A coffeeshop at Block 201 Tampines Street 21 was sold for a record S$41,682,168, the transaction scheduled to be completed in July. Stallholders in the venue confirmed that their rent has increased since the coffeeshop changed owners two months ago. According to 8World, the property’s caveat, a legal document to protect property buyers’ interests in a sale, was lodged in April.
The 604sq m property, with 76 years left on its lease, has 18 stalls and is the biggest coffeeshop along Tampines Street 21. A hawker told 8World that in the 23 years of operations there, the previous landlord didn’t “significantly” increase rentals. However, the new owner announced that her rent would increase from S$6,000 to S$10,000, excluding other charges and miscellaneous fees.
After “extensive negotiations,” the hawker said she was able to lower it down to S$9,000.
Still, the hawker said the increased rate was “difficult” to bear and admitted to considering closing shop if unable to make ends meet in the next six months.
Another hawker revealed many had already decided to give up their stalls due to the rental hike.
“These kinds of rentals are supposedly for small cafes and pop-up snack stores in town area, and you’re asking this from hawkers?” asked Facebook user Damien Tay, responding to the news.
“I really don’t understand how the buyer of the coffeeshop could come up with such valuations in buying this coffeeshop,” he added in a comment with over 180 likes.
Many also suggested for hawkers boycott the venue. “Hawkers should not take up stalls in this coffee shop. Why want to work so hard and sell expensive to pay for high rentals and this unscrupulous clown make money,” said Facebook user Robert Tan.
Meanwhile, netizens highlighted that the authorities should step in. One commented, “Also surprised that nobody in the government agencies was alarmed by this. Doesn’t take a genius to figure out that rising rentals will just lead to spiralling food prices.” /TISG
