CapitaLand's response to Restaurant Association of Singapore's statement on 1 March 2020

CapitaLand strongly believes in building long-term partnerships with our shopping mall tenants, who are our closest business partners in a sustainable retail ecosystem. In response to COVID-19, we remain committed to implement the support package for our shopping mall tenants in Singapore.

Singapore, 2 March 2020 – We refer to the statement issued by the Restaurant Association of Singapore on 1 March 2020.

Mr Jason Leow, President, Singapore & International, CapitaLand Group, said: "CapitaLand strongly believes in building long-term partnerships with our shopping mall tenants, who are our closest business partners in a sustainable retail ecosystem.  In response to COVID-19, we remain committed to implement the support package for our shopping mall tenants in Singapore, as communicated in our media statement jointly issued with Restaurant Association of Singapore (RAS) and Singapore Retailers Association on 24 February 2020.  It is unfortunate that the entire relief package has not been fully comprehended by RAS, despite our ongoing engagements.

As COVID-19 has impacted different malls and trade categories by varying degrees, rental relief will be disbursed to tenants in a targeted manner.  CapitaLand will offer various forms of support which may include flexible rental payments and a one-time rental rebate of up to half-a-month for eligible tenants.

While we are in the process of reviewing our portfolio of 3,500 leases, we have assured our tenants that they do not have to worry about their rents for March 2020.  Rents for March 2020 will be offset against a month of their security deposits.

Communication with individual tenants on their relief package is ongoing.  As an interim relief, we have granted rental rebates of 20% to 30% over two months to eligible tenants in our downtown malls, which have been more affected by COVID-19.  We aim to complete reviewing all our leases by this month.  By which time, tenants will be informed of their respective rental relief packages.

We will continue to engage our tenants closely and stand prepared to do more should the situation require.  Our various promotions since 14 February 2020 have shown positive results in bringing customers back to our malls.  We will continue to monitor the situation closely and help our tenants to do more sales, while implementing rental relief measures to ease their cashflows.

It takes all stakeholders to work collectively towards a sustainable retail ecosystem.  CapitaLand has kept and will continue to keep our channels of communication open."

It takes all stakeholders to work collectively towards a sustainable retail ecosystem.  CapitaLand has kept and will continue to keep our channels of communication open.In addition, to ease cashflows for all its mall tenants, CapitaLand will release one month security deposit to offset rental payments for the month of March 2020.As COVID-19 has impacted different malls and trade categories by varying degrees, CapitaLand’s rental relief will be disbursed to retailers in a targeted manner, based on their individual needs and circumstances.  Customised measures may include a review of security deposits, restructuring of rental payments and rental rebates to ease retailers’ cashflow.  As COVID-19 has impacted different malls and trade categories by varying degrees, CapitaLand’s rental relief will be disbursed to retailers in a targeted manner, based on their individual needs and circumstances.  Customised measures may include a review of security deposits, restructuring of rental payments and rental rebates to ease retailers’ cashflow.  CapitaLand is offering additional support, including rental relief, for its Singapore retail partners affected by COVID-19.  These measures will be on top of Budget 2020 measures unveiled yesterday, as well as the S$10 million marketing assistance programme set up by CapitaLand last week.  

 

As COVID-19 has impacted different malls and trade categories by varying degrees, CapitaLand’s rental relief will be disbursed to retailers in a targeted manner, based on their individual needs and circumstances.  Customised measures may include a review of security deposits, restructuring of rental payments and rental rebates to ease retailers’ cashflow.