Boustead Properties allocates RM18 million to assist tenants during MCO 1.0 and 2.0


PETALING JAYA (June 14): Nearly 350 tenants of Boustead Properties Bhd (wholly-owned subsidiary of Boustead Holdings Bhd) across six of its commercial properties nationwide received rental waivers and rebates, commercial and other assistance amounting to about RM18 million.

This is to assist them in weathering the economic impact of the Covid-19 pandemic and enable them to continue operating.

According to a media statement by the developer today, the financial relief was extended to retail and commercial tenants, particularly small and medium enterprises (SMEs) that were experiencing unprecedented strained cash flows during the various phases of the Movement Control Order (MCO).

With the retail sector being among the hardest-hit by the pandemic, at Boustead's Curve and Curve NX for instance, those who benefited include vendors, childcare and language centres, F&B outlets and more.

On the commercial side, those measures have helped to alleviate the burden of tenants at Menara Boustead, Menara Boustead Penang, Wisma Boustead and Nucleus Tower.

“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," said Boustead Properties chairman Datuk Seri Mohamed Khaled Nordin (pictured).

Khaled who is also the chairman of Boustead Holdings Bhd added this is a collective burden to be shared. And, it was necessary and timely to take bold steps to support the tenants, as well as their worker's livelihoods.

“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," concluded Khaled.

Get the latest news @

Subscribe to our Telegram channel for the latest stories and updates 

Click here for more property stories

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.