ERA Daily Research - 21 May

S'pore landlords step up to help retail tenants but sector still needs more rental support

The Straits Times, 20 May 2021, Thu      

By Grace Leong  

Corporate landlords have been stepping up to help hard-pressed retail tenants amid new Covid-19 curbs that are keeping shoppers out of the malls.

At least five mall operators have pledged to help tenants hit by the stricter measures imposed on May 16 and due to end on June 13.

But some observers say the struggling retail sector needs more meaningful rental relief from landlords and the Government.

Some members in the Singapore Tenants United For Fairness group said the situation is so dire that it may be better if the country entered another circuit breaker or partial lockdown as this may trigger the kind of support measures implemented last year.

At the time, rental rebates and the Jobs Support Scheme (JSS) kicked in to rescue many firms from collapse.

Food and beverage (F&B) operators are getting some reprieve. While dining out is banned under the latest restrictions, the Government will increase the JSS support rate to 50 per cent of the first $4,600 of gross monthly wages paid to local employees for this period. This is up from the 10 per cent support for wages paid up to June.

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Strata office floor at GB Building going for $10 mil

Edgeprop, 21 May 2021, Thu     

By Valerie Kor

A 5,209 sq ft office space on the 12th floor of GB Building will be put up for auction exclusively by Edmund Tie on May 25 with an opening price of $10 million ($1,919 psf). It is a bank sale. (See: Two strata office floors at GB Building on Cecil Street for sale)

The space consists of four amalgamated offices. “It offers views of the city and has a rectangular layout, with a general office space, meeting rooms, pantry and separate men and ladies toilets,” says Joy Tan, head of auction at Edmund Tie.

GB Building is located at 143 Cecil Street, at the junction of Cecil Street and McCallum Street. The 26-storey building comprises a three-storey retail podium and a 23-storey office tower with a three-level basement car park that can accommodate 105 vehicles. It is a 99-year leasehold development with effect from 1982.

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