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| RENTAL REBATES |
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| BACKGROUND |
| Since 1998, the Government has been granting rental
relief measures to enable businesses to tide over the economic
slowdown. Additional relief measures were introduced in 2001 and the
rebates were extended on several occasions. Todate, the Government
had granted rental rebates amounting to a total of $2.4 billion. As
these measures are temporary relief, they are not meant to be
permanent features and will have to end when the economy recovers. |
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| FOR INDUSTRIAL TENANCIES : |
| EXTENSION OF HALF OF EXISTING REBATES FOR JAN 2005 -
JUN 2005 |
| The economy has shown clear signs of recovery from 3Q
2003 onwards with 11.7% growth in 2Q 2004. To ensure that the
recovery had filtered down to most sectors, the rebates which were
supposed to end on 30 Jun 04 were extended for another six months to
HDB's commercial and industrial tenants in July 2004. The economy is
now expected to grow by 8% to 8.5% for most sectors for the whole of
Year 2004. To help our customers adjust to the withdrawal of rental
rebates, HDB will continue to grant half of the existing rebates for
the six-month period from 1 Jan 2005 to 30 Jun 2005. The rebates
will be fully phased out from 1 Jul 2005. This was announced on 22
Dec 2004. |
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| FOR INDUSTRIAL LAND LEASES: |
| REDUCTION OF POSTED LAND RENT FROM JAN 2005 |
| In its move to make Singapore more competitive, JTC has
reduced its 2005 posted land rents and will adjust its contracted
rents down to the new posted levels wef Jan 2005. In line with JTC,
HDB will similarly adjust its contracted rents for the industrial
land leases under its management. With the economic recovery
underway, rebates for both JTC's and HDB's lessees will be withdrawn
when they expire on 31 Dec 2004. This was announced on 22 Dec 2004. |
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Last updated on 15/01/2008
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