ENTERING RECOVERY PHASE

Rental Relief law provides relief to SME tenants affected by COVID-19.

UPDATES

  • The Rental Relief law (rental relief framework provided under the COVID-19 (Temporary Measures) (Amendment) Act) was passed in Parliament on 5 June 2020. The rental relief supports SMEs with ≤$100 million in annual revenue reported in the Year of Assessment 2019 (2 months rental waiver for qualifying commercial properties and 1 month rental waiver for industrial/office properties) and this includes sub-tenants and licensees.
  • Additional Rental Relief is applied to tenant-occupier who (a) have suffered ≥ 35% drop in average monthly revenue on an outlet level from April to May 2020, compared to April to May 2019; and (b) are SMEs at the group level (≤$100 million revenue based on the latest available accounts) (2 months rental waiver for qualifying commercial properties and 1 month rental waiver for industrial/office properties).
  • The Rental Relief law aims to support rental payments in the period of April to July 2020.
  • From end-July 2020, a notice of cash grant will be issued to qualifying property owners. With the issuance of notice the rental is considered as waived.