City Developments to commit $17m in rebates

City Developments to commit $17m in rebates

Singapore Business Review (SBR)·357 views·2020-04-07 11:00

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Tenants to get full rental rebates in April, 50% in May.

City Developments Limited (CDL) is committing more than $17m in property tax and rental rebates, an announcement revealed. The move is to help its tenants tide over the COVID-19 outbreak.

The amount includes the full quantum of the government's enhanced property tax rebates which will be passed on to CDL's tenants. These enhanced rebates comprise 100% property tax rebate for qualifying commercial properties and 30% for businesses in other non-residential properties.

CDL also disbursed rental rebates to qualifying retail tenants in March and will continue to provide rental rebates of 100% in April and 50% in May.Further support packages may be rolled out steadily.

All non-essential businesses within CDL buildings will be closed from 7 April to 4 May in line with the Singapore government's stricter "circuit breaker" safe-distancing measures.

Meanwhile, some CDL buildings will remain open from 7 April to 4 May to facilitate the continued operations of businesses or stores offering essential services.  

Singapore Finance

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