get an agent

Buy with an Agent

Dedicated experts at your service

Documentation Services

Leave the paperwork to us

do it yourself

Browse New Launch Condos

Find new units for sale

Browse Resale Listings

Connect with sellers through our app

RESOURCES

Calculate Buyer’s Stamp Duty

Find the amount payable when buying

Affordability Calculator

Find the amount payable when buying

How to Buy an HDB

A step-by-step guide to buying HDB

How to Buy a Private Property

A step-by-step guide to buying condo/landed

get an agent

Sell with an Agent

Dedicated experts at your service

Documentation Services

Leave the paperwork to us

do it yourself

Post a Listing for Free

Connect with buyers through our app

RESOURCES

Calculate Seller’s Stamp Duty

Find the amount payable when selling

How to Sell my HDB

A step-by-step guide to selling HDB

How to Sell my Private Property

A step-by-step guide to selling condo/landed

HOME E-VALUATION

For tenants

Rent with an Agent

Dedicated experts at your service

RESOURCES

How to Rent an HDB

A step-by-step guide to renting HDB

How to Rent a Private Property

A step-by-step guide to selling condo/landed

For landlords

Lease with an Agent

Dedicated experts at your service

Lease Documentation

Leave the paperwork to us

RESOURCES

How to Lease an HDB

A step-by-step guide to renting HDB

How to Lease a Private Property

A step-by-step guide to selling condo/landed

Do it yourself

ARTICLE CATEGORIES

HDB

All things about public housing

Private Property

All things about private property

Home Improvement

Guides for must-know reno tips

Financing

All about mortgage solutions

Towns

Singapore townships in focus

Client Stories

Success stories from customers

Founders’ Message

From the desks of Rhonda & Race Wong

Find out how to transact your home during this period

Buying or selling your property during COVID-19?
Share on facebook
Share on twitter
Share on email
Share on whatsapp

Fortitude Budget 2020: Impact on SME Tenants

Ohmyhome

Ohmyhome

Share on facebook
Share on email
Share on whatsapp

Written by: Syasya Nur

Singapore’s property sector is set to see new changes with the new Fortitude Budget rolled out on 26 May. Deputy Prime Minister (DPM) Heng Swee Keat announced in parliament on 26 May 2020 that $33 billion would be rolled out to help ease the financial circumstances that small and medium enterprises (SMEs), workers and households are facing due to COVID-19.

How will the new Fortitude Budget impact Singapore’s SME Tenants?

1. Expansion of rental relief for SMEs

Under the Fortitude Budget, $2 billion in cash grants has been set aside for qualifying SMEs. This marks the fourth budget rolled out in the year 2020. Along with this year’s property tax rebate, the main goal of this budget is to:

  • Offset two months’ rental for qualifying SME tenants of commercial properties.
  • Offset one months’ rental for qualifying SME tenants of industrial and office properties.

These rebates are meant to complement the first phase of the circuit breaker exit that started on 2 June 2020, so that SMEs can operate with fewer restrictions and ultimately generate more profit.

However, DPM Heng Swee Keat also stressed that these rebates are but a short-term solution. A complete restoration of business operations is essential for SME owners to recover losses over the past few months, and potentially, losses in months to come.

2. Creation of industry panel for fair leasing practices

Previously, landlords had come under scrutiny for refusing to pass on government tax rebates to tenants. The new budget has taken that into account and will ensure that funds will go directly to tenants.

In addition, five SME groups in Singapore have come together to form the The Fair Tenancy Framework Industry Committee (FTFIC) to represent more than 10,000 firms and advocate for fairer leasing practices The FTFIC submitted a position paper and recommendation to the Ministry of Law and Ministry of Trade and Industry stating 15 key recommendations for fairer leasing agreements.

The FTFIC and COVID-19 (Temporary Measures) Act seeks to tip the power scales in favour of the tenants and give tenants some leverage in reshaping contracts in time to come.

SME Tenants are advised to read up on Tenant-Landlord Rights in Singapore in order to protect themselves.

Planning to rent an apartment during this period? Read our FAQ or speak to our in-house agents.

Call +65 6886 9009 for professional advice.


While the Information is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact on the accuracy of the Information. The Information may change without notice and Ohmyhome is not in any way liable for the accuracy of any information printed and stored or in any way interpreted and used by a user.

Subscribe Now

Get a notification every time we upload a new blog post.

Find out how to transact your home during this period

Buying or selling your property during COVID-19?

Featured Blogs

Your one-stop guide for must-know HDB tips

get an agent

Buy with an Agent

Dedicated experts at your service

Documentation Services

Leave the paperwork to us

Do it yourself

Browse New Launch Condos

Find new units for sale

Browse Resale Properties

Download the app and speak directly to sellers

RESOURCES

Affordability Calculator

Calculate required tax for selling

Calculate Buyer’s Stamp Duty

Find the amount payable when buying

How to Buy an HDB

A step-by-step guide to buying HDB

How to Buy a Private Property

A step-by-step guide to buying condo/landed

bUY OVERSEAS

get an agent

Sell with an Agent

Dedicated experts at your service

Documentation Services

Leave the paperwork to us

do it yourself

Post a Listing for Free

Download the app and connect with buyers

RESOURCES

Free Home E-Valuation

Know the value of your property in seconds!

Calculate Seller’s Stamp Duty

Find the amount payable when selling

How to Sell an HDB

A step-by-step guide to selling HDB

How to Sell my Private Property

A step-by-step guide to selling condo/landed

get an agent

Rent with an Agent

Dedicated experts at your service

do it yourself

Browse Rental Listings

Download the app and connect with landlords

RESOURCES

How to Rent an HDB

A step-by-step guide to renting HDB

How to Rent a Private Property

A step-by-step guide to renting condo/landed

get an agent

Lease with an Agent

Dedicated experts at your service

Lease Documentation

Leave the paperwork to us

do it yourself

Post a Listing for Free

Download the app and connect with tenants

RESOURCES

How to Lease my HDB

A step-by-step guide to renting out an HDB

How to Lease my Private Property

A step-by-step guide to renting out condo/landed

FEATURED ARTICLES

Condo Renting 101: Where to Look, Sizes and Cost

Looking for a condominium to rent ...

Ohmyhome Raises US$5M in Series A+ Funding

Ohmyhome, the leading Property 
One-Stop Shop Platform

ARTICLE CATEGORIES

HDB

All things about public housing

Private Property

All things about private property

Home Improvement

Guides for must-know reno tips

Financing

All about mortgage solutions

Towns

Singapore townships in focus

Client Stories

Success stories from customers

Founders’ Message

From the desks of Rhonda & Race Wong

Social media

Other