Starhill Global REIT

Starhill Global REIT: Court of Appeal dismisses appeal by Starhill and does not find that the rent review mechanism with Toshin has been rendered inoperable. Both parties are to jointly request the Singapore Institute of Surveyors and Valuers to appoint 3 valuation firms to determine the prevailing market rental rate. Legal costs will be borne by both parties with each bearing their own costs. The case first arose when Starhill disputed the rental review contract with its tenant Toshin which is the master lessee of Ngee Ann City. Both parties will continue in their landlord-tenant business relationship after this. This is not expected to have an overly adverse effect on Starhill esp since an earlier decision was ruled in favour of Toshin