Sheng Siong rises rent at 5 wet markets by 30%

Stallholders at five wet markets will have to pay 30 per cent more in rent from next month.

They have been informed of the increase by supermarket chain Sheng Siong, which bought the markets over from a private property developer late last year.

The five wet markets are in Choa Chu Kang, Bukit Batok and Serangoon.

Currently, they pay about S$2,000 to S$3,000 in rent.

Many stallholders feel that the 30-per-cent increase is too high, and a few said they may even give up their businesses.

Some are thinking of passing the costs to customers but are also worried that this would hurt businesses, especially in the face of competition from other wet markets and supermarkets.

Sheng Siong said it had no choice but to increase rental rates, as it had to pay bank interest fees, property tax and maintenance fees after buying over the five wet markets for about S$25 million.

Source : Channel NewsAsia – 23 Mar 2010