Reit Association of Singapore Raises Concerns Over Covid-19 Bill

Market news —

As the governement of Singapore prepares new measures to deal with the Covid-19 pandemic and its economic fallout, the Reit Association of Singapore (Reitas) is flagging issues in a new bill allowing effected tenants to suspend rent payment for up to 6 months.

The association said this of the Covid-19 (Temporary Measures) Bill, which will be introduced - and is expected to be passed - in Parliament on Tuesday. Under the Bill, a tenant whose business is affected by the coronavirus outbreak is entitled to suspend rental payments for six months.

In addition, a landlord cannot terminate the lease or licence due to non-payment of rent, if the reason is Covid-19. This covers rental payments due from Feb 1 onwards, and where the agreement was entered into before March 25.