CapitaLand offers rental relief to COVID-19-affected retailers

This is on top of the $10m marketing assistance programme to retailers.

CapitaLand will be granting a rental relief for its retail partners affected by COVID-19, said in a press release. This is on top of the company’s previous offer of shorter operating hours and the $10m marketing assistance programme for retailers. 

The rental relief will be customised to retailers, targeting individual needs. The relief may include a review of security deposits, restructuring of rental payments and rental rebates to ease retailers’ cash flow.

CapitaLand also plans to pass on the full savings of the government’s property tax rebate to retailers of qualifying commercial properties.

The government announced in the Singapore Budget 2020 that a 15% property tax rebate will be given to qualifying commercial properties. This is in support of food services and retail establishments impacted by COVID-19.