Labuan Traders Get 50 Pct Rental Cut Under Labuan Corp Initiative

LABUAN, March 14 (Bernama) -- The Labuan Corporation (LC) has announced a 50 per cent discount on monthly rental for traders operating at the wet and dry markets of the Urban Transformation Centre Labuan (UTC) at the Pasar Sentral building here, benefiting 517 traders.

The rental reduction will be implemented for an initial one-year period from Jan 1 to Dec 31, 2026.

The discount covers stalls with monthly rental rates ranging from RM35 to RM3,500, and is expected to provide much-needed relief to vendors while helping stimulate economic activity within the local community.

Minister in the Prime Minister's Department (Federal Territories) Hannah Yeoh said the decision to grant the substantial rental discount was made in response to the challenges faced by small traders amid ongoing economic uncertainties.

“This 50 per cent rental discount is a testament to our commitment to supporting their businesses during these challenging times.

“We believe that this reduction in rental expenses will ease their financial burden and provide them with the breathing space needed to navigate the current economic landscape,” she told reporters after attending a Nur Ramadan programme at a hotel here today.

Hannah said the initiative is expected to have a financial implication of RM450,000 for LC this year.

She added that the same 50 per cent rental discount will also be extended to 56 LC premises located at Medan Selera and Anjung Selera at the Labuan International Sea Sport Complex, involving an estimated financial impact of RM123,000 to LC this year.

Hannah also said local authorities in the Federal Territories would continue to exercise prudent spending in line with the Prime Minister’s reminder to do so.

--BERNAMA