Looking for a new business opportunity? Perhaps you could try bidding for a spot at an Ang Mo Kio market.
The monthly rental costs merely a dollar.
Here’s what you need to know about it.
2 Stalls in AMK Market Rented Out at $1 per Month for 3 Years; Another Stall for $8 per Month
Two stalls in the market at Block 160, Ang Mo Kio Avenue 4, were recently rented out at just $1 a month. One of the stalls sells spices, while the other sells frozen foods.
Yes, you read that right. While $1 can’t even buy you a decent bottle of mineral water, these two stalls are paying for their rental with just $1. They probably spend more on transport fares travelling to the stall.
Another stall selling spice was also recently rented out at $8 per month. Just in time for Chinese New Year, huat ah!
That’s not all. At the Ang Mo Kio market, each stall’s lease is three years long, meaning that for three years, two of these stalls will only have to pay $36 in total for rental.
Maybe some people don’t need the GST payouts after all.
With rental costs this low, nothing could go wrong with their business, right?
Wrong. Despite this steal, other seasoned stall owners in the same market are speculating that these stalls won’t be able to handle the heat.
The human traffic at the market isn’t high, which is excellent for shoppers. Finally, there’s no need to have aunties screaming “Excuse me!” into your ear every time you visit the market.
However, the same can’t be said for the stall owners at the market.
A small crowd of regulars frequenting the market are the stalls’ usual customers. With most patrons already loyal to the existing stalls, it will prove challenging for the new stalls to establish a solid customer base. Although the $1 monthly rental is undoubtedly a steal, the new stall owners will face fierce competition from the existing stalls.
Think about it this way: If a new bubble tea stall, say “Goody Feed Bubble Tea”, sprang up opposite the likes of Singaporean fan favourites like Koi or Gong Cha, there’s no way the new stall will be able to compete.
Fewer Residential Units in the Vicinity of the Market
While the market has seen more human traffic as COVID-19 regulations started easing, overall human traffic has always been low.
Apparently, the market doesn’t see as much human traffic as other markets because fewer residents are staying around the market.
Although there are quite a handful of markets in the Ang Mo Kio area, this market at Block 160 is nestled in an area with fewer residential units.
The market’s usual customers are regulars who have patronised the same market for years. Those who have since moved further away are still travelling the extra distance to patronise the market.
Perhaps they’re just trying to get that “familiarity” discount from the stall owners.
“Young Blood” at the AMK Market
One particular stall owner interviewed by Shin Min Daily News shared that even though he’s been in business at the market since 2013, the other stall owners still describe him as relatively new.
That gives us a taste of how seasoned these stall owners are and how long they’ve been in business.
He also revealed that the two spice stalls rented out for $1 and $8 per month respectively were previously run by a young man who was the second-generation owner of the spice business.
After operating the spice business for approximately two years, the young man ultimately decided to switch career paths.
The stall spaces were then put up for bidding but remained vacant even after an individual successfully bid for them. This paved the way for another round of bidding, giving rise to the $8 and $1 rentals we now know of.
Stall Remained Vacant Even After being Successfully Bidded for
According to Shin Min Daily News, the frozen food stall, rented out for a monthly rental of $1, was vacant.
The two spice stalls rented out for $1 and $8 respectively are also not in operation, although surrounding stall owners note having seen an individual come to measure the dimensions of the stall space.
It is reported that some stall owners choose not to operate even after successfully bidding for the stall space. There are various reasons for such a decision, such as the space being different from their expectations.
Another possible factor for stall owners’ decisions to leave the stall space vacant could be that the market will be undergoing a major renovation in March this year. However, stall owners were only informed of this renovation in October of last year.
The market’s renovation is the first in six years, so these stall owners who have been in business for decades can finally take a break.
Another Stall in the Same Market Being Bid for A Thousand Dollars
The $1 monthly rental, however, isn’t for all the stalls in the market. A stall in the same market had reportedly been rented out for more than $1,200.
Now, these are the stall owners that probably need the GST payouts.
The stall owner who bid for the stall space shared that she has been in business at the market for more than 40 years.
That’s right, her stall might even be older than you.
She shared that she had bought the stall space as her current stall was too small, causing her a lot of inconveniences when she packs the stall.
Featured Image: Shin Min Daily News