Little wonder, given that the Singapore Tourism Board has said that Singapore could see a 25-30 per cent decline in tourist arrivals and spending this year because of the outbreak. The city-state is losing about 18,000- 20,000 tourists a day, and there is anecdotal evidence of businesses experiencing a drought in cash flow, given the travel bans on Chinese visitors which make up about a fifth of Singapore's tourism intake.
RHB in a Feb 19 report said that the outlook remained"uncertain" for retailers and F&B operators in spite of the relief measures announced by the government, due to"elevated" uncertainties from the Covid-19 outbreak and softening economic growth. "We think it is also key to help retailers improve their sales rather than a case of prolonged rental relief. Whether the announced reliefs are sufficient would also depend on how long it takes for conditions to improve. We think . . . these softer operating conditions would likely hamper rental growth outlook."Christine Li, head of research for Singapore and South-east Asia for Cushman & Wakefield, also believes that landlords are unlikely to cut retail rents at this juncture.
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