Residential, commercial and retail tenants in properties leased by developer Seven Tides in Dubai’s Discovery Gardens and Ibn Battuta Gate are eligible to receive rent relief measures if they have been impacted by the Covid-19 crisis by way of job cuts, salary reductions or disruptions to their businesses.
Residential tenants in Discovery Gardens have been offered lease extensions, payment deferrals and easier monthly instalments. Seven Tides added that it would also waive termination penalties for those who wish to end their leases as a result of having lost their jobs.
Retail tenants in Discovery Gardens meanwhile also stand to benefit from this announcement.
Restaurants whose services are restricted to delivery-only have been offered a two-month rent free period for April and May, while they will only have to pay basic service charges to cover utility and other fixed costs required for their operations.
Salons, beauty parlours, gyms and other such establishments which were forced to shut down, will be exempted from paying any rent or service charge during the two-month period.
In the nearby Ibn Battuta Gate, residential tenants of Seven Tides are offered the same support as the developer’s tenants in Discovery Gardens, while office and retail tenants will also receive a rent-free period of two months in April and May including an exemption on their service charges.
“Nobody needs to be told that these are extraordinary times and as a responsible landlord we have a care of duty for our tenants, especially those facing financial hardship, due the Covid-19 outbreak,” said Abdulla bin Sulayem, CEO of Seven Tides.
“Therefore, we have designed these support packages to try and alleviate as much as possible, not only the financial impact but also the emotional stress that people are having to contend with, brought on by isolation and exacerbated by thoughts of an uncertain future,” added bin Sulayem.