SINGAPORE: Following a spate of complaints over the skyrocketing cost of renting stalls at the annual Geylang Serai Raya market, the Government has introduced a cap on rental fees.
Minister of State for Home Affairs and National Development Muhammad Faishal Ibrahim said in a Facebook post on Monday (30 Oct) that the new $15,000 rental cap is to ensure that the market is affordable for both stallholders and consumers.
Assoc Prof Faishal, who also serves as lead adviser of Wisma Geylang Serai, said that setting a rental cap for stalls would allow stall owners to offer more cost-effective goods, which would benefit consumers. He also revealed that the bidding exercise for stalls at next year’s market has already begun.
Assoc Prof Faishal, who accompanied some MPs, also ran a spotlight on his Facebook page of businesses in the market that were doing well.
Some stallholders who spoke to Channel News Asia (CNA) for a report released a week before the MP’s Facebook posts recounted a different experience.
Mr Hasan, who sells kebab at his ‘Hasan Istanbul Kebab’ stall, told the news outlet that he regrets renting a stall at the market this year. Revealing that he paid a whopping $25,000 for rental, he told CNA: “We’re all losing money. (We) cannot cover costs, cannot even cover rent.”
A stallholder selling Ramly burgers nearby, who paid $20,000 for renting his stall, added: “We regret taking it this year. It was okay in previous years.”
Several stallholders told CNA reporters that there appeared to be fewer visitors this year, while the reporters noticed no queues at most stalls in the vicinity, unlike in previous years.
Their complaints came days after food guru KF Seetoh publicly criticised the Geylang Serai bazaar as “easily the world’s most expensive pasar malam stall” given the sky-high rental rates.