SINGAPORE Law and Practice Contributed by: Dorothy Marie Ng, Monica Yip, Tay Peng Cheng and Tan Shao Tong, WongPartnership LLP
1.3 Proposals for Reform The Code of Conduct for Leasing of Retail Premises (the Code of Conduct) was released in March 2021 and sets out guidelines on what constitutes fair practice in relation to tenancy agreements of qualifying retail premises. In an effort to facilitate compliance, the Code of Con - duct includes a checklist template to accom - pany retail tenancy agreements and a step-by- step guide to file deviations. The objectives of the Code of Conduct are to have mandatory guidelines to guide landlords and tenants to a fair and balanced negotiation of tenancy agree - ments and to provide a governance framework for compliance and dispute resolution. The Lease Agreements for Retail Premises Act 2023 (LARPA) came into effect on 1 February 2024, making it mandatory for all landlords and tenants of retail leases in Singapore to comply with the Code of Conduct. The LARPA also sets out a dispute resolution framework for parties to file complaints regarding non-compliance, and provides for the appointment of members of the Fair Tenancy Industry Committee and its specific functions, including the reviewing and updating of the Code of Conduct as well as the monitor - ing and promotion of compliance by landlords and tenants.
as hospitality, co-living, retail and office proper - ties remain popular. Notwithstanding rising infla - tion and increases in interest rates, there was sustained interest in industrial assets, spurred by demand from the logistics and advanced manufacturing sectors. In particular, with the advance of Industry 4.0, there is growing focus on warehouses, business parks and data centre facilities with improved automation, optimisation and energy efficiency, with many industry play - ers choosing to upgrade existing older assets to suit these needs. Apart from instruments and deeds registered or to be registered under the Land Titles Act 1993, the Land Titles (Strata) Act 1967 and the Reg - istration of Deeds Act 1988, there is currently no explicit legislation in Singapore governing the use of digital instruments or “tokens” to transact real estate generally. Some “proptech” compa - nies have used or offered blockchain platforms that enable investors to tap into funding for real estate, mainly for the purpose of raising funds or projects outside of Singapore. In January 2023, the Singapore Land Authority (SLA) announced the appointment of a vendor for the development of the Digital Conveyancing Portal (DCP), which is scheduled to be complet - ed by 2026. The DCP is intended to streamline the existing conveyancing process for public and private housing as well as commercial and industrial properties by providing a consolidated online platform, making such processes paper - less and facilitating e-payments and digital doc - ument submissions. The DCP is expected to be implemented over three phases, with the first phase to be completed by the second quarter of 2024.
2. Sale and Purchase 2.1 Categories of Property Rights
Legal and equitable interests may be created in respect of property rights. Legal interests in relation to real estate include an estate in fee simple, a statutory land grant and a leasehold estate. Equitable interests include interests derived under an agreement in relation to land (eg, a purchaser’s rights under an agreement for
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