Chinatown rental for F&B pre-Covid was SGD9-12 psf (per square foot). During COVID many of the shops were vacant between 8-14 months. Landlords lowered the rental rate to SGD7-9 psf. Post Covid, these same landlords are rabid with greed. Commercial guru results shows 15-45 psf rental rate in Chinarown driving the same businesses that parachuted in during Covid to save their landlord's rapacious butt. The bars that I go to will not be able to support a 15-45psf rental. Singapore Tourism Board which manages road stalls at arm's length through Chinatown Business Association (CBA). They realize that business are still struggling offered rental relief. https://www.straitstimes.com/singapore/year-long-extension-of-rental-relief-for-chinatown-street-market-tenants
In land scarce Singapore, you don't own any property. Land come in leases from the Singapore government. There are various leases: 999 years, 99 years, 60 years, 33 years and variants of these numbers. Private property owners are so motivated to suck in profits for the length of their lease. Inevitably, rental prices goes sky high. A black eye to F&B businesses. F&B (food and beverage, typically covering hawkers to hotel) in Singapore is a cut throat business. The goverment over issues food licenses. It's yet to be proven that they do this intentionally. Food licenses are money generators. It also complements the country's employment statistics. Why not make money and look good on the report card? An uber competitive over-crowded industry is the second black eye to F&B business owners. The third whack is a labor quota system that limits F&B businesses to hire foreigners. The government makes F&B businesses take the punch in the lip whilst asking the business owners to stiff their upper lip, close their eyes by the use of ridiculous productivity grants that breed a greedy industry of cheats and snake oil sellers.
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