The worsening COVID-19 situation has severely impacted the global and local economy. This prompted the Government to take several fiscal measures to support our local economy and businesses. Within a span of 3 months, the Singapore Government, has announced 4 budgets (the Unity, Resilience, Solidarity and Fortitude Budget) for year 2020 to assist both companies and individuals. These budgets represent strong and decisive response by the Government to the economic and social consequences of the crisis, anticipating the battle as long and the road ahead will be uncertain.
In April this year, Warees Investments announced through a media release, an extension of support to its tenants and community organisations amid the COVID-19 pandemic. It has disbursed a relief package of almost $800,000 to its commercial tenants in terms of rental rebates and to charitable organisations providing financial and other assistance to groups enduring hardship and challenges amid the crisis.
Recognising the long-term business relationship it has with its commercial tenants, Warees has put together customised relief assistance package estimated at $300,000 to our tenants which includes passing on the property tax rebate in full and also providing additional rental waivers for up to two (2) months.
Warees has also stepped up to contribute monetary support of $50,000 to 5 charitable organisations namely TAA Trust Fund, Club Heal, PPIS (Singapore Muslim Women’s Association), Muslim Kidney Action Association and #SGUnited Buka Puasa Meals Initiative. The donation aims to help the organisations good work with vulnerable groups and families, especially to individuals who are facing loss of income or families that are struggling with additional caregiving duties and additional expenses for essential items.
The remaining $400,000 of relief funds have been disbursed towards recruitment for additional manpower support and continuing internship programmes within the organisation. Warees implemented short-term employment opportunities in various areas of our business in addition to continuing with internship programmes this year to ensure that tertiary students are given the exposure and learning opportunities despite the challenging business climate. This initiative was aimed to provide support in coping with additional measures affecting real estate.
Concurrently, Warees has taken a proactive step to build up staff micro credentials through available training programmes ranging from deeper real estate innovation to digital technology. By doing so, we are gradually building up new capabilities during and post-Circuit Breaker period such as in property technology, corporate digitalisation and implementing design thinking for future building developments factoring in social distancing, health and resilience in managing its real estate.