Office Rental Procedures
Typically, we can narrow down suitable listings within the 2nd viewing after gathering feedback from you during the 1st viewing. This process will take about a week. However, if there are no suitable spaces, we may have to wait for new listings to be put up into the market.
Letter of Intent (1 to 3 days)
Once you have decided on a particular office space in Singapore, we will negotiate on the basic leasing terms which includes (1) Rental Rates, (2) Lease Commencement Date, (3) Lease Duration, (4) Fitting-out Period, (4) Amount of Security Deposit and (5) any special request. Once we have agreed on the terms, we will put in a Letter of Intent to the Landlord for consideration.
Letter of Offer (7 to 10 days)
Letter of Offer will be issued when all the principal rental terms in the Letter of Intent are agreed upon. The landlord typical takes about 1 to 3 days to prepare and issue the Letter of Offer. You will usually be given 7 to 10 days to sign the Letter of Offer and return together with a non-refundable good faith deposit. After that, the office space will be secured subject to the signing of the Lease Agreement. In some cases, the Letter of Offer is legally binding, like a lease. Usually, the sample copy, or at times, actual copy of the Lease Agreement is attached along with the Letter of Offer for review.
Lease Agreement (TA) (2 to 3 weeks)
The Lease Agreement (or some call it Tenancy Agreement) will be issued to you after the Letter of Offer is signed. You will be given 2 to 3 weeks to sign this agreement. The Lease Agreement is typically prepared by landlord’s solicitors and most landlords (typically referring to REITs) will have similar lease documentation and they will not vary much. The Landlords are also not very receptive to changes in the standard lease document and most or not all the time, deviation from the original lease terms and conditions are not possible. Nonetheless, it is advisable to engage legal advisers to assist you in reviewing the lease agreement. They are able to highlight to you the potential risks involved and from there, you may assess if you are able to accept the risk.
After the Lease Agreement has been duly signed and the required security deposit paid, you may take possession of the property. You may then begin their renovations and get ready to move into their new space.
Fitting-Out Period (1 months)
Typically, fitting-out period (or called rent-free period) is 1 month for 2 or 3 years lease. However, we can request for longer fitting-out period depending on the size of the space leased. Prior to the fitting out period, it is advisable that you have already appointed your renovation contractor as they are required to apply for necessary permits before starting work. The permits may take quite a while to be approved depending on the building manager.