CMT hands out rental waivers to SME tenants

Non-qualifying SME tenants will also receive an assistance package.

CapitaLand Mall Trust (CMT) will grant rental waivers for June to their SME tenants, pursuant to the passing of the COVID-19 (Temporary Measures) Amendment Bill, an SGX filing revealed.

The rental waivers granted to date will form part of government-mandated support, subject to notification by the Inland Revenue Authority of Singapore as to the eligibility of such tenants, as well as fulfilment of such other criteria as may be prescribed under the Bill.

Furthermore, in view of the phased approach towards safe reopening of businesses post-circuit breaker, CMT also expects to provide additional rental relief of up to one month of rental or other forms of rental assistance for June, as may be necessary for non-qualifying SME tenants with businesses that are restricted from operating or which are otherwise materially affected by COVID-19. 

This assistance package complements any government-assisted rental relief for such SMEs.

“As the COVID-19 situation continues to evolve, the extent of the impact of COVID-19, the COVID19 related regulatory measures as a whole and the provision for the aforementioned rental assistance on CMT’s financial performance and operations for the current financial year cannot be ascertained at this stage,” CMT said.