UOL extends 50% rental rebates to eligible tenants for June-July

The group will reportedly grant over $50m in total relief package for its retail tenants.

UOL Group Limited and its subsidiary United Industrial Corporation will give out 50% rental rebates for its eligible tenants for the months of June and July, the group announced.

Also readUOL's net profit grew 14% to $478.82m in FY2019

Combined with the rental rebates the group has given out since March, the total relief package has reached more than $50m for its retail tenants, the group said. This is inclusive of property tax rebates of about $16m from the government.

Rental waivers have been granted to all eligible tenants who were mandated or who chose to close due to the ‘circuit breaker’ measures commencing either 27 March or 7 April until end-May.

Tenants that are still operating, which account for approximately 25% of retail tenants, will receive waivers on the fixed component of their rent and charged only variable rental based on their gross turnover from commencement of the circuit breaker period until end-May.

UOL Group’s retail malls include United Square, Velocity@Novena Square, KINEX, Marina Square shopping mall, West Mall, New Park Shopping Arcade and other retail premises within Odeon Towers and Clifford Centre. 

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The partnerships aim to improve care delivery and patient outcomes.
The KoolLogix cooling system for data centres uses passive heat extraction and removal.
This is the first-of-its-kind collaboration between an index provider and an airport group.
The new initiative is targeted towards offering greater savings and flexibility.
Mapletree Logistics Trust was seen with the most growth.
Flexibility, specificity, and customer-centred approaches prove to be the edge in today’s enterprise application software companies.
The list is from Investigoal, which gave Singapore a score of 8. 
It won't push through with the acquisition of the majority of stake in a Vietnam property firm.
DBS Country Head Shee Tse Koon has apologised for the disruptions.
Only two in five Singaporean internet users are aware of NFTs.
October postings were up by 76% from February 2021.
Three of the four initiatives were spearheaded by Enterprise Singapore.
The agreement comprises two payments.
MTI cited four downside risks that will affect the economy's growth next year.