The management of Dolmen Mall Clifton has waived off 100 percent rentals for tenants including stores, sales centers, restaurants, and retail outlets by 15 May 2020.
The decision was taken by the management of Dolmen City REIT in compliance with directives of the Government of Sindh to contain the spread of COVID-19 across the province of Sindh, according to the notification issued to PSX.
Banks and supermarkets providing essential services do not fall under this exemption.
Moreover, the management also provided a 50% rental waiver to the tenants of “The Harbour Front” for the month of May 2020.
This measure will provide cost and cash flow relief to tenant partners whose business is affected by the pandemic. The mall will continue to engage with the tenants and monitor the situation closely and may extend the aforementioned dates based on a decision by Government, the notification added.
The management said:
We fully support the efforts of Sindh and Federal Governments to contain the spread of this epidemic and stand with the nation in this difficult hour. Inshallah, by the grace of Allah Almighty, the spread will be contained soon. We shall inform the exchange as soon as the operations are normalized.
Dolmen Mall Clifton and Harbour Fronts are two renowned shopping centers in Karachi often visited by Pakistan’s elite and upper-middle-class in normal days.
It is expected that the management of other renowned mega shopping malls and business centers will comply with the orders of the provincial and federal government and provide relief to their tenants in challenging times.
This way, the hundreds of thousands of shopkeepers will get relief and they hopefully will retain their workers in the same gesture.
Recently, the federal government also decided to pay utility bills of the small shopkeepers mainly to compensate for their losses.