Some stallholders quit Sheng Siong’s wet markets in search of cheaper premises

Some stallholders at the five wet markets hit by the rent hike from Sheng Siong have quit and are looking for cheaper premises.

Two stallholders at a market in Choa Chu Kang are not carrying on due to the higher rent they have to pay from this month.

It was a blessing in disguise for one of the stallholders.

He found a cheaper place at a shop next to the market at 10 per cent less in rent.

The contract is for two years, a year longer than Sheng Siong’s contract.

Those who are staying put are working longer hours and cutting down on the number of workers.

Many said they are not increasing prices for now.

Residents Channel NewsAsia spoke to said they can accept a small price increase as long as the products are fresh.

Sheng Siong bought the five wet markets from a private developer late last year and raised the rent by 30 per cent compared with the previous range of between S$2,000 and S$3,000.

About 10 per cent of the stalls at the five markets located in Choa Chu Kang, Bukit Batok and Serangoon are vacant.

Source : Channel NewsAsia – 8 Apr 2010