during lunch hours. Cashback promotions for shoppers will be carried out to boost spending. CapitaLand will also organise training workshops to help upskill tenants’ employees in preparation for the eventual recovery.

Ms Low Peck Chen, CEO of CapitaLand Malaysia Mall REIT Management Sdn. Bhd., the manager of CMMT, said: “CMMT is supportive of CapitaLand’s measures to assist our retail partners. In view that the COVID-19 situation remains fluid, we will continue to monitor the developments closely. We stand prepared to step up support for our retail partners if the outbreak deepens.

Notes:

1 The seven malls comprise five owned by CMMT – Gurney Plaza in Penang, a majority interest in Sungei Wang in Kuala Lumpur, 3 Damansara in Petaling Jaya, The Mines in Seri Kembangan and East Coast Mall in Kuantan; Queensbay Mall in Penang and Melawati Mall in Taman Melawati.

2 More info at the respective shopping malls’ websites and social media platforms.

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