CapitaLand refutes RAS' claims on dented rental relief packages

The company is giving up to 30% in rental rebates for its downtown mall tenants.

CapitaLand is granting rental rebates of 20% to 30% over two months to eligible tenants in its downtown malls on the back of the COVID-19 outbreak, the company said in a press statement.

The response follows an earlier statement issued by the Restaurant Association of Singapore (RAS) calling out CapitaLand, which RAS said only offered 10%-15% rental rebates to F&B operators.

Also read: 60% of F&B businesses are not prepared for COVID-19

The company assured their tenants that they “do not have to worry about their rents for March 2020”, as they are offsetting the month’s rent on their security deposits.

CapitaLand added that it is offering various forms of support which may include flexible rental payments and a one-time rental rebate of up to half-a-month for eligible tenants. The company said that it is currently reviewing 3,500 leases and will inform them of their respective rental relief packages by the end of the month.

“It is unfortunate that the entire relief package has not been fully comprehended by RAS, despite our ongoing engagements,” commented Jason Leow, president, Singapore & International at CapitaLand, on RAS’ statement.

“As an interim relief, we have granted rental rebates of 20% to 30% over two months to eligible tenants in our downtown malls, which have been more affected by COVID-19. We aim to complete reviewing all our leases by this month. By which time, tenants will be informed of their respective rental relief packages,” Leow added.