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Sale and leaseback An arrangement whereby a freeholder or lessee sells his interest in a property for an agreed sum and takes back a lease on the whole or part of the property from the purchaser, generally either at a rack rent or at some lesser rent related to the price paid.

Science park A development of an industrial nature suited to accommodate high technology, with supporting amenities, which is associated on site with or is close to a higher educational research establishment to provide cross-fertilisation of ideas between entrepreneurs and researchers for the purpose of enabling academic knowledge to be applied to effective commercial use.

Security deposit Comprises of an interest free lump sum payment to the landlord at the commencement of the lease, which is refundable at the end of the lease term. Though the deposit amount varies depending on city, property type, location and the period of the lease, it may range anywhere between 6 to 18 months of monthly rental. It is not uncommon for some landlords to provide a bank guarantee to the tenant as security for the repayment of the initial deposit amount.

Serviced accommodation Suites of offices or rooms where the landlord provides a range of services within the individual premises extending beyond the traditional ones associated with the maintenance and management of the building itself or the operation and maintenance of the installation or plant therein eg. furniture, telephone, fax machine, room cleaning, and/or provides centralised specialised services, such as a receptionist and secretarial and communication facilities.

Shopping Mall A group of retail outlets designed and built with ways for pedestrians on one or more levels to form a unified whole under one roof.

Site Plans A drawing of an area of land, on a horizontal plane, showing the boundaries and physical extent of the land included in a particular parcel. It may also show any existing buildings or the proposed layout of a development.

Speculator A person (usually a dealer) who undertakes a transaction in property, in expectation of asking for a profit but with the risk of not doing so.

Strata Title Freehold title to a horizontal title above and/or below. Satisfactory arrangements for management usually involve a statutory obligation for the setting up of a management corporation with responsibility for the maintenance of common facilities and areas.

Sub Leasing A method wherein, the primary lessee of a property has the right to further lease out a part or whole of the property to another occupier or lessee. Essentially, the right to sub lease is decided beforehand at the time of signing the main lease agreement and is with the consent of both the lessor and the lessee.

Suspended ceiling A ceiling, not being part of the structural framework of a building, installed below the level of the underside of the floor above or of the roof. Commonly used to provide space for services eg. cables, recessed lighting and piping; to reduce the cost of heating in a room; to improve the acoustics; or to produce more aesthetically pleasing proportions.


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