Mapletree Industrial Trust (MIT) has announced a COVID-19 assistance programme worth up to SGD13.7 million.
This is in addition to the approximately SGD10.5 million property tax rebates of 100% and 30% for qualifying commercial premises and non-residential properties respectively.
These rebates, which are part of a Singapore government initiative, are being passed on fully to tenants in MIT’s properties in Singapore.
Under MIT’s assistance programme, a rental rebate of up to 1.5 months of fixed rent will be given to retail tenants at 18 Tai Seng by May 2020.
Industrial canteen operators, including cafeterias and food courts, will be given a rental rebate of one month of net rent in May 2020.
Additional support measures such as a rental rebate of up to 0.5 month of net rent or utilisation of cash security deposits for rents due will be made available to industrial tenants in Singapore based on eligibility criteria, which will be reviewed on a case-by-case basis, said the REIT.
“Under the COVID-19 assistance and relief Programme, rental rebates will be disbursed to tenants in a targeted manner as the impact of COVID-19 on different trade sectors varies”, said MIT.
MIT was last done on the Singapore Exchange at SGD2.20.