Ngee Ann Development loses appeal in Takashimaya rent case

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.