Singapore, 21 July 2021 – With Singapore returning to Phase 2 (Heightened Alert) from 22 July through 18 August 2021, City Developments Limited (CDL) will continue to render necessary support to its tenants as it did previously. This includes providing rental, operational and marketing support to tenants adversely impacted by the stricter measures.
In addition, CDL will continue to provide rent restructuring to selected tenants whose businesses are still badly affected as well as rental payment flexibility for those facing severe cash flow issues. Through adjusting operations and rendering the necessary assistance and support, CDL will continue to help businesses which have been significantly impacted by COVID-19.
To encourage tenants to utilise CDL eMall, CDL’s online retail and F&B sales and delivery platform for its malls which features more than 2,000 offerings from over 40 retailers and F&B outlets, CDL will be absorbing all onboarding costs and commissions as well as all delivery charges up till end August 2021. CDL will also extend the grace period for delivery drivers to 30 minutes at City Square Mall, during Phase 2 (Heightened Alert) from 22 July till end August 2021.
In Singapore’s earlier Phase 2 (Heightened Alert) from 16 May through 13 June 2021, CDL provided targeted rental support, including rental waiver for tenants under mandated closure and who cannot operate online within the period. Close to 90% of CDL’s retail tenants have received rental assistance.
With over S$40 million in property tax and rental rebates to tenants in Singapore and overseas committed since the beginning of the pandemic last year, CDL is monitoring the situation and continues to work closely with our tenants during this challenging period.
CDL’s Singapore retail segment accounts for 34% of its commercial portfolio net lettable area. CDL has five core retail properties1, eight retail properties where the Group owns strata-titled units2 and an additional four commercial properties3 with a retail component, totalling close to 400 tenants. In terms of the trade mix, 35.2% are in F&B.