Exit & Protective Strategies for Commercial Tenancies (in uncertain times during the pandemic) (EPS)
Generic Category: Adaptability (2 CPD credits awarded, subject to KEO’s approval)
Course Duration: 3 hours
Funding: Eligible for UTAP funding (for NTUC Union members, click here to find out more)
Course Synopsis
During this pandemic, the commercial property market has seen business failures and tough times for the retail and hospitality sectors. As Work-From-Home (WFH) has become a new normal, many office tenants found that they do not need as much office space as before. As tough business conditions force companies to cut costs to protect their cash flow and cash reserves to survive, some companies are considering reducing their leased space, subletting, assignment and relocation to cheaper alternatives to save cost. Other companies are thinking of expanding to
take advantage of lower rents; some are considering buying commercial space to take advantage of low-interest levels with a view to garner protection against rental increases when the economy recovers.
The key objectives of this course are to: –
1. Understand the characteristics of commercial tenancies
2. Understand the TYPES of leases/tenancies for Businesses
3. Know what are the rights/obligations of Landlords
4. Know what are the obligations/ rights of tenants
5. Know the key strategies to protect and limit the liabilities of tenants
6. Know the Temporary relief measures implemented by the government to help commercial tenants during Circuit Breaker (April – Jun 2020) and Heightened Restrictions (May-Jun 2021).
7. Understand the impact and potential financial damage to tenants (especially SMEs) failing/defaulting during the tenancy – and how the financial damage can be reduced through thoughtful tenancy negotiation, providing for tenant-protective covenants in the tenancy agreements and applying for rental relief as provided by temporary legislation enacted by Singapore government to help tenants/businesses in 2020 and 2021.
About the Trainer
Harold Tan
Director (Real Estate Advisory), VestAsia Group.
Trainer, Certificate in the Marketing of Commercial Properties & Various CPD Courses
B Sc (Hons)(Real Estate), MA (Business Admin), MICSC, ACTA
Mr Harold Tan is the Real Estate Development Advisory Director for Vestasia Group. He advises developers and investors on real estate development and investment strategies. He is currently an advisor on future-proofing real estate products and services to various companies by analyzing the impact of new business models and digital trends on real estate. He is also an overseas faculty of Ateneo University in Manila, conducting professional development courses for real estate professionals.
Since graduating from NUS in 1981, he has 38 years of experience in the real estate industry having worked in both public and private sectors, holding various senior positions covering development, investment, commercial, retail, industrial and residential sectors. He has managed the development and marketing of properties comprising mixed used developments and townships in the Asia Pacific region including China, Malaysia & Indonesia.
He has invested in overseas properties, carried out real estate development and investment in overseas properties in China, Australia, Vietnam and Indonesia while working with companies such as Centrepoint, WBL Corporation and Keppel Land.
Harold is a respected lecturer and trainer. He is the Programme Director to curate and run executive programmes in real estate at Real Centre Asia (RCA) He has conducted training programmes for Capitaland, Colliers International, CBRE, DTZ, Knight Frank, Jones Lang LaSalle, Ascendas, Keppel Land, SEAA, SLA, IRAS, ICSC (International Council of Shopping Centers), Dubai Real Estate Institute and Asian Institute of Management. He started his career as a valuation officer in JTC Corporation and then moved on General Manager positions in several well known real estate development companies such as Frasers Centrepoint, Wearnes Development and Keppel Land, doing projects in the Asian Pacific region.
Prior to his joining Vestasia Group, he was a professor at the National University of Singapore (NUS) where he taught masters and undergraduate students real estate market analysis, real estate development and business ethics. In recognition of his passion and dedication to teaching, NUS awarded him with a Teaching Excellence Award in 2008. He continues to be a sought-after trainer for exclusive executive programs and is respected speaker in business conferences where he shares insights and commentary about new trends in the real estate market in the region.
Harold holds a Bachelor of Science Degree (Estate Management)(Hons) from the National University of Singapore, a postgraduate MA (Business Administration) degree from the University of Georgia (USA) and ACTA (Advanced Certificate in Training & Assessment). He is a Member of the International Council of Shopping Centers (ICSC), the Singapore Institute of Management, CORENET Global (Global Organization for Corporate Real Estate Managers).