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.
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