These include a waiver of gross rental for April 2020 and rent cuts of 15%-25%.
OUE Limited and Commercial Real Estate Investment Trust (OUE C-REIT) has released rental relief measures for retail tenants at Downtown Gallery, Mandarin Gallery, OUE Bayfront, OUE Link and OUE Tower, an announcement revealed.
Measures in place include a waiver of gross rental for April 2020, passing on the property tax rebates in full from the Singapore Government, flexible payment schemes, and a rental reduction of 15% to 25%. These will be reviewed on a MoM basis.
“As landlords we take a long-term view of the relationships we forge with all of our tenants. As such, we are prepared to explore and introduce further rental relief initiatives should the situation call for it,” said Brian Riady, deputy CEO at OUE.
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