Keppel REIT's Ocean Financial Centre, in which a stake was sold to Allianz Real Estate in 2018. (Photo: REITsWeek)

Keppel REIT will pass on the full property tax rebate announced in the Singapore Government’s Resilience Budget of 30% to its tenants.

This includes its office tenants at Ocean Financial Centre, in which the REIT owns a 79.9% interest, as well as Marina Bay Financial Centre and One Raffles Quay, both of which the REIT has a one-third stake in.

Meanwhile, for their retail tenants in Singapore, Keppel REIT will fully pass on the 100% property tax rebate savings over April and May 2020.

In addition, up to 30% of rental rebates will also be provided to eligible retail tenants in May and June 2020 to tide them through this difficult period, said the REIT.

These are in addition to the measures that were rolled out in March 2020, which include the utilisation of one month’s security deposit to offset rent payment and the deferment of rent payment within the month for eligible retail tenants, as well as flexible operating hours.

In Keppel REIT’s overseas markets, support measures in line with the relevant government or city advisories issued will also be extended to the tenants at their properties.

Further details will be communicated to their tenants directly.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.