Legal Update: New code of conduct to be introduced for fairer lease negotiations
On 26 March 2021, the Fair Tenancy Pro Tem Committee (the “Committee”) set up by the Singapore Business Federation (“SBF”) introduced a Code of Conduct for Leasing of Retail Premises in Singapore (the “Code”). The Code aims to provide a set of mandatory guidelines for landlords and tenants of qualifying retail premises to ensure fair and balanced lease negotiations, to develop a governance framework to ensure compliance by the industry, and to introduce an accessible dispute resolution framework.
Whilst the Committee has recommended the Government enforce compliance with the Code through legislation, the adoption of the Code is currently voluntary. Notwithstanding this, members of the Committee have committed to adopt and abide by the Code with effect from 1 June 2021.
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For further information contact:
Partner & Head, Real Estate
Khaw Gim Hong
Restructuring and Insolvency
Partner & Head, Restructuring and Insolvency
Kok Yee Keong
Supporting team member