Boustead Properties Berhad (Boustead Properties), a wholly owned subsidiary of Boustead Holdings Berhad (BHB) has granted roughly 350 tenants at its six commercial buildings in the country rental waivers and rebates, commercial and other assistance totaling around RM18 million to help them weather the severe economic effects of the Covid-19.
The financial relief was offered to retail and commercial tenants, notably small and medium-sized firms (SMEs) experiencing unprecedented, pressured cash flow through the various periods of the movement restriction order (MCO).
Boustead Properties Chairman Mohamed Khaled Nordin said, “During MCO 1.0 and 2.0, financial relief borne by Boustead Properties aided tenants in a cross-spectrum of essential and critical trade and service categories.”
With the retail sector being one of the most hit by the pandemic, Boustead Properties’ measures have allowed these stores and occupiers to continue operating, benefiting both tenants and customers.
“In these unparalleled circumstances, some will find it more challenging than others. 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,” he said.
This compassionate initiative, is in line with Boustead Properties’ sustainability values, has helped cushion pandemic-related hardships on these tenants and encouraged business continuity.
“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. “This is a collective burden to be shared. The Group will do what we can to mitigate the impact of the pandemic, while we look forward to the reopening of the economy and recovery phase,” he added.
Moving forward, the company is moving to reinvent business strategy toward enhancing sustainability with an empathetic approach which is central to their mission for a long-term business growth.
