CapitaLand to waive and defer rents for SME tenants

However, CFO Andrew Lim dreads that this will worsen the group’s financial strain.

CapitaLand has pledged to waive and may also defer rent for qualifying small and medium enterprise (SME) tenants in accordance with the amended COVID-19 (Temporary Measures) Bill in Singapore, a press release revealed.

The timing and payment of the rental rebate and any deferral is dependent on the assessment and eligibility of the group’s SME tenants by the authorities.

However, Andrew Lim, group CFO of CapitaLand, admitted that this will further worsen its financial strain and will have an impact on the firm’s financial performance this year.

“We therefore maintain our conviction that the impact of the regulatory intervention be applied objectively, transparently and proportionally, as a shared responsibility across all stakeholders, so that the commercial real estate ecosystem can continue to be competitive locally and internationally after the crisis,” Lim said.