On 26 June 2020, key representatives from Singapore’s landlord and tenant communities, together with industry experts, formed the Fair Tenancy Pro Term Committee to strengthen collaboration and increase the vibrancy and competitiveness of Singapore’s retail, food & beverage (F&B) and lifestyle sectors. A Code of Conduct for Leasing of Retail Premises in Singapore ("CoC") was developed, based on the principles of transparency, reciprocity and sustainability.
On 3 May 2021, the Fair Tenancy Industry Committee (FTIC) was set up to be the custodian of the Code. The FTIC provides guidance to landlords and tenants of qualifying retail premises so that fair and balanced lease negotiations can be achieved. It is represented by both landlords and tenants, as well neutral parties, to offer a holistic approach when addressing matters related to retail lease agreements.
The CoC was first introduced in March 2021 by the Fair Tenancy Pro Tem Committee. The FTIC had subsequently been gathering feedback to continuously to fine-tune the CoC to minimise ambiguity and better cater to the needs of the industry. An updated version of the CoC was published on 15 March 2022 and came into effect on 1 June 2022.
The Lease Agreements for Retail Premises Bill which will make compliance with the 13 principles in the CoC mandatory, was tabled in Parliament on 4 July 2023 and passed on 3 August 2023. The Bill (now known as the Lease Agreement for Retail Premises Act) has taken effect on 1 February 2024.
Please visit https://www.ftic.org.sg/ for more information on the FTIC, and the CoC or for filing of joint declaration of deviation.