The landlord of Ngee Ann City and its anchor tenant, department store Takashimaya, are currently in a dispute over rent and have taken the case to the High Court.
Takashimaya and Ngee Ann Development have been in a business partnership for over 22 years. In 1993, Takashimaya signed a lease with Ngee Ann Development for 20 years, which also give Takashimaya six options to subsequently renew for 10 years each. The lease also states that the rental rate is to be reviewed every five years and that if both parties cannot agree on the value, it will be determined by a valuer.
Hence in 2013, Ngee Ann Development proposed a revision to the rent. This would increase the rent from $8.78 per square foot per month to $19.83 per square foot per month.
With a more than double increase in the rent, Takashimaya rejected the report. As per the lease, the two parties then agreed to each consult one valuer to determine the rent by taking the average of the two valuations presented.
In this agreement, the two parties also stated that any correspondence to the valuers had to be copied to the other side.
However, this agreement was not followed by Ngee Ann Development, who had sent a letter to its valuer with instructions to use a hypothetical layout of the department store. This correspondence was not forwarded to Takashimaya’s side. In response, Ngee Ann Development stated that this was an “administrative oversight” on their part.
Takashimaya has also expressed that the rental value should take into account the existing configuration of the area, and not just the hypothetical configuration used by Ngee Ann Development and it’s valuer.
The High Court hearing involving the two parties began on Tuesday (29 March).

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments
You May Also Like

The PTC should stand with commuters on fare issue

By Andrew Loh – This Thursday, the Public Transport Council (PTC) will…

Legion of Racers’ Aleef Muhammad emerges as champion simracer at Toyota GR Supra GT Cup Asia

Singaporean and Legion of Racers simracer Ar Aleef Muhammad has emerged as…

印尼巴淡岛木桥坍塌 26国人受轻重伤

印尼巴淡岛一度假村木桥,于昨日(11月7日)坍塌,新加坡回教社会发展理事基金会(Yayasan MENDAKI)证实该会26名会员在此事件中受到轻重伤,其中有至少四人今天乘渡轮回国。 该基金会指出,会员们是到该岛梦帝国度假村,商讨来年的工作计划。 根据印尼媒体《Sindonews》报导,廖内省警方指出,当长达70米的木桥在中间部位坍塌时,还有游客在桥上拍照,有30余人掉入海中。 据印尼新闻网站《Detik》指出,13名在此事件中受伤的新加坡人被送往巴淡岛的巴杨卡拉医院(Bhayangkara Hospital),另外五名受轻伤的新加坡人已经接受治疗。 该报导也指出,或许桥的木基已经腐烂了,才导致坍塌事件的发生。 据廖内警方指出,有两人的伤势严重,医院工作人员指有一人的右脚骨折,另一人的肋骨骨折。 警方召见三人助查 基金会指出,有24名会员受轻伤,在接受治疗后已经出院,另有两名会员会回国接受进一步治疗。 新加坡外交部发言人指出,已经接获有关事件的消息。 “驻巴淡岛总领事馆官员已经到巴杨卡拉医院,为国人提供所需援助。”…

让年长清洁工能够休息片刻 青年助扫地之举暖心

暖心青年帮助年长的清洁工扫地,让清洁工有机会坐下来喘口气,网民见了在脸书上分享,指人间处处有情。 网友Sujatha Nair昨日(23日)在脸书上帖文,指她在早上到卓源公园运动时,看到一名身穿白色背心、黑色短裤的青年正拿着扫把在扫地,附近凉亭中有一名戴着帽子的年长清洁工正在坐着观看,凉亭边还放着畚斗。 她指出,青年在帮助清洁工之余,也保持良好的安全距离并带着口罩,不禁感叹:“除了泡泡茶和剪发之外,还是有希望的。” 帖文获得450个反应,1200人转发,纷纷赞扬青年的善举,在这个疫情笼罩的时期添上一丝暖意,更呼吁他人在能力所及的时候,帮助他人。