For whatever reason and purpose you are planning to use it, being a savvy and forward thinker when entering retail leasing is critical, especially before you sign the papers and make arrangements. Given the countless retail space for lease on foot in Singapore, it isn’t surprising that many people are entering the venture and learning more about retail management.
What even is retail leasing in Singapore? A commercial retail lease is a contract handed by the owner setting out rules and regulations to the person occupying their property.
If you are planning to enter retail leasing in Singapore, here are some things you should know.
KNOW THE TERMS OF THE LEASE.
Committing and understanding the lease terms is one practical approach to retail leasing in Singapore. As both landlord and tenant, the commitment to the commercial retail lease is crucial. The retail lease generally consists of components and elements, including the following:
- RENEWAL OPTIONS
- TERMS OF RENT
- RENT REVIEWS
- CLASSIFICATIONS AND SPECIFICATIONS ON THE DEEMED PERMITTED USE OF THE PREMISES
- COMPETITIVE EDGE AGAINST OTHER RETAIL BUSINESSES WITHIN THE SAME COMMERCIAL BUILDING
- DETAILED LIST OF COSTS, INCLUDING RENTAL FEES, INSURANCE OFFERS, AND FIT-OUTS
- REPAIR AND MAINTENANCE ARRANGEMENTS
- OTHER DETAILS THAT MAY INVOLVE DISRUPTION TO YOUR RETAIL BUSINESS
- ARRANGEMENTS ON WHETHER YOU CAN SUBLEASE YOUR SHARES AND INTEREST IN THE LEASE
- SPECIFICATIONS ON BREACH OF LEASING CONTRACT
- SPECIFICATIONS ON REDEVELOPMENT OF THE COMMERCIAL SPACE
- TERMINATION OF THE RETAIL LEASING IN SINGAPORE
PAY THE PROPER AMOUNT OF RENT ON THE AGREED SCHEDULE.
Like personal leasing and rental, paying the property developer in Singapore, landlord, or business owner on time is a must. You must settle the rental fees according to your agreement or leasing terms.
STAY AHEAD OF YOUR OUTGOINGS.
Aside from the rental fee and retail leasing in Singapore, you will also need to include other expenses to pay, such as security services, marketing and advertising services, cleaning services, and retail counselling rates.
PAY LEGAL FEES.
Some landlords of retail space for lease in Singapore require their tenants to pay the legal fees associated with the entire construction of the commercial space. However, this can still depend on the lease terms.
The main challenge with a retail space for lease in Singapore is finding the appropriate business owner and commercial space for your business goals. If you ever score the best one, consider this list before signing.
Are you interested in learning retail leasing in Singapore? Contact Keppel Land today on their website for your queries and questions!