Date Published: 16 January 2020
CNPLaw acted for the Dynapack Asia Pte. Ltd to wholly lease a multi-storey industrial building from Mapletree. Due to the client’s manufacturing requirements, the client intended to install and effect substantial upgrading works to the existing infrastructure in the premises. Under the terms of the lease agreement, the tenant is required to reinstate the premises to its bare condition upon the expiry of the lease. As the costs of reinstatement would be substantial in light of the major renovations to be undertaken by the tenant, the tenant had to negotiate extensively to vary or moderate certain reinstatement obligations in the lease agreement. Mapletree being a major landlord of many similar premises required standard template lease terms which they were quite unwilling to depart from and it took considerable negotiations to achieve a compromise to protect the tenant’s interests.
CNPLaw also assisted the tenant to draft a side letter to reserve the rights of both the tenant and landlord to negotiate certain terms in the lease agreement notwithstanding parties having executed the lease agreement.
CNPLaw’s Real Estate practice has the expertise, experience and resources to handle work spreading across the residential, commercial and industrial asset classes, and to advise on all aspects of property transactions in Singapore. Our major clients include multinational corporations (MNCs), small and medium-sized enterprises (SMEs), property developers, construction companies, property funds, property-holding entities, asset managers, family offices, non-profit organisations, real estate investment trusts (REITs), as well as government agencies.