Yesterday, a 15-percent rent rebate was announced to be given by Sentosa Development Corporation to its tenants.
This move will be benefiting 47 tenants, who are managing beach pubs, attractions, retail outlets, food and beverage, as well as other businesses, like bicycle hire kiosks. It will be backdated to January 1 and effective until the end of this year.
Tenants are expected to receive no less than $180 to $3,000 every month. There is approximately 80 percent of tenants all over the island that are to receive rebates, while the remaining 20 percent are not entitled of the Sentosa’s rebate as property tax rebate of the government will be distributed among them. These 20 percent pay property tax directly to the authorities. The government announced in January that owners of commercial and industrial property will receive a 40-percent tax rebate for the current year.
According to Sentosa, during the Sars outbreak six years ago, and the previous economic downturn in 1997 to 1998, they had formulated similar measures so as to aid their tenants. Sentosa, together with other agencies in the government – like JTC Corporation, Housing and Development Board, National Environment Agency, and Singapore Land Authority – presented a 15-percent rent rebate to all of its tenants.
“Sentosa is channelling the savings we will get from the government’s property tax rebates back to our island partners,” stated Sentosa Development Corporation’s chief executive, Mike Barclay.
“These rebates are consistent with our wider objective of working with our island partners to create irresistible value for all guests visiting Sentosa,” he added.
Sentosa is also set to lead a number of marketing and sales and campaigns for its tenants for the next months.