City Developments extends rental relief measures

Tenants will receive more than 2.8 months of gross rental rebates in total.

City Developments Limited (CDL) will provide more rental relief for its retail tenants in Singapore, totalling over $23m in rental and property tax rebates, an announcement revealed. This figure is an upgrade from the $17m prior to this.

A majority of CDL retail tenants will receive more than 2.8 months of gross rental rebates in total, of which an average of two months is fully funded by CDL. The firm is also allowing them to offset rent using part of their security deposit.

CDL assured that the full quantum of the government’s enhanced property tax rebate announced under the Supplementary Budget will be passed on to its tenants. This includes 100% of the property tax rebate for qualifying retail property tenants and 30% for businesses in other non-residential properties such as offices and industrial properties.

With the extension of the circuit breaker, the firm expects 80% of CDL’s retail tenants to temporarily shut down.