Last Updated on 2020-03-07 , 3:13 pm
Earlier this week, CapitaLand was called out by the Restaurant Association of Singapore (RAS).
RAS said that many landlords had been dragging their feet when it came to providing promised rental rebates.
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They singled out CapitaLand for promising rental rebates of 50 per cent but giving F&B outlets less than that.
In other words, they said that CapitaLand went back on their word.
Even Trade and Industry Minister Chan Chun Sing had something to say about the matter, though he was a little more subtle about it.
Citing RAS’s criticism of landlords, Minister Chan said that while some have “proactively gone out of their way to share the rebates with their tenants, others are “still taking a bit of time to roll out their packages”.
“It would be very short-sighted for landlords to try to stinge and save a bit here and there, instead of passing on some of the benefits to their tenants”, he added.
CapitaLand:
Okay, kidding, they didn’t say that.
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But They Did Take Action After
In response, CapitaLand president for Singapore and international business Jason Leow said it was “unfortunate that the entire relief package has not been fully comprehended by RAS, despite our ongoing engagements”.
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Well, either the criticism worked or CapitaLand magically became more sympathetic to the plight of their F&B establishments, because the mall operator will be giving out those rental rebates after all.
CapitaLand Giving Rebates To 1,000 TenantsÂ
CapitaLand will be giving 1,000 tenants rental rebates over two months to help them survive the dip in sales due to the Covid-19 outbreak.
But why the sudden change?
CapitaLand said it had reviewed February sales and footfall data and decided to grant a 50% rebate on the fixed components of their one-month gross rent.
The 50% rental rebate will be disbursed in two portions of 25 per cent in April and May.
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The mall operator also assured tenants that it would be handing over the full amount of savings from the 15 per cent property tax rebate provided by the Government once the rebate has been received.
Businesses affected by Covid-19 outbreak
As you know, many businesses have been affected by the coronavirus outbreak, with some establishments experiencing a drop in revenue of about 50 per cent.
That’s why CapitaLand, and five other landlords including Changi Airport Group and National Parks Board, have confirmed rental rebates for tenants.
CapitaLand has now followed through on their promise and RAS president Vincent Tan has urged other landlords to do the same.
“CapitaLand’s move to reach out to some 1,000 of its tenants (on Wednesday) is an appreciated gesture in helping tenants keep their operations going and saving the livelihoods of their employees.”
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Ah, so the RAS and CapitaLand are friends again, and all is right with the world.
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