Market stall in Ang Mo Kio receives S$1 bid

SINGAPORE: S$1 — that is how much the rent for a hawker stall in Ang Mo Kio could be if authorities approve a bid that has been submitted.

A hawker stall at block 724, Ang Mo Kio Avenue 6, was put up for tender and according to the National Environment Agency, it has received only one bid, from a Poon Kein Hoon, for S$1.

The low rate comes after authorities abolished minimum bids for wet market and hawker stalls last month. Tender bids are subject to NEA’s evaluation before they are accepted.

Stall owners said rental contracts last for three years on average, and that authorities revise rental prices every year.

But news of possibly lower rents brought relief to many wet market stall owners, although they have added that it may not translate to cheaper goods for consumers.

One hawker said: "Although the rental price is cheap, but the daily cost of running the store is at least S$10 to S$20. The price of goods has inflated to ridiculous levels."

Updated: 05/09/2012 05:33 | By Channel NewsAsia

News Source: http://news.xin.msn.com/en/singapore/market-stall-in-ang-mo-kio-receives-sdollar1-bid