Greater rental retail transparency in Singapore soon
In this article (5)
Retailers and landlords in Singapore can look forward to greater retail rental transparency after the details of the Fair Tenancy Consideration Framework are unveiled, probably this month. The framework will comprise three components: data transparency, education and awareness, and a mediation process.
The first component will make retail rent data transparent, likely pegged to street names, with a rough gauge of the size of the shop unit.
“We tried to push for more rent details which give better transparency (down to per square foot rental),” said Kurt Wee, president of the Association of Small and Medium Enterprises (ASME). “But I think it’s not going to be easy to extract this data . . . If we ever want full transparency, we are talking about a new data bank. This means for every lease you sign, you have to fill up a set of obligatory information and file it with a certain data bank.”
Questions & Answers
Q.When is the Fair Tenancy Consideration Framework expected to be unveiled?
When is the Fair Tenancy Consideration Framework expected to be unveiled?
The details of the Fair Tenancy Consideration Framework are expected to be unveiled probably this month. This will bring greater retail rental transparency to retailers and landlords in Singapore.
Q.What are the three main components of the new Fair Tenancy Consideration Framework?
What are the three main components of the new Fair Tenancy Consideration Framework?
The framework will comprise three components: data transparency, education and awareness, and a mediation process. These elements aim to improve the retail rental landscape in Singapore.
Q.How will the first component, data transparency, work within the framework?
How will the first component, data transparency, work within the framework?
The first component will make retail rent data transparent, likely pegged to street names. This data will also include a rough gauge of the shop unit's size, according to the article.
Q.Why is it difficult to achieve full transparency with per square foot rental data?
Why is it difficult to achieve full transparency with per square foot rental data?
Achieving full transparency, including per square foot rental details, would require a new data bank. For every lease signed, obligatory information would need to be filled up and filed with this data bank, which is not easy to extract.
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