Changi Airport rents halved in wake of coronavirus outbreak
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Retailers at Singapore’s Changi Airport will be granted half-cost rents for six months, backdated to February 1 due to the impact on passenger movements resulting from the coronavirus epidemic.
The Changi Airport rents rebate will cover more than 540 retail, F&B and service tenants at the airport who are facing a sharp drop in sales during the outbreak. Retailer operating hours will also be reduced at the airport, optional for those trading landside.
The rent reductions are in addition to rebates that automatically apply when airport traffic is down.
The moves follow a government announcement of a SGD112 million (US$80 million) package for the aviation sector to help protect businesses and jobs at the airport as well as preserve the connectivity of the travel hub. It includes a property tax rebate that the airport is passing on to its shops in full.
Management is holding ongoing discussions on how to further support retail tenants in addition to the Changi Airport rents cut.
Questions & Answers
Q.How long will the reduced rents for retailers at Changi Airport be in effect?
How long will the reduced rents for retailers at Changi Airport be in effect?
The retailers will be granted half-cost rents for six months. This relief measure is backdated to February 1, helping businesses impacted by the drop in passenger movements.
Q.Does the rent reduction apply to all tenants at Changi Airport?
Does the rent reduction apply to all tenants at Changi Airport?
The rent rebate will cover more than 540 retail, F&B, and service tenants operating at the airport. This broad coverage aims to support various businesses facing reduced sales during the outbreak.
Q.Are there any other measures in place to help retailers besides the rent cuts?
Are there any other measures in place to help retailers besides the rent cuts?
Yes, the rent reductions are additional to automatic rebates applied during periods of low airport traffic. The airport is also passing on a property tax rebate in full to its shops.
Q.Are reduced operating hours mandatory for all airport retailers?
Are reduced operating hours mandatory for all airport retailers?
Reduced operating hours will be implemented at the airport. However, this measure is optional for those retailers who are trading landside, offering some flexibility.
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