SINGAPORE - Standalone-stall tenants at Chinatown’s street market will receive a year-long extension of rental relief, said the Chinatown Business Association (CBA) on Tuesday.
Since June 2021, the association has offered several rounds of assistance, giving rental relief of 60 per cent, then 40 per cent, and the current 25 per cent, which was due to end on March 8.
With the extension, tenants of stalls in Trengganu Street, Sago Street and Smith Street will continue to enjoy the same discounted rental rate until the end of March 2024.
Those in Pagoda Street will receive a rebate of 50 per cent for six months, followed by 25 per cent for the next six months. A minimum tenure of 12 months is required.
The monthly rent of a Chinatown street market standalone stall is $2,000, before rebates. The rent is paid directly to CBA.
The association was set up to promote businesses in Chinatown and its community.
CBA executive director Lim Yick Suan said: “We are committed to providing strong support and encouragement to our existing standalone stall tenants, as well as welcoming new businesses to join us in Pagoda Street, Sago Street and Smith Street.
“We hope that this discounted rental scheme will give entrepreneurs strong encouragement and an opportunity to start their business venture with the reduced capital outlay.”
Mr George Soo, who runs a stall selling souvenirs such as T-shirts, fans and trinkets in Sago Street, said in Mandarin that he appreciates the rental relief. He added that the number of tourists has increased in the past few months.
Ms Zhen Xiu Qin, who sells Indonesian kueh at her stall in Pagoda Street, said in Mandarin: “With the cheaper rent, there’s less of a financial burden on me.”