30 Mar 2020
SINGAPORE, 30 MARCH 2020
Frasers Property Singapore and Frasers Commercial Trust are rolling out various measures to offer all tenants at their commercial properties in Singapore1 some form of relief to help ease the business impact of COVID-19.
The full property tax rebates announced in the Singapore Government’s Resilience Budget will be disbursed to tenants. In addition, a one-month rental waiver will be granted to entertainment venues, enrichment centres and tuition centres which are affected by Government-imposed closures announced on 24 March 2020. Furthermore, tenants carrying out businesses which have been more seriously impacted by the COVID-19 situation in Singapore, such as retail as well as food and beverage, will receive additional targeted support measures including rental rebates and the release of security deposits to offset one month’s worth of rental payments.
Mr Koh Teck Chuan, Executive Chairman, Commercial, Development & Residential, Frasers Property Singapore, said “The spread of the COVID-19 outbreak is causing unprecedented impact to businesses and communities, and it is important for us to work hand-in-hand with our tenants to get through this crisis. To help cushion the impact of the situation, we have put together a support package to help alleviate the cashflow challenges faced by tenants during these trying times. We will continue to engage our tenants and work with them closely to navigate through this difficult period.”
Mr Jack Lam, Chief Executive Office of Frasers Commercial Asset Management Ltd., manager of Frasers Commercial Trust, said “We fully support this package. The wellbeing and sustainability of our tenants are important and we will do our best to support them.”
On the operational front, a wide array of precautionary and enhanced cleaning and sanitisation protocols have been implemented across the commercial properties portfolio to help contain the spread of COVID-19. These include safe distancing measures at public spaces and facilities in line with Government advisories.
1 The properties comprise: Frasers Tower, Alexandra Point, 51 Cuppage Road, Valley Point Office Tower and Shopping Centre, and Robertson Walk owned by Frasers Property Limited; and Alexandra Technopark and Cross Street Exchange owned by Frasers Commercial Trust.