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Ngee Ann Development loses appeal in Takashimaya rent case

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Published Mon, Jul 10, 2017 · 09:50 PM

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Singapore

LANDLORD Ngee Ann Development (NAD), which had earlier lost its rent calculation dispute with department store Takashimaya, has lost its appeal.

NAD had sued Takashimaya - the anchor tenant at Ngee Ann City on Orchard Road since 1993 - after both sides reached an impasse on the meaning of "prevailing market rental value" in the lease agreement.

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