SMEs in non-residential property including those renting the common property of MCSTs may benefit from the Re-Align Framework if their businesses are affected by COVID-19.
The Re-Align Framework helps the landlords and tenants to renegotiate the terms and conditions of the tenancy agreements. If the parties are unable to come to a mutual agreement, the tenancy agreement may be terminated.
Among others, to qualify for the Re-Align Framework, the business is subjected to an annual revenue cap of S$30 million and the business must have experienced at least a 70% fall in monthly average gross income from 1 July 2020 – 31 December 2020 as compared to 1 July 2019 – 31 December 2019.
The notice of negotiation must be served within 6 weeks, from 15 January 2021 till 26 February 2021.