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Bid for Marine Parade hawker centre stall rental hits S$10,158 per month, new record in S'pore
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Ilyda Chua |
August 12, 2024, 03:14 PM
A fierce bidding war to rent a particular hawker stall at Marine Parade Central Market and Food Centre has set a new monthly rental record.
Previously occupied by Taiwanese-style hawker Mee Sua Geng, the vacant unit — #01-29 — set a new record in the July 2024 tender, with bidding reaching S$10,158 per month for rent.
The other bids were S$8,113, S$9,288, S$9,500, and a withdrawn bid of S$10,680.
The premises can be used to sell cooked food, halal or otherwise, Indian cuisine, drinks, or cut fruits.
This is the first time a bid over S$10,000 has appeared in six years, according to Shin Min.
The 51-year-old said she had put in a bid for the vacant stall so that her son and his family can open a cooked food stall and expand the family hawker business.
Speaking to Shin Min on why she made such a high bid, Yang said: "Everyone says the stall is good, and my son wanted to start the business, so I gave him the opportunity to learn."
She added that a vacancy in the popular food centre was a rare occurrence, with many people willing to pay high prices for the prime real estate.
Since Marine Parade MRT Station opened in June 2024, business has also increased by at least 20 per cent, Yang observed.
The food centre is located near the exit of the MRT Station and was previously revamped in 2019.
The valuation considers factors, such as the footfall of the hawker centre, stall size, and market conditions to assess the market rental.
Stallholders who have initially tendered a bid higher than the assessed market rate will see a downward adjustment at the end of three years, NEA said.
Similarly, stalls with initial rentals lower than the assessed market rate will see an upward adjustment at tenancy renewal.
Bid for Marine Parade hawker centre stall rental hits S$10,158 per month, new record in S'pore
$$$.
Ilyda Chua |
A fierce bidding war to rent a particular hawker stall at Marine Parade Central Market and Food Centre has set a new monthly rental record.
Previously occupied by Taiwanese-style hawker Mee Sua Geng, the vacant unit — #01-29 — set a new record in the July 2024 tender, with bidding reaching S$10,158 per month for rent.
The other bids were S$8,113, S$9,288, S$9,500, and a withdrawn bid of S$10,680.
The premises can be used to sell cooked food, halal or otherwise, Indian cuisine, drinks, or cut fruits.
This is the first time a bid over S$10,000 has appeared in six years, according to Shin Min.
A family-run business
The top bidder, Yang Ailan (transliteration), is a hawker who has been running a drinks stall at the food centre for over 10 years.The 51-year-old said she had put in a bid for the vacant stall so that her son and his family can open a cooked food stall and expand the family hawker business.
Speaking to Shin Min on why she made such a high bid, Yang said: "Everyone says the stall is good, and my son wanted to start the business, so I gave him the opportunity to learn."
She added that a vacancy in the popular food centre was a rare occurrence, with many people willing to pay high prices for the prime real estate.
Since Marine Parade MRT Station opened in June 2024, business has also increased by at least 20 per cent, Yang observed.
The food centre is located near the exit of the MRT Station and was previously revamped in 2019.
Adjustment of rents
According to National Environment Agency (NEA), rental will be adjusted to the market rate as determined by an independent professional valuation at the end of a three-year period.The valuation considers factors, such as the footfall of the hawker centre, stall size, and market conditions to assess the market rental.
Stallholders who have initially tendered a bid higher than the assessed market rate will see a downward adjustment at the end of three years, NEA said.
Similarly, stalls with initial rentals lower than the assessed market rate will see an upward adjustment at tenancy renewal.
