Cathay Cineplexes gets demand for $3.4 million in arrears from Jem landlord
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Lendlease Reit is seeking $3.4 million in arrears for Cathay's cinema in Jem, which closed on March 27.
ST PHOTO: NG SOR LUAN
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- mm2 Asia, operator of Cathay Cineplexes, must settle the arrears by July 22.
- Cathay Cineplexes is seeking legal advice regarding the landlord's demand.
- Cathay closed its Jem outlet on March 27. Shaw Theatres will take over the space.
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SINGAPORE - Cathay Cineplexes has received a statutory demand for $3.4 million in arrears from Lendlease Global Commercial Reit, the landlord of its shuttered outlet at Jem shopping mall.
The cinema chain’s operator mm2 Asia said in a Singapore Exchange filing on July 2 that it has until July 22 to pay the amount.
It can also secure or compound the said sum “to the reasonable satisfaction of the landlord”, the notice added. But if it is unable to pay by that date, it will be deemed unable to pay its debt.
There is also contractual interest of 1 per cent per month calculated on a daily basis, from the date the money is due.
Cathay Cineplexes is seeking legal advice regarding the statutory demand. In addition, mm2 Asia said its own board is also seeking legal advice and will make further announcements when there are any developments.
The Cathay Cineplexes outlet at Jem mall in Jurong East closed its doors on March 27, after the cinema chain shut its Bukit Batok outlet at West Mall in February and its Ang Mo Kio branch in June 2024.
At the time, it was reported that Lendlease Reit was seeking $4.3 million in rental arrears from Cathay Cineplexes.
mm2 Asia said then that Cathay Cineplexes was “actively engaging with the landlord to negotiate and resolve issues related to the continued occupation of the premises and rent arrears”.
It was later announced in May that Shaw Theatres is set to take over the 47,000 sq ft cinema space in Jem. This will be Shaw Theatres’ eighth outlet in Singapore.
Mainboard-listed mm2 Asia closed 12.5 per cent lower at 0.7 cent on July 2, while units of Lendlease Reit closed 1 per cent higher at 53 cents.
