Does JTC allow subletting?
Subletting requires JTC’s consent. Do note that subletting without our consent is a breach for which we may exercise our rights to terminate your tenancy/lease agreement.
Can you sublet industrial property?
2 HDB manages close to 12,000 industrial properties island-wide, including workshops, warehouses and factories. Majority (about 98%) are rented out on 1-, 2- or 3-year term tenancies. Currently, tenants of HDB industrial properties are allowed to sublet up to 50% of their factory floor space.
Does JTC allow assignment of lease?
Generally, you may assign your land lease, if: Your lease is not within the Assignment Prohibition Period – The Assignment Prohibition Period is the duration in which you are not allowed to re-assign your lease after the last assignment.
What is anchor tenant JTC?
The approved anchor tenant of a Third-Party Facility Provider is defined as a company that satisfies JTC’s assessment of value-added, remuneration per worker and skilled worker profile, as well as the minimum GFA requirement.
Is subletting legal in Singapore?
Subletting is illegal in Singapore if done 1) within a HDB flat and/or 2) without the homeowner’s knowledge. It is also illegal if there is clause to restrict subletting in the Tenancy Agreement, which is legally binding.
What is the difference between renting and subletting?
In a traditional rental agreement, the renter’s money goes directly to the landlord. In a sublet, the subtenant often pays the renter, who then pays the landlord. If a subtenant fails to pay rent, he or she isn’t held responsible, but rather the tenant who is subletting his or her apartment.
Can I sublet my commercial lease?
Most commercial leases forbid subletting. There is a good reason for that. Before you consider subletting, you should carefully check your own head lease to make sure you are allowed to sub let. Even if the original lease prevents subletting, a sublease may be negotiated if all parties agree.
What is an assignment in a lease?
An assignment occurs when a tenant transfers all of its rights and obligations under the term of the lease to another individual or entity for the entire remaining term of the lease. Essentially, the new tenant takes the place of the old tenant and releases the old tenant of its obligations to the landlord.
What is an anchor tenant in real estate?
Anchor tenants are the largest or most prominent stores in a retail location. They help draw customers into the area either because they have unique items or they’re a well-known name. In strip centers, anchor tenants are often big-box stores like Target, Wal-Mart or grocery stores.
What is a sublease in real estate?
A sublease is the re-renting of property by an existing tenant to a new third party for a portion of the tenant’s existing lease contract. Even if a sublease is permitted, the original tenant is still liable for the obligations stated in the lease agreement, such as the payment of rent each month.
Is subleasing illegal?
Yes, subleases are legal. If your existing lease agreement does not specifically prohibit sublease, then it is generally permitted by law. However, many laws and lease agreements require that you obtain your property manager’s written approval and consent for you to sublease your property.
Are you allowed to sublet?
You can sublet part of your home with your landlord’s written permission. If you sublet part of your home without permission, you are in breach of your tenancy agreement. Your landlord can’t unreasonably withhold their consent to a request to sublet part of your home. You can’t lawfully sublet all of your home.
Can a JTC sublet to a wholly owned subsidiary?
This sublet quantum cap does not apply to lessees subletting to their wholly-owned subsidiary or company in which they have a majority shareholding of more than 50%. In addition, given that tenancies are short term, JTC tenants will no longer be permitted to sublet their space.
How many floors can a lessee sublet from JTC?
All lessees and tenants are required to seek prior approval from JTC before commencement of subletting. An industrial lessee may sublet a maximum of 50% of Gross Floor Area within 5 years from obtaining the first Temporary Occupation Permit (TOP), and 30% thereafter, per allocation.
What is the maximum sublet quantum allowed by JTC?
“As a result, JTC will be adjusting the maximum allowable sublet quantum from 50% to 30% of GFA, with effect from 1 October 2014 onwards This sublet quantum cap does not apply to lessees subletting to their wholly-owned subsidiary or company in which they have a majority shareholding of at least 51%,” stated the JTC.
How long does JTC have to give notice of subletting?
JTC reserves the right to withdraw its agreement to the subletting by giving the lessee or tenant 3 months’ notice in writing.