MAPLETREE Industrial Trust will set aside up to S$13.7 million to cushion the impact of Covid-19 on its tenants in Singapore, over and above the property tax rebates announced by the government, which will be fully passed on to them.
The additional programme is aimed at easing the pressure on tenants from"supply-chain disruptions and falls in business volume as a result of the pandemic", Mapletree said on Wednesday night. Under this package, rental rebates will be disbursed to tenants in a"targeted manner" as the impact of the outbreak varies across different trade sectors.
A rental rebate of up to 1.5 months of fixed rent - comprising base rent, service charges and advertising and promotion fees - will be given to retail tenants at 18 Tai Seng by May. Industrial canteen operators, including cafeterias and food courts, will be given a rental rebate of one month of net rent - which excludes the service charges - in May.