04 March 2020
MERCATUS ROLLS OUT ASSISTANCE PACKAGE AND OTHER INITIATIVES TO SUPPORT ITS MALL RETAIL TENANTS AMID COVID-19 OUTBREAK
Mercatus will be rolling out a tenant assistance programme, over and above a series of initiatives already implemented, to help its retail tenants across its portfolio cope with the effects of the Coronavirus Disease 2019 (COVID-19) outbreak. The main element of this assistance programme is the grant of rental assistance to eligible retail tenants at Jurong Point, AMK Hub, Swing By @ Thomson Plaza, One Marina Boulevard and its other strata properties.
The rental assistance, together with the passing on of the property tax rebates when received from the Government on qualifying commercial properties, will directly benefit Mercatus’ retail tenants to help them defray costs and safeguard jobs. As tenants are impacted by the current situation to varying degrees, rental assistance will be offered in a targeted manner to eligible tenants. Mercatus will be reaching out to the tenants within the month of March.
In addition to the above direct benefits, Mercatus has, since last month, implemented other initiatives to drive shopper traffic and provide greater operational flexibility to tenants. This includes free parking 1 for shoppers during specified hours to encourage footfall, marketing assistance and initiatives to support more advertising and promotional activities for its mall tenants, and sale of discounted M Mall e-vouchers to encourage spending. Tenants have also been given the flexibility to operate shorter store hours 2 and longer rental payment periods to ease their cashflows. Mercatus will continue to monitor the situation closely and engage with its retail tenants to provide support.
Following the Ministry of Health’s decision to raise the Disease Outbreak Response System Condition (DORSCON) to Orange, Mercatus has introduced additional health and safety measures. Shoppers and tenants at Mercatus malls can be assured that cleaning and disinfecting procedures have been stepped up across all properties while store-level temperature screening is also being undertaken by some tenants. At its commercial property One Marina Boulevard, visitors are required to take their temperature and provide health and travel declarations before they are permitted entry.
1 For Friday, Saturday and Sunday at Jurong Point and AMK Hub. This is in addition to the current free parking during lunch hours at Jurong Point from Monday to Thursday.
2 There is no change to the standard operating hours of 10am to 10 pm for Jurong Point, AMK Hub and Swing By @ Thomson Plaza.