Singapore has passed amendments to its COVID-19 (Temporary Measures) Act, and landlords, including REITs, must now grant more relief to distressed small and medium sized enterprise (SME) tenants.
The amendments will help SMEs who need more support to recover from COVID-19 troubles, by mandating co-sharing of rent between the government, landlords and tenants, said a statement from the law ministry.
The amendments were passed on 5 April by the country’s parliament.
Under the new framework, landlords and REITs who own commercial and retail properties must give two months of rental waivers to distressed SMEs for the months of June and July 2020.
Dear subscribers, please login to continue reading this article.