CapitaLand Integrated Commercial Trust - Annual Report 2021

More VTLs were also launched in late February and early March 1 of 2022. On 25 February 2022, two-way quarantine-free travel from Singapore to Batam and Bintan was launched and the categorisation of travel categories were simplified. In an effort to boost domestic tourism and promote local brands, Singapore Tourism Board (STB) partnered with Mastercard to launch Rediscover Priceless Singapore campaign, providing exclusively curated lifestyle experiences and local tourism. The deadline for the use of Singapore Rediscovers Vouchers is extended to March 2022 to encourage domestic spending. Additionally, the Singapore Tourism Accelerator Programme is extended till 2023 to help businesses enhance their operations, and pair them with tech companies to pilot new solutions for the tourism sector. INTERNATIONAL VISITOR ARRIVALS 2020 2021 2018 2016 20 18 16 14 12 10 8 6 4 2 0 20% 0% -20% -40% -60% -80% -100% 2019 2017 International Visitor Arrivals (million) Source: Singapore Tourism Board, CBRE Singapore, 4Q 2021 COVID-19 Impact As Singapore continues to progress towards COVID resilience, the government announced an extension of the relief measures for affected parties. When the nation entered Phase 2 (Heightened Alert) on 16 May 2021, support measures were enhanced to help individuals and businesses maneuver through this period. Rental relief was made available for eligible Small and Medium-Sized Enterprises (SME) and rental waivers were provided for hawker stalls and coffee shops during this period. Under the new Rental Support Scheme, additional cash payout of 0.5-month rental was disbursed to qualifying tenants. The Food Delivery Booster Package and E-Commerce Booster Package were re-introduced by Enterprise Singapore from 16 May to 15 June 2021, to assist affected retail and F&B businesses to develop digital capabilities and defray business costs arising from fluid COVID-19 restrictions. Key support includes monetary assistance to absorb a portion of the commission and delivery cost incurred, and a one- time 80% support on qualifying costs charged by online platforms. Additionally, various support measures were extended, such as the Temporary Bridging Loan Programme, Productivity Solutions Grant and Enterprise Development Grant. Tripartite partners announced further tightening of border measures due to the rapid deterioration of the COVID-19 situation globally. As such, delay in construction projects and development spillages are expected to loom in the foreseeable future. Under the COVID-19 (Temporary Measures) Act, contractors will not sustain any liability for the failure to fulfil their contractual obligations. Singapore has enhanced its measures by accelerating the COVID-19 Booster Vaccination Programme and from 14 February 2022, mandated booster shots to be taken within 270 days to achieve the revised full vaccination status. Safety measures in Singapore are also set to be relaxed progressively in the coming months. Retail Market Overview Retail Sales Index 2 2021 was a year the nation progressively transited from pandemic to endemic. Following a relatively quiet market in 2020, trade sectors such as wearing apparel & footwear, watches & jewellery and cosmetics, toiletries & medical goods displayed positive outlook. The y-o-y total sales index (excluding motor vehicles) for December 2021 posted a 8.7% growth, higher than the preceding month of 5.0%. Better performing trade types such as watches & jewellery and apparel & footwear registered growth in sales of 29.5% and 24.0% y-o-y respectively for the month of December 2021, fuelled by increased demand. In contrast, optical goods & books (-5.2%) and motor vehicles (-13.2%) recorded y-o-y decline in December 2021. Food & Beverage Index posted a 6.6% y-o-y increase in December 2021, a better performance compared to the 2 Retail Sales Index (2017=100), in Chained Volume Terms (seasonally adjusted), Monthly, SA (SSIC 2015 Version 2018). International Visitor Arrivals (LHS) y-o-y Change (RHS) Annual Report 2021 99 Independent Market Review