KUALA LUMPUR: Boustead Properties Bhd, a wholly-owned subsidiary of Boustead Holdings Bhd, has allocated RM18 million to assist firms and retailers in weathering the severe economic impact of the Covid-19 pandemic.
Boustead Properties said it had provided rental waivers and rebates, commercial and other assistance to almost 350 tenants at its six commercial properties nationwide.
The financial relief is extended to retail and commercial tenants, particularly small and medium sized enterprises (SMEs) experiencing unprecedented strained cash flow during the various phases of the movement control order (MCO).
Group chairman Datuk Seri Mohamed Khaled Nordin said during MCO 1.0 and 2.0, financial relief borne by Boustead Properties had aided tenants in a cross-spectrum of essential and critical trade and service categories.
Khaled said with the retail sector being among the hardest-hit by the pandemic, Boustead Properties' initiatives had enabled the retailers and occupants to continue operating, benefiting both tenants and shoppers.
"We understand the needs of the full cycle of our business community and decided that it was necessary and timely to take bold steps to support the tenants whom we consider our business partners, as well as their workers' livelihoods.
"We also wanted to ensure that we lent a hand to the smaller homegrown SMEs, as well as fellow Malaysians including the lower-income food court, street market and push-cart operators at the mall," he said.
Khaled said the multiple award-winning real estate developer and investment group was cognisant that during toughest of times, it must reinvent business strategies through empathetic approaches and measures to ensure sustainability.
On the commercial side, measures have helped to alleviate the burden of tenants at Menara Boustead, Menara Boustead Penang, Wisma Boustead and Nucleus Tower.
Tenants comprised those providing legal, financial asset management, insurance, trading, travel, telecommunications, engineering, advertising, healthcare and sales services, as well as eateries, SMEs and government agencies.
Khaled said the company would do what it can to mitigate the impact of the pandemic, while looking forward to the reopening of the economy and recovery phase.
"Ultimately, this is also aligned with the reinventing Boustead strategy, as we expect our initiatives to contribute towards enhancing sustainability, which is central to not just our long-term business growth but that of our partners and nation as a whole," he added.