CapitaLand, CMMT introduce support measures for retailers

KUALA LUMPUR: Singapore-based CapitaLand Ltd and its sponsored Malaysian-listed real estate investment trust (REIT) CapitaLand Malaysia Mall Trust (CMMT) yesterday announced support measures for retail partners across all seven CapitaLand malls in Malaysia.

The malls include five owned by CMMT — Gurney Plaza in Penang, Sungei Wang here, 3 Damansara (formerly Tropicana) in Petaling Jaya, The Mines in Seri Kembangan and East Coast Mall in Kuantan — as well as Queensbay Mall in Penang and Melawati Mall here.

Together, the seven malls have tenants operating more than 1,800 stores, said CapitaLand Malaysia Mall REIT Management Sdn Bhd (CMRM), the manager of CMMT, in a statement.

“As a proactive mall operator, we are committed to helping our retailers to succeed,” said CMRM retail management general manager Fern Tan.

“This is key to building resilience in our retail ecosystem and ensuring a long-term sustainable growth for the company. In light of Covid-19, we will be implementing measures to help alleviate our retail partners’ operating pressures and help them generate more sales,” she said in the statement.

The statement also said in response to the stimulus package announced by the Malaysian government on Feb 27, CapitaLand will pass the full 15% discount on monthly electricity bills to its mall tenants and roll out initiatives to boost shoppers’ spending over the next six months.