fbpx

Leasing Procedures

Check List for Office Leasing Procedures

1. Define Requirements

Location, size and budget are the most important criteria. This will often determine the buildings selection that we propose. Our panel of interior designer (ID) will be able to assist in determining the size required based on existing headcount, expansion plan and new workspace concept.

2. Timing of Possession

Tenants should be mindful of the timeline required to materialise the tenancy which takes between 8-10 weeks depending on the sizes and approval process, from initial review, site visit and ultimately the execution of the tenancy agreement. It takes another 8-12 weeks for interior designing and renovation works. Therefore, it is advisable to plan six (6) months ahead of tenancy expiry.

3. Appraisal of Options

Based on the define requirements, our team will provide a complete list of opportunities available in the market to the client, and will offer professional guidance on buildings that are suitable to the client’s needs including green building, MSC status, air-conditioning and others.

4. Site Inspections

Our team will arrange a site inspection with itinerary prepared and transport organised once the client has shortlisted the buildings.

5. Building Selection

We usually recommend 2-3 buildings in the final shortlist after the site inspection. Input from the interior designer is essential to determine the actual size, layout and specifications that best suits their needs. We will be able to made a final presentation, if necessary, to the management team of the recommended buildings for final selection.

6. The Negotiations

As an independent party and having good knowledge of the market, Hartamas team will in the best position to negotiate for the best rental package for the tenant. The input and advise from our Project Management team will determine the time required for the renovation and which shall form part of the negotiation process. We shall then prepare the ‘head of terms’ proposal for the Landlord to incorporate into the Letter of Offer for acceptance.

7. Documentation & Payment

Once the Letter of Offer has been accepted (which normally involves some further negotiation and counter offer coordinated by Hartamas), the tenant is required a place an earnest deposit, a sum equivalent to one (1) month’s rental to be paid to the landlord. Thereafter, the landlord thru their solicitor shall issue a draft tenancy agreement for the tenant’s perusal and comment. The tenant is expected to execute the tenancy agreement within 14 working days from the date of the acceptance of the letter of offer together with the required security deposits as stipulated in the tenancy agreement. Generally, each party is expected to pay their own solicitor fees but the tenant is required to pay the tenancy stamp duty to the Inland Revenue Department.

8. Handover of Premises

In most cases, the interior designer is expected to be appointed at this point of time. They should be present together with the tenant and landlord for the handover process. A checklist shall be prepared by the landlord to record the condition of the premises together with the records of meter reading and others.

Created with Fabric.js 3.5.0

Compare