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Independent Singapore
02-07-2025
- Business
- Independent Singapore
Yet another S$3.4 million rental demand hits Cathay Cineplexes over former Jem outlet
SINGAPORE: Yet another claim over unpaid rent has surfaced against Cathay Cineplexes—this time, a statutory demand for S$3.4 million owed for its former Jem outlet. This followed a letter of demand the company received in February for about S$2.7 million in rent and other costs for its cinema outlets at Century Square and Causeway Point. Channel News Asia (CNA) reported, citing a bourse filing on Wednesday (Jul 2), that Cathay Cineplexes' owner and operator mm2 Asia said the cinema chain received the statutory demand on Tuesday from the landlord's solicitors. In the statutory demand, it was stated that Cathay Cineplexes has until July 22 to pay the outstanding sum of S$3,446,748.26 or to secure or compound the sum to the landlord's satisfaction. Otherwise, the company would be considered unable to pay its debts. The statutory demand also stated that interest at 1% per month, calculated daily, will continue to accrue on the outstanding amount until payment is made. See also Medical fees sharing outlawed finally mm2 Asia said its board is seeking legal advice and will issue further updates if there are material developments. It added that Cathay Cineplexes' board is doing the same in response to the statutory demand. According to CNA , the cinema at Jem closed on Mar 27 after the company received a notice of termination from DBS Trustee Limited, the trustee of Lendlease Global Commercial REIT. At the time, mm2 Asia said it owed about S$4.3 million in rent for the outlet and cited ongoing industry challenges since the COVID-19 pandemic as a reason for the closure. It noted that negotiations with the landlord had been ongoing for more than a year before the termination took effect. In a May 19 filing, mm2 Asia said that Cathay Cineplexes owed around S$10.26 million to multiple landlords across its cinema locations in Singapore. Of this, approximately S$3.07 million is backed by corporate guarantees from mm2 Asia. The group said these debts stemmed mainly from the closure of loss-making outlets during the post-pandemic recovery, as well as cash flow difficulties that are affecting the cinema business. See also SIA flight from New Delhi to Singapore carried a dead passenger Since 2022, the cinema chain has faced a series of shutdowns. In February, it also closed its West Mall outlet in Bukit Batok . /TISG Read also: Save Our Screens: Cathay Cineplexes launches S$100 voucher deal for 10 movies, popcorn, and drinks
CTV News
31-05-2025
- Business
- CTV News
Subsidized rent arrears in Nipissing top $2M amid inflation crunch
The District of Nipissing Social Services Board faces over $2 million in unpaid rent from subsidized tenants, a $200,000 increase from 2023. Officials cited inflation and other strains on fixed-income households as the main cause.
Malay Mail
19-05-2025
- Business
- Malay Mail
DBKL considers selling public housing units as rent arrears hit RM70m
KUALA LUMPUR, May 19 — The total amount of unpaid rent for the People's Housing Project (PPR) and Public Housing (PA) under the purview of Kuala Lumpur City Hall (DBKL) has reached RM70 million, said Mayor Datuk Seri Maimunah Mohd Sharif. She said the arrears were affecting the maintenance and management of facilities for communities in areas under DBKL's supervision. Maimunah said DBKL had taken several steps to deal with the arrears, such as cutting off water supply, issuing notices, holding financial advocacy programmes and offering tenants an instalment payment plan, 'This initiative is vital so that the rent collected can be used to provide better services for residents,' she said at the Safe City Community Wellbeing Programme here yesterday. In addition, Maimunah said DBKL was considering offering PPR and PA units for sale to tenants who could afford to purchase them. 'There was a decision in 2015 to suspend (the sale), but I have since reviewed the decision, and if the tenants are financially capable, we can consider selling the units,' she said. Among the other matters addressed by Maimunah during the programme were issues concerning waste management, traffic congestion, and drug abuse. — Bernama
