Bill Ricquier Joint Managing Director
Temporary Relief for Tenants in Singapore during the COVID-19 Pandemic – Part 1
It is impossible to exaggerate the significance of landlord and tenant law in Singapore. The steady accretion of land to ultimate Government ownership since the passing of the Land Acquisition Act in 1966 has inevitably reduced the amount of land held in fee simple.
More to the point, almost all businesses in Singapore, whoever owns and operates them, rent their business premises. This is most obviously the case in respect of industrial premises rented from the Jurong Town Corporation, but it is equally true of businesses operating in retail areas such as Orchard Road, and offices in the Central Business District. For a variety of reasons, it just makes sense to rent.
The COVID-19 pandemic has had a devastating effect on the economy across all sectors, probably nowhere more dramatically than in the retail, entertainment and hospitality sectors. You did not need to be a business guru to understand this at the height of the Circuit Breaker. All you needed to do was go for a walk in or drive through one of Singapore’s traditionally busy shopping or business areas. Footfall wasn’t simply reduced; for obvious reasons it had effectively vanished completely.
As in many countries, the Singapore Government wasted no time in providing relief for those affected by the pandemic. The COVID-19 (Temporary Measures) Act 2020 (Act No. 14 of 2020) (the “original Act”), was passed by Parliament in a single day, 7 April, and came into force on various dates in April (apart from Part 4, dealing with the conduct of meetings, which was deemed to come into effect on 27 March.
Please click here to view the rest of the article.
Related news & insights
News / Ince advises London local authority trading company in £38m acquisition of 155 properties
26-05-2021 / Real Estate
Our Real Estate team recently advised local authority trading company, TBG Open Door Limited (part of The Barnet Group), on the acquisition of 155 properties in a deal worth £38 million.
News / Your future in the UK post-Brexit and post-Covid 19: what you need to know
08-04-2021 / Real Estate
Over the last twelve months, the United Kingdom (UK) like the rest of the world, has seen the COVID -19 pandemic impact hugely on our ability to travel freely, to relocate for business, work, investment and education. We now see some light at the end of the tunnel with the UK’s mass immunisation programme which has seen infection (and thankfully) mortality levels fall dramatically. This is finally giving people hope for the future, resulting in renewed interest in the UK as a safe place to live, to invest in, and as somewhere to educate their children.
News / Estate Agents & AML: Knock Knock Who’s There?
26-03-2021 / Real Estate
The Fifth Money Laundering Directive came into force in January 2020, extending the UK Money Laundering Regulations and implementation of regulatory controls to include real estate firms, real estate brokers, estate agents and rental intermediaries.
News / Ince launches first integrated technology and legal advisory know-your-customer (KYC) solution in the real estate sector
15-03-2021 / Real Estate
New digital client onboarding solution delivered in collaboration with leading technology providers eLegal, Yoti and Arachnys.
Insights / Seven top tips for creating overage (claw-back) agreements for property developments
03-09-2020 / Real Estate
Property development often involves uncertain outcomes, and the pandemic has highlighted that circumstances can change in unexpected ways.
News / How to mitigate potential issues when returning to work in let commercial properties
21-08-2020 / Real Estate
Shops may not be able to accommodate the government’s guidance on working safely during the pandemic in practical terms.