Malls waive rental fees for outbreak
published : 27 Mar 2020 at 04:00
newspaper section: Business
Central Pattana Plc, the SET-listed retail developer under Central Group, yesterday announced measures to help tenants at its closed malls.
Preecha Ekkunagul, CPN's president and chief executive, said the company is waiving rent for tenants at shuttered malls and offering discounts on rent of 10-50% for stores that remain open.
Some 3,000 shops at 27 malls will benefit from the waiver.
CPN is also providing pickup and delivery zones at closed malls and preparing a business plan for the return of service once the crisis is over.
"We are confident with complete cooperation from all parties we will overcome this challenge together," Mr Preecha said. "We are ready to support every business to resume normal operations and to help coordinate government aid for all sectors affected during this crisis."
CPN has implemented measures to reduce operating costs and provided guidelines for its team to decrease the impact on the company, he said.
"We will adjust our upcoming project plans and prepare to resume business operations after the situation resolves to ensure the continued growth of the company and a return on investment for our shareholders," Mr Preecha said.
Jittinan Wanglee, managing director of Rangsit Plaza Co, the operator of Future Park Rangsit, said that given the impact from the coronavirus outbreak, the company has waived the rental fee for 1,000 shops at its complex from March 22 to April 12.
Pravit Janyasittikul, chief executive of Phuket Square Co, the operator of Jungceylon mall in Patong beach, said the company cut its rental fee for tenants since the outbreak began and is allowing them to pay late, depending on the type of store.