BLand waives rental for retail tenants in four complexes

Berjaya Land Bhd (BLand) will waive the rental for the retail tenants at its commercial complexes in Kuala Lumpur and Pahang from 18 March to 14 April, following the Movement Control Order (MCO) implemented by the government to curb the spread of the Covid-19 virus.

The four complexes – managed by BLand’s property investment division – are Plaza Berjaya, Wisma Cosway and Kota Raya Complex, all in Kuala Lumpur, and Berjaya Megamall in Kuantan, Pahang.

BLand chief executive officer Syed Ali Shahul Hameed said the waiver of rental and service charges for the four-week duration is to alleviate the tenants’ financial worries and help them to sustain their businesses through this unprecedented and challenging time.

Syed Ali said as a group with diverse business interests in Malaysia and in several countries around the world, it is also not spared the negative impact of Covid-19.

“The group empathises with and understands the hardship currently faced by the retail tenants at our complexes. Being forced to close or to be open for limited hours during the MCO will have a considerable impact on the cash flow and revenue of these retail businesses,” he said in a statement.

Businesses throughout the country have been greatly affected by the implementation of the MCO as they cannot operate fully during this period.

Berjaya Times Square Sdn Bhd (BTSSB) said it is also waiving the rent for all its tenants at Berjaya Times Square from March 18 to April 14.

In a statement, BTSSB said it will be a full base rental waiver and that it is done to support the long-term business sustainability of its tenants.

“BTSSB hopes this will ease all its valued tenants’ economic burden during this crisis and together they can overcome these challenging times,” it said.

Berjaya Times Square has been partially closed, with only essential establishments allowed to operate, in line with the government’s rules and regulations during this period.

The mall and indoor theme park operator said that it recognises and understands the challenges all retail businesses are facing in maintaining their operations in this current economic environment.

“As none is spared from the crisis, BTSSB is willing to take the hit and give full support to all its tenants for this period,” it said.

The MCO, which was supposed to end on April 14, has been further extended to April 28.

Source: NST