Low Yen Ling on Lease Agreements for Retail Premises Bill
A Code of Conduct for the Leasing of Retail Premises which was launched during the COVID-19 pandemic will be made mandatory under a Bill put up for debate in Parliament on Thursday (Aug 3). The Code gives tenants and landlords greater clarity on industry norms for key terms in retail lease agreements, making negotiations more transparent; it also addresses tenants’ concerns about imbalances in bargaining power. Apart from mandating compliance, the Bill establishes the Fair Tenancy Industry Committee as custodian of the Code. It also creates an accessible and affordable dispute resolution process for cases of non-compliance. Minister of State for Trade and Industry Low Yen Ling told the House that since the Code was introduced in June 2021, all Government landlords and nine major private sector landlords have voluntarily adopted it. To give other landlords time to come on board, the Bill will take effect in early February 2024, covering all new leases, extensions or renewals.
A Code of Conduct for the Leasing of Retail Premises which was launched during the COVID-19 pandemic will be made mandatory under a Bill put up for debate in Parliament on Thursday (Aug 3). The Code gives tenants and landlords greater clarity on industry norms for key terms in retail lease agreements, making negotiations more transparent; it also addresses tenants’ concerns about imbalances in bargaining power. Apart from mandating compliance, the Bill establishes the Fair Tenancy Industry Committee as custodian of the Code. It also creates an accessible and affordable dispute resolution process for cases of non-compliance. Minister of State for Trade and Industry Low Yen Ling told the House that since the Code was introduced in June 2021, all Government landlords and nine major private sector landlords have voluntarily adopted it. To give other landlords time to come on board, the Bill will take effect in early February 2024, covering all new leases, extensions or renewals.
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