Mall waives rental for shops

By CLARISSA MOI
BUSINESSES operating in the Vision City mega mall in Port Moresby will have their rentals waived to help tenants during the state of emergency, general manager Anderson Ting says.
Ting told The National yesterday that this was the approach taken by the mall to help the shops. The state of emergency is now into its eighth week.
The tenants are sorted into three categories: small-medium enterprise (PNG owned and operated retail business), other retail business including airlines, restaurants, telecommunication, fashion, sports and banking, and clubs including entertainment and gaming retail business which still remain closed.
“Category One will be receiving 100 percent rental waiver for April and May,” he said.
“Category Two will be getting 30 per cent in April and 15 per cent in May and rental rebate which will be summed up and apply equally six months across the board in the form of credit note after the national emergency as most of the tenants have already paid the rental.
“Category Three will be getting 100 per cent rental rebate for both months on the condition they remain in business after the (lockdown period).
“We have taken so long to respond as we are hoping to see in any form, any signs of economic stimulus that we can use to drive some sort of incentives to the tenant. But unfortunately at least up to now, we have not seen anything yet.”
He said the Government was facing its own challenges in national health and various issues “hence we decided to initiate this now or we risk not having any business left in the country to help”. “I hope all landlords in the National Capital District will adopt the same solidarity to aid our retail industry.”