A 51-year-old vendor recently made a record-breaking bid of S$10,158 for a vacant stall at Marine Parade Central Market and Food Centre, setting a new benchmark for hawker rentals in Singapore.
Source: Google Maps
According to the National Environment Agency’s (NEA) report on the July 2024 tender exercise, the top five bids for stall 01-29 at Block 84 Marine Parade Central ranged from S$8,113 to S$10,680.
However, with the highest bidder withdrawing their offer, the stall is now expected to be awarded to Yang Ailan, who submitted the second-highest bid of S$10,158.
Source: National Environment Agency
Shin Min Daily News reported that Ms Yang currently operates a beverage stall at the same hawker centre.
Source: Shin Min Daily News
She noted that the vacant stall previously housed a fish soup vendor, followed by an oyster mee sua seller.
Ms Yang also revealed that she intends to secure the stall so that her son can take over and continue expanding their family’s hawker business.
When asked about her willingness to place such a high bid, she explained: “Many people have remarked that the stall’s location is excellent. Since my children are eager to get involved, this is an opportunity for them to learn.”
Source: Shin Min Daily News
She added that vacancies at this food centre are rare, and with strong competition among interested parties, higher bids are necessary to secure a stall.
In addition, the recent opening of the Marine Parade MRT station right next door has significantly boosted business at the food centre.
Therefore, Ms Yang believes that her five-figure bid accurately reflects the market value of the area.
Marine Parade Merchants’ Association chairman Thya Boon Hin confirmed that business at the food centre has seen a notable increase.
Some stalls have experienced a 30% to 40% rise in sales, while others have even reached 80%.
Furthermore, the food centre’s proximity to several hotels and its frequent visits from tourists contribute to this surge.
However, Mr Thya cautioned that whether a vendor can turn a profit after paying a monthly rent of S$10,000 depends on factors such as the type of food sold and the business model employed.
“Cooked food generally makes more money, but it also depends on operational costs, such as whether you need to hire staff,” he explained. “If you do, your earnings may be reduced.”
Ms Yang told Shin Min Daily News that her family is still discussing what to sell and how to set the prices.
She is determined to secure the stall and has no plans to withdraw her bid.
Also read: Bedok hawker centre stall receives monthly rental bid of S$6,299, the highest for such stalls in Feb
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Featured image adapted from Shin Min Daily News.
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