Rental Relief at 9 Penang Road
During Singapore's Phase 2 (Heightened Alert) which lasted from 16 May to 13 June 2021, SingHaiyi waived one full month of rental for its F&B tenants at 9 Penang Road. This exceeded the government's Rental Support Scheme (RSS) that encouraged landlords to match its two-week cash payout to qualifying SMEs and non-profit organisations, as SingHaiyi chooses to support its tenants during these challenging times.
Further to the abovementioned rental waiver, an additional two-week rental rebate was mandated by the Singapore government from 5 August 2021 to 18 August 2021. In support and solidarity for its tenants, SingHaiyi voluntarily extended this additional rebate by two more weeks for majority of tenants on a goodwill basis, effectively providing tenants with up to two months' equivalent of rental assistance.
Adhering to the Covid-19 (Temporary Measures) Act
In accordance with the Covid-19 (Temporary Measures) Act ("COTMA"), SingHaiyi implemented a series of reliefs for our contractors at private residential projects The Lilium, The Gazania, and Parc Clematis.
SingHaiyi provided cost-sharing reliefs to contractors to cover non-manpower related qualifying costs in construction contracts as well as the increase in foreign manpower salary costs in line with Part 8B and Part 10A of COTMA respectively. While cost-sharing agreements for Part 10A should be negotiated among three parties (developer, main contractor, and sub-contractor), SingHaiyi and the main contractor bore the increase in foreign manpower salary costs. By doing so, this helped ease the financial burden on the sub-contractors. Total relief costs in accordance with COTMA stands at 5% of the total contract amount for The Lilium and The Gazania, and 2.4% for Parc Clematis.
In addition, Extension of Time ("EOT") for The Gazania and The Lilium’s construction was granted in accordance with 8A (Part 1) of COTMA, providing an extension of 122 days to contractors, to address delays caused by Covid-19. An additional 49-day EOT was also granted under 8A (Part 2) of the Act due to loss of productivity for the period of 6 August 2020 to 31 December 2020. The Group also provided an ex-gratia EOT of 141 days and 175 days for The Lilium and The Gazania respectively. As for Parc Clematis, an EOT of 122 days was initially granted under Part 8A of COTMA. A further ex-gratia EOT of 213 days was granted bringing the total EOT to 335 days, and an extended completion date till 31 July 2023. The Group is actively evaluating the situation and is likely to grant further extensions if necessary.
Through such efforts, we hope to stand with our partners and help them overcome the difficulties presented during these unprecedented times.
Donation to Fund-Raising Book Launch of "Standing Tall: The Goh Chok Tong Years"
In conjunction with the launch of former Prime Minister Goh Chok Tong's authorised biography titled "Standing Tall: The Goh Chok Tong years", a fund-raising book launch was held on 18 May 2021 to raise funds for two initiatives – a Social Mobility Foundation to be housed in the Lee Kuan Yew School of Public Policy, and a Community Care Hub in Marine Parade. In support of empowering social mobility, reducing inequality and helping the less privileged in Singapore, which resonate deeply with SingHaiyi's ethos, we made a donation of S$100,000 under the "Tallest Order" category.
Donation to SIAS
SingHaiyi continues to pledge our support to the Securities Investors Association of Singapore ("SIAS") in its efforts to advocate for sustainable and stable stakeholder relationships in the investment community, safeguard and protect investor rights in Singapore, and promote fair and transparent corporate governance standards, regulations, and practices. SIAS' vision is in line with our belief that quality investor engagement and transparent corporate governance are imperative for the continuing success of corporations.