MERCATUS REAFFIRMS SUPPORT FOR RETAIL TENANTS
11 June 2020
As Singapore reopens in a phased approach, Mercatus remains committed to helping all our tenants navigate through these difficult times. We are fully supportive of the initiatives in the Fortitude Budget to address the business challenges brought about by the COVID-19 situation. SME retail tenants within our properties 1 can look forward to rental relief which will equate to a total of four months of base rents, made up of the government’s property tax rebates, government cash grants and reliefs funded by Mercatus (inclusive of reliefs already disbursed prior to the announcement of the Fortitude Budget).
Since March 2020, we have extended rent relief to retail tenants in our properties totalling S$37 million inclusive of the value of property tax rebates. This represents committed rent relief of up to three months’ of rents or more to most of our retail tenants. With the view to continue to provide targeted assistance and relief packages to the tenants in our properties, we will also be waiving interest for outstanding rent payments from 1 February until 31 October 2020.
Since the onset of the COVID-19 outbreak, we have implemented precautionary measures at our malls and offices to ensure the safety and well-being of our shoppers and visitors. At the malls, along with increased disinfection of the common areas, enhanced safe distancing measures where reasonably practicable, we have also implemented temperature screening for all shoppers and visitors at Jurong Point and AMK Hub. The SafeEntry system has also been deployed at our malls for contact tracing purposes.
Additional precautionary measures include:
- Providing hand sanitisers at high traffic areas, entry and exit points, lift lobbies and Customer Service counters
- Limiting the number of shoppers within the mall through monitoring at the entry and exit points of the mall
- Ensuring all shoppers wear masks and adhere to social distancing measures in the mall
- Stepping up frequent disinfection of the mall throughout the day
- Working closely with tenants to ensure thorough disinfection within their premises
The safety and well-being of shoppers, visitors and our employees remain of utmost importance to us.
As the Covid-19 pandemic continues to evolve and impact our businesses, our commitment to our stakeholders remains unwavering. We stand in partnership with our tenants, lending them the support they need, within our capability, to keep their businesses viable.
1 AMK Hub, Jurong Point, Swing By @ Thomson Plaza, One Marina Boulevard and Strata Shop Units