The management of the Dolmen Mall Clifton has decided to waive 100% rentals of the tenants till May 15th, 2020 except for operational tenants who are providing essential services such as supermarkets and banks. The tenants whose rent has been waived off include including stores, sales centers, restaurants, and retail outlets.
The malls in Karachi were closed by Sindh Government in March as COVID-19 continued to spread in the city. 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.
Similarly, 50% rental waiver provided to the tenants of “the Harbour Front” for the month of May 2020. The management hopes that the tenants will get relief through this decision as the lockdown continues and shopkeepers face the dire consequences of lack of sales.
“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”. The management said.
Utility stores like “Carrefour” and money exchange remained open while rest of the mall was closed. 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 measure would provide cost and cash flow relief to tenant partners whose business is already affected. The management may extend the aforementioned dates based on a decision by the government.
Dolmen Mall also launched a campaign “Dolmen Cares”, in Ramadan with “The Citizens Foundation” to distribute ration bags to the families in need.