Singapore’s CapitaLand is offering rental relief to retailers at its shopping malls that have been affected by coronavirus.
The support will be provided to the most affected retailers in its 3,500 stores at major shopping centres, including Raffles City and Bugis+ (pictured).
CapitaLand said this could include rebates, restructuring of rental payment and a review of security deposits.
The news follows the listed real estate group’s announcement that stores will be allowed to close early and a S$10m (£5.5m) marketing package with vouchers, cashback incentives and free parking provided to boost consumer spending.
Shoppers are also having their temperature taken, where necessary, with many prohibited from entering.
CapitaLand Singapore & International president Jason Leow said: “In the face of COVID-19, we have drawn up a comprehensive support package for our retailers, which include immediate relief to operating costs and marketing initiatives to boost retail sales.”
Chris Chong, managing director for retail at CapitaLand Singapore, added: “While business at our downtown malls has been affected by lower tourist arrivals, the performance of our suburban malls has been more resilient.”
According to the ministry of health, as of 18 February there have been 81 confirmed cases of COVID-19, with a further 1,051 negative tests and 28 cases pending test results.
The company owns 188 properties in Singapore, with 112 business parks, 20 developments, 19 retail assets, 15 hotels and 11 commercial properties.
In January, CapitaLand introduced a number of defences in line with ministry guidelines, with increased cleaning and disinfecting as well as isolation rooms for suspected cases.
Visitors to its business parks and commercial sites, including hotels, must have their temperatures taken and provide health and travel declarations.
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