CapitaLand's response to the Singapore Government’s enhanced property tax relief
Singapore, 26 March 2020 - In response to the Singapore Government’s enhanced property tax relief, CapitaLand will provide rental rebate of 1.5 months for its shopping mall tenants. This is in addition to the 0.5-month rental rebate for the majority of its tenants announced on 24 February 2020 as well as the release of one-month security deposit to offset rental payments for March 2020.
CapitaLand’s rental rebate for its mall tenants, which includes the enhanced property tax relief, is almost twice the value granted by the Government. Effectively, tenants most affected by COVID-19, including those in the F&B and fashion trades, will have their rents waived for two months, from April to May 2020.
CapitaLand will suspend the rents of tenants that have been ordered by the Ministry of Health to close from 26 March 2020, 2359 hours till at least 30 April 2020. Affected tenants are those that operate bars, leisure and entertainment venues including cinemas, as well as tuition and enrichment centres.