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Landlords to give SME tenants more rental relief under proposed amendments to COVID-19 laws

Jun 04, 2020 | 🚀 Fathership
SINGAPORE: Landlords will have to dig into their pockets to provide small- and medium-sized enterprise tenants with more rental relief under amendments to COVID-19 regulations set to be introduced in Parliament on Friday.

Altogether, the proposed framework mandates a "Co-sharing of rental obligations" that will provide SME tenants at commercial properties with four months' worth of rental relief, while those at industrial and office properties get two months.

Other proposed amendments include allowing SME tenants to repay rental arrears through instalments and the introduction of a cap on late payment interest or charges for specific contracts.

Altogether, SME tenants in commercial properties should get rental relief totalling up to four months starting from April to July, while others at the industrial and office properties will receive two months' worth of rental help covering April and May. These rental waivers also apply to eligible SMEs who are sub-tenants and licensees, MinLaw said, adding that its framework aims to set "a baseline position for the handling of tenants' rental obligations".

Another proposed amendment to the COVID-19 laws will look to provide such tenants with some relief.