Seven Tides supports tenants in Ibn Battuta Gate, Discovery Gardens
Measures include lease extensions, payment deferrals, and rent waivers for commercial, residential, and retail tenants
Luxury residential and hospitality property developer Seven Tides has introduced a series of initiatives to support its commercial, retail, and residential tenants, leasing space in its Ibn Battuta Gate development and its properties within Discovery Gardens.
Residential tenants in Discovery Gardens who have lost their jobs or had their salary reduced as a result of the economic fallout of the COVID-19 outbreak have been offered lease extensions, payment deferrals, and easier monthly installments.
Termination penalties will be waived for tenants wishing to terminate their leases early as a result of a job termination.
In addition, retail tenants in Discovery Gardens will also benefit from the initiative. Restaurants that are restricted to deliveries- only have been offered a two-month rent free period for April and May. During this period, they will only have to pay basic service charges to cover utility and other fixed costs required for their operation.
Salons, beauty parlours, gyms, and the other similar establishment that have been forced to shut down, will have no rent or service charges to pay during the two-month period.
Commenting on the measures, the CEO of Seven Tides, Abdulla bin Sulayem, says: “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.”
“Although the social restrictions need to be implemented by the government to make sure that we all remain safe and that we contain the spread of the virus, it is only natural to have empathy with those who are facing hardship. But that only counts if it results in something tangible.
“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.”
In the nearby Ibn Battuta Gate development, which consists of residential apartments, offices, retail outlets, and the five-star Movenpick Hotel, all tenants suffering hardship will be supported by Seven Tides. Residential tenants have been offered the same support as tenants in Discovery Gardens, while office and retail tenants, have received a rent-free period of two months in April and May including service charges.
“What makes this situation all the more frustrating and for some rather depressing, is that we don’t know exactly when life will return to normal. Yet, we know for certain that life will return to normal. If we remain patient, practice social distancing, and stay positive, we will get through this crisis together by supporting one another,” bin Sulayem concluded.