SINGAPORE - Lease agreements between landlords and tenants of all retail premises will have to comply with an industry code of conduct from early February 2024, as legislation is strengthened to level the playing field between the two parties.
However, this does not signal a shift in the Government’s position on free market principles, she said, in response to points raised by MPs Lim Biow Chuan and Murali Pillai during the debate on the Bill. Ms Low said that the Bill empowers the industry players in the retail sector to come together to identify, agree to and address key pain points by finding common ground.
Since June 2021, when the code was introduced, all government landlords and nine major private sector landlords have voluntarily adopted the code. 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, said Ms Low.