CapitaLand to implement support measures for Malaysian retailers

CapitaLand and its sponsored real estate investment trust CapitaLand Malaysia Mall Trust (CMMT) is implementing a series of support measures for retail partners across the seven CapitaLand malls in Malaysia amidst the COVID-19 outbreak. 

Over the next six months, CapitaLand will roll out initiatives to boost shopper spending, including cashback promotions. Throughout March 2020, shoppers at CapitaLand malls in Malaysia will enjoy free weekday parking during lunch hours. The mall is also passing on the full 15% discount on monthly electricity bills to its mall tenants. Training workshops will also be organised to help upskill tenants’ employees in preparation for the eventual recovery.

The seven malls are based in Penang, Kuala Lumpur, Petaling Jaya, Seri Kembangan, Kuantan and Taman Melawati. Since January this year, CapitaLand has put in place precautionary measures at its properties, including increasing the frequency of cleaning and disinfecting, focusing on key touchpoints in the malls' common areas. A+M has reached out to CapitaLand for additional information on its support measures.

Fern Tan, GM, retail management, CapitaLand Malaysia, said while COVID-19 has remained under control in Malaysia, it will continue to monitor the situation and remain committed to offer more support should the need arise.

CMMT is a shopping mall-focused real estate investment trust that invests in income-producing real estate which is primarily used for retail purposes in Malaysia. It is managed by CapitaLand Malaysia Mall REIT Management, a joint venture between Singapore's CapitaLand and Malaysian Industrial Development Finance.

The support measures come shortly after the Malaysian government recently announced a RM20 billion stimulus package to mitigate the impact of COVID-19. The stimulus package also includes a RM500 million budget for digital vouchers for domestic tourism. 

In Singapore, the real estate company recently implemented a SG$10 million marketing initiative to support retail partners through the challenges brought on by the coronavirus (COVID-19). The marketing assistance programme will be used to support both retailer-driven promotions and mall-wide marketing initiatives. These include complimentary booking of atrium spaces for retailers and free parking for shoppers during lunch or dinner hours.

Earlier this year, it also shut four of its malls in Wuhan and both of its malls in Xi'an. However, the supermarkets in CapitaMall Westgate, Wuhan and CapitaMall Xindicheng, Xi’an remained open to ensure the supply of food and daily essentials to the local communities.

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