SPH REIT will be granting full rental waiver for two months - April and May 2020.
The waiver will be granted to eligible non-trading retail and medical tenants that are not able to operate during the so-called ‘circuit breaker’ period.
Together with the rental rebates granted in February and March, the total rebates average 2.3 months and are fully funded by SPH REIT.
Additionally, SPH REIT will fully pass on the enhanced property tax rebates announced by the government in March 2020 to its tenants.
Qualifying retail and medical tenants’ rebate is 100% of the property tax payable.
This is equivalent to slightly more than 1 month’s rental.
Qualifying office tenants’ rebate is 30% of the property tax payable.
To support its tenants operating during the circuit breaker period, the majority of the retail tenants will receive rental relief and will pay rent based on service charge and a percentage of their sales, said the REIT.