Spaces for Assignment in Singapore
Take over the remaining lease on a unit without buying a business. The tenant keeps their company and hands you the space, so there is no goodwill to pay for.
12 spaces available
You get the unit, the remaining lease and usually the fit out. No customers, no staff, no trading history. Best when you already know what you want to run and need premises that are ready.
You get the trade as well: the customers, the staff and the revenue, and you pay for that goodwill. Browse businesses for sale.
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Before you take over a lease
Landlord consent
Almost every Singapore commercial lease needs the landlord to agree in writing before it can pass to someone else, and many landlords will want to see your finances and your plans for the unit first. A listing that says consent is already obtained is a much shorter path than one that says it is still required.
Reinstatement
When the lease ends, the tenant usually has to return the unit to its original bare state. On a fitted restaurant or clinic that can cost tens of thousands of dollars, and taking over the lease often means taking over that obligation. Ask whether it applies and who is responsible for it before you agree a fee.
Fit-out and equipment
A space that is already fitted for your trade can save months and a large part of your budget, which is usually what the assignment fee is paying for. Get a written list of exactly what stays, and check that the equipment works and is not under a separate lease or hire agreement.
Questions to ask
- How long is left on the lease, and is there an option to renew?
- What is the rent now, and when is it next reviewed?
- Is the unit approved for the use you have in mind?
- What does the deposit arrangement look like?
- Is reinstatement required at the end, and by whom?
Assigning a lease in Singapore
- What is a lease assignment?
- The current tenant hands their remaining lease to you. You take on the unit, the rent and the terms already agreed with the landlord. The business itself is not part of the deal, so there is no goodwill to pay for and no staff or customers coming with it.
- How is that different from taking over a business?
- Taking over a business buys the trade: the customers, the staff, the revenue. An assignment buys only the space and whatever fit out is left in it. It suits someone who already knows what they want to run and needs premises that are ready to use.
- Does the landlord have to agree?
- Almost always, yes. Most Singapore leases require the landlord to consent in writing before a lease can be assigned, and the landlord will usually want to check your finances first. Treat any listing here as subject to that consent.
- Who pays the assignment fee, and what does it cover?
- The incoming tenant pays it to the outgoing tenant. It is what the outgoing tenant asks for handing over the unit early, and usually reflects the fit-out, equipment and any time left on a good rent. It is separate from the rent and the deposit you will pay the landlord, and some spaces are offered with no fee at all.
- What happens to the security deposit?
- It depends on the landlord and the assignment agreement. Often the outgoing tenant's deposit is returned to them and you place a fresh one, but sometimes the deposit is transferred and settled between the two tenants. Confirm which in writing before you pay anything.
- What should I check before committing?
- How long is left on the lease, what the rent is and when it next rises, whether the fit out and equipment are included, what the reinstatement obligation is at the end, and whether the use you have in mind is allowed under the tenancy and by URA zoning.
Giving up a space but keeping the business?
List the assignment on its own, separately from any business, so the buyers who find it are the ones looking for premises.
Assignments almost always need the landlord to consent in writing. Every listing here should be treated as subject to it.
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