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March 31, 2020

Group having retail malls waives rentals, other charges

National

 
March 31, 2020

KARACHI:A group of retail real estate and shopping malls in Pakistan is offering waiver of all rentals for April 2020 and all CWF charges for the period during which the mall had remained closed during the COVID-19 crisis. The COO of the Dolmen Group of Real Estate Management, Faisal Nadeem in his official communication on Monday informed the tenants that during these challenging times, the Dolmen is trying to develop an equitable and manageable solution to maximise relief to the tenant partners. Nadeem said during the crisis period electricity would be charged in accordance with the actual utilization, while all the rentals for April 2020 and CWF charges during the period the mall remains closed have been waived.

The CAM costs would be charged as per actual but with reductions resulting from management of operation cost and savings from utility costs from closure of operations. Further Dolmen Group will itself fund the overheads and head office costs related to mall management during this month. Nadeem said the Dolmen Group will continue to monitor the situation and review future courses of actions in the same spirit of mutual collaboration and supporting our tenant partners.