New Law Governing Terms of Lease of Retail Premises to be Introduced

On 4 July 2023, the Lease Agreements for Retail Premises Bill (“Bill“) had its first reading in Parliament. The Bill seeks to make it mandatory for retail lease contracts to comply with the Code of Conduct for Leasing of Retail Premises in Singapore (“Code“), which sets out guidelines and principles for landlords and tenants of qualifying retail premises to enable fair and balanced lease negotiations. The Bill also establishes the Fair Tenancy Industry Committee and sets out a dispute resolution process in relation to complaints of non-compliance with the leasing principles or obligations.

While adoption of the Code has thus far been voluntary, the Bill – when passed – will require compliance with the Code’s leasing principles. Landlords and tenants of retail premises should thus be aware of their obligations under the Code to ensure compliance. This Update highlights the key features of the framework set out under the Bill and the Code.

For more information, click here to read the full Legal Update.

CONTACTS

Co-Head, Corporate Real Estate
+65 6232 0693
Singapore,
Senior Partner
+65 6232 0514
Singapore,
Partner
+65 6232 0256
Singapore,

Country

EXPERTISE

SECTORS

Share

Rajah & Tann Asia is a network of legal practices based in Asia.

Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client.

This website is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this website.

© 2024 Rajah & Tann Asia. All Rights Reserved. All trademarks are property of their respective owners.