SINGAPORE, 26 FEBRUARY 2020
Frasers Property Retail is introducing a Tenant Support Package across Frasers Property Group’s combined retail portfolio of 14 malls1 in Singapore, which includes retail properties held under Frasers Centrepoint Trust as well as retail properties managed by AsiaMalls Management2. The relief measures are aimed at helping tenants overcome the business impact of COVID-19 during this period.
Mr Low Chee Wah, Chief Executive Officer, Frasers Property Retail said: “We are cognisant of the challenges that tenants are facing due to the COVID-19 outbreak, and are actively looking to identify ways we can reduce the pressures they are facing. The Tenant Support Package will help stem the immediate cashflow challenges that tenants might be facing due to sudden and unexpected dip in revenue. Together with wider marketing assistance initiatives to encourage shoppers to visit the malls, we will continue to engage our tenants and actively review initiatives that can help mitigate the impact on our tenants’ businesses. We will monitor the situation closely, and if the situation worsens, we will consider rolling out additional support such as rental reliefs to tenants who are most affected.”
As part of the Tenant Support Package, Frasers Property Retail will be passing on the 15 per cent property tax rebate announced in the Budget 20203 by the Government to all qualifying businesses. Tenants may also convert security deposits paid in cash to Banker’s Guarantees to ease their cashflow challenges on a case-by-case basis.
In addition, tenants have the flexibility for shorter operating hours from 11am to 9pm4. To drive shopper traffic and to help tenants increase sales, initiatives rolled out include daily complimentary lunch time parking between 12pm and 2pm, and 6pm and 10pm daily, and marketing initiatives targeted at both tenants and shoppers.
Tenants who wish to make use of available atrium spaces to increase sales can book them at reduced atrium rental rates. Marketing assistance will be provided to select tenants to support their sales. Additional support and initiatives will continuously be reviewed for progressive roll-out.
Mr Richard Ng, Chief Executive Officer, Frasers Centrepoint Asset Management Ltd (“FCAM”), the manager of Frasers Centrepoint Trust (“FCT”) said: “FCT fully supports the Tenant Support Package. Our success depends on the sustainable wellbeing of our tenants and their businesses, and we stand firmly behind them during this difficult time.’
1 The 14 malls in Frasers Property Retail’s portfolio include Anchorpoint, Bedok Point, Causeway Point, Changi City Point, Eastpoint Mall, Northpoint City, The Centrepoint, YewTee Point, Waterway Point, as well as five malls under AsiaMalls Management’s portfolio namely Century Square, Hougang Mall, Tiong Bahru Plaza, Tampines 1 and White Sands.
2 Frasers Property Retail announced the acquisition of AsiaMalls Management Pte. Ltd. on 10 February 2020.
3 As announced in the Budget 2020 on 18 February 2020, the government will grant qualifying commercial properties a one-time 15% rebate for property tax payable for the period 1 January 2020 to 31 December 2020.
4 The standard operating hours of all the malls under the Group remain at 10.00 am to 10.00 pm.