SRA co-chairs the Fair Tenancy Framework Industry Committee (FTFIC) which was formed to address the growing imbalance in the relationship between institutional landlords and tenants which has resulted in the aggressive financial engineering and pricing behaviour of institutional landlords that goes against the grain of their tenants’ sustainability and incentive to value creation. FTFIC was formed with representation from the Singapore Business Federation SME Committee (SBF SMEC), Association of Small & Medium Enterprises (ASME), Restaurant Association of Singapore (RAS), Singapore Retailers Association (SRA) and Singapore Tenants United for Fairness (SGTUFF).
The committee is chaired by Kurt Wee, President, ASME, Council Member, SBF and Chair, SBF SME Committee. And, co-chaired by Andrew Kwan, Vice President, RAS and R. Dhinakaran President, SRA.
The advent of COVID-19 culminated in landlords taking advantage of the lack of legislation
to avoid passing on government tax rebates that were given with the intent for these rebates
to be passed on in full to tenants as a form of rental rebates. The gravity of the situation
exacerbated the need for legislation to save businesses and the livelihood of the workforce.
As such, FTFIC was formed to propose the adoption of landlord-tenant legislation in
A total of 15 key recommendations guided by five principles were proposed:
- incentivising value creation
- protecting tenants from unfair tenancy practices
- building a more sustainable ecosystem
- instituting the concept of reciprocity,
This fair tenancy framework also outlines a three-pronged initiative:
- rental data transparency,
- education and awareness,
- a preferred dispute resolution channel.
For news coverage on the FTFIC the links are as attached as below:
For the full recommendations of the Fair Tenancy Legislation, kindly refer below: