FAIR TENANCY INDUSTRY COMMITTEE
Member of The Fair Tenancy Industry Committee (FTIC)
Natures Collection fully stands by and supports SGTUFF, a Singapore-registered SGTUFF Co-operative Ltd governed under the Registry of Co-operative Societies, since February 2020.
As a part of the Fair Tenancy Framework Industry Committee and Fair Tenancy Pro-Tem Committee, SGTUFF is tasked to propose Fair Tenancy Legislation for commercial tenancies. The association is actively representing the community on engaging with multiple government ministries like MTI, Min Law, working with fellow TACs (ASME, RAS & SRA) and engaging landlords to give feedback and recommendations on what are the short term and long term measures that will address the core issues faced by frontline businesses. On top of providing an organised platform for retail related businesses to lobby with stakeholders, SGTUFF has also started multiple community building and self-help initiatives to form new alliances, new ideas and promote synergies amongst frontline businesses.
Mission of SGTUFF
SGTUFF represents and advocates for frontline businesses (focus on SME and micro-SME) on key common areas of interest especially Fair Tenancy and Manpower matters.
SGTUFF provides meaningful and relevant activities/services to our community in areas like cost savings on shared services, digitization, legal help, business advisory, business synergy/networking and lease/rental information.
SGTUFF reinvents frontline business models in Singapore in the pursuit of successful pivoting or driving further growth in so doing, help to regain Singapore’s status as the premier Shopping, Wine & Dine and Services destination in the world.
About The Fair Tenancy Industry Committee (FTIC)
On 26 June 2020, key representatives from Singapore’s landlord and tenant communities, together with industry experts, formed the Fair Tenancy Pro Tem Committee in a bid to strengthen collaboration and increase the vibrancy and competitiveness of Singapore’s retail, food & beverage (F&B) and lifestyle sectors. The result is an industry-led Code of Conduct for Leasing of Retail Premises in Singapore (“Code”) based on the principles of transparency, reciprocity and sustainability.
On 3 May 2021, the Fair Tenancy Industry Committee (FTIC) was set up to be the custodian of the Code and ensure that it provides guidance to landlords and tenants of qualifying retail premises so that fair and balanced lease negotiations can be achieved. It is represented by both landlords and tenants, as well neutral parties to offer a holistic approach when addressing matters related to retail lease agreements.
The FTIC comprises 14 members who are elected to oversee matters related to fair tenancy for retail premises in Singapore. The FTIC plays an important role to create a symbiotic landlord-tenant ecosystem in which all stakeholders reap long-term benefits from the increased vibrancy and competitiveness of Singapore’s retail and F&B industries.
Goals of the FTIC
- To equip the industry with the knowledge of the Code that serves as a mandatory guide to fair retail
- To ensure that the Code is kept up to date with the latest market practices, guided by the principles of transparency, fairness, reciprocity, and sustainability.
- To monitor the performance of the Code and submit recommendations to the Government to enhance the regulatory framework.