The much awaited landmark initiative – the Code of Conduct (CoC) for Leasing of Retail Premises in Singapore was announced this afternoon at a press conference organised by the Fair Tenancy Pro Term Committee chaired by Mr Michael Lim Choo San , Chairman of Nomura Singapore and comprising landlord representatives from REDAS & REITAS ; tenant community from the Fair Tenancy Framework Industry Committee (FTFIC) comprising ASME, RAS, SBF SMEC, SGTUFF and SRA.
The CoC aims to provide a set of guidelines to:-
Develop a governance framework to ensure compliance by the industry
Enable a fair and balanced position in lease negotiation (in 11 areas) and is applicable to all qualifying retail premises in Singapore in standalone commercial buildings such as shopping centres, office buildings, shop houses, MRT stations or other types of buildings
Introduce an accessible dispute resolution framework where a process will be in place for resolving disputes after lease agreements have been signed and where either the landlords or the tenant may escalate the matter to the Singapore Mediation Centre (SMC) within 14 days to resolve the dispute or disagreement
The Committee has also recommended to the Government for compliance with the CoC to be made mandatory via legislation. Like all other members of the Fair Tenancy Pro Term Committee, SRA is committed to adopt and abide by the CoC WEF 1 Jun 2021. SRA would like to encourage all SRA members, and retailers to give its fullest support and commitment to adhere to the guidelines.
Mr R Dhinakaran, President, Singapore Retailers Association (SRA) said “The Code of Conduct is the outcome of shared goals by both tenants and landlords as well as industry Associations to bring about a mutually beneficial, harmonious and rewarding business relationship for the retail industry, in good and bad times. SRA is fully supportive of the Code of Conduct which we opine is fair and balanced, providing certainty, clarity and fairness to both tenants and landlords with avenues in place for dispute resolution so as to ensure due protection especially for small businesses in retail leasing arrangements in Singapore. It also signals the promising start of a more consultative and collaborative partnership for all stakeholders involved for business success. I trust that our members, and all retailers, will give its fullest support and landlords will be fully committed to upholding the tenets of the Code of Conduct as we all jointly work towards rebuilding a more vibrant retail industry”.
Click below to view the full details of the Code of Conduct and the accompanying media release(s).
Code of Conduct
Joint Tenants Press Statement on Launch of Code of Conduct
SBF Media Statement - Code of Conduct to be Introduced for Leasing of Retail Premises
Joint REDAS-REITAS Media Release on Launch of Code of Conudct for Leasing of Retail Premises in Singapore
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