SINGAPORE (EDGEPROP) - UOL Group and its subsidiary United Industrial Corp say that their retail tenants will receive additional rental rebates from this month until July this year. The group says this move will result in a relief package of more than $50 million for its retail tenants, including property tax rebates of about $16 million from the government.
The group’s retail malls include United Square, Velocity@Novena Square, Kinex, Marina Square shopping mall, West Mall, New Park Shopping Arcade, as well as other retail premises within Odeon Towers and Clifford Centre.
“In this crisis, all business sectors are badly affected. No one is spared. As such, we are committed to stand alongside our valued partners to keep businesses viable,” says Jesline Goh, UOL chief investment and asset officer.
Rental waivers have already been granted to all eligible tenants that have been mandated to, or which choose to, close from March 27 or April 7 till the end of May. Only about 25% of the group’s retail tenants are still operating.
Tenants that are still operating will receive waivers on the fixed component of their rent, and their variable rent will be based on their gross turnover beginning from the introduction of the “circuit breaker” measures till the end of May. In addition, eligible tenants will receive 50% rental rebates for June and July.
Goh adds: “As Covid-19 evolves, we expect the recovery to be in phases. It is therefore important for all stakeholders to continue to work together to ride through this unprecedented crisis.”
For price trends, recent transactions, other project info, check out these projects' research page: United Square, Velocity @ Novena Square, Marina Square, West Mall, Odeon Towers and Clifford Centre
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