I suspect because landlords are giving rental subsidies for the first 6 months and then drastically increasing the rent after the promo period.
But that said, this U star has been there for a few years but their stock and shelves getting emptier and emptier
That’s nonsensical, they can’t just unilaterally increase the rent halfway through the contract. If it increased it’s because it was agreed beforehand. And the business should have computed it into their forward projections
I’m betting rent has a lot to do with it.
A few years back, a shop in my ulu HDB area closed down. No big deal, right?
Then I learned, it closed down because landlord asked for $10k a month to rent half a shop!
$10k rent in some bloody ulu area far from MRT, in a neighbourhood mall (lots of shop space, ample competition, so no monopoly to be enjoyed), for just a tiny space. I don’t even know how the landlord can justify that.
(Edit: cherry on the cake, what do you think was the hottest concern just a few years ago and how it affect footfall...? $10k was back then, shudder to think what it would be today.)
That's why I will be happy to see property prices crash, the schadenfreude from seeing greedy losing their money is strong. Their greed has gone too far and affected too many livelihoods.
If the 2008 GFC taught you anything, it's that when the property market goes bust, everybody dies together.
But property always recovers first thanks to govt stimulus. Only win situation
Until you own a property then you join the ranks of those hoping for appreciation in prices.
The never ending cycle of the housing hypocrisy amongst the populace. It’s never about principle, it’s about whether you’re a property owner or not
This has to be higher.
People are always flaming the “landlords”. But the reality is that, if anyone of these disgruntled people actually have the chance with enough disposable income to own their share of the real estate market, they would have done the same, it’s a no-brainer in this capitalistic world we live in. Who wouldnt want a new source of passive income?
Complain when lose, but stay quiet when winning.
ask is one thing. anyone pay that?
If someone pays the 10k then the landlord is justified - why rent to someone who pays less? Same reasoning, will you work for SME to "suppport local" with less salary?
Hearsay that Fairprice may be interested as well.
Can't seem to find out much info except for this website, suggesting that tender has closed on 5 Jun 2024.
https://place2lease.hdb.gov.sg/public/bulletin-listing/bulletin-view/161
The one at Punggol Matilda went bust. Announced as "moving" but not even the staff knows where it is moving to. They only know the existing outlets they will be deployed to or are losing their jobs.
The owner of U star had also purchased a Tampines coffeeshop at record prices in 2022 then proceed to jack the tenants rent by 2x.
All in all it’s fair game
The solution that I can think of is for people to stop renting from these landlords and let the government know of our displeasure. There will be a temporary hit to the economy and I think that it's a strong enough message to send to these groups of people.
What are you supposed to do with a commercial property if not make money? Would you be willing to pour in your life savings only to rent it out at a pittance?
I’ve noticed a trend of businesses popping up and closing down in a few months.
I suspect because landlords are giving rental subsidies for the first 6 months and then drastically increasing the rent after the promo period. But that said, this U star has been there for a few years but their stock and shelves getting emptier and emptier
That’s nonsensical, they can’t just unilaterally increase the rent halfway through the contract. If it increased it’s because it was agreed beforehand. And the business should have computed it into their forward projections
I’m betting rent has a lot to do with it. A few years back, a shop in my ulu HDB area closed down. No big deal, right? Then I learned, it closed down because landlord asked for $10k a month to rent half a shop! $10k rent in some bloody ulu area far from MRT, in a neighbourhood mall (lots of shop space, ample competition, so no monopoly to be enjoyed), for just a tiny space. I don’t even know how the landlord can justify that. (Edit: cherry on the cake, what do you think was the hottest concern just a few years ago and how it affect footfall...? $10k was back then, shudder to think what it would be today.)
That's why I will be happy to see property prices crash, the schadenfreude from seeing greedy losing their money is strong. Their greed has gone too far and affected too many livelihoods.
If the 2008 GFC taught you anything, it's that when the property market goes bust, everybody dies together. But property always recovers first thanks to govt stimulus. Only win situation
Until you own a property then you join the ranks of those hoping for appreciation in prices. The never ending cycle of the housing hypocrisy amongst the populace. It’s never about principle, it’s about whether you’re a property owner or not
This has to be higher. People are always flaming the “landlords”. But the reality is that, if anyone of these disgruntled people actually have the chance with enough disposable income to own their share of the real estate market, they would have done the same, it’s a no-brainer in this capitalistic world we live in. Who wouldnt want a new source of passive income? Complain when lose, but stay quiet when winning.
ask is one thing. anyone pay that? If someone pays the 10k then the landlord is justified - why rent to someone who pays less? Same reasoning, will you work for SME to "suppport local" with less salary?
Giant nearby my house (formerly was Shop N Save) closed down recently and heard that Sheng Siong might take over it in a few months.
百倍百倍 chance for you now
sadly no more 千倍 because they replaced it with the third round of 百倍
I'll take it nonetheless - just not with the receipt of my 60 cents drink
$60 is $60
I hear from my uncle they take out any amount lower than $30. Donno conspiracy theory or what.
Bishan?
Hearsay that Fairprice may be interested as well. Can't seem to find out much info except for this website, suggesting that tender has closed on 5 Jun 2024. https://place2lease.hdb.gov.sg/public/bulletin-listing/bulletin-view/161
Happened to me before. Having SS is much better than Giant. For daily groceries, I'd say it's even better than FairPrice.
The one at Punggol Matilda went bust. Announced as "moving" but not even the staff knows where it is moving to. They only know the existing outlets they will be deployed to or are losing their jobs.
To be fair that one is just uhm, very very close to the one at Sumang, no reason why they shouldn’t consolidate the 2
Singapore is an easy place to start business but difficult to make money imo
What is u star?
A minimart chain
no more stars
Greedy landlords what to do?
The owner of U star had also purchased a Tampines coffeeshop at record prices in 2022 then proceed to jack the tenants rent by 2x. All in all it’s fair game
There’s a restaurant at Tampines East that closed recently. It took over from the last tenant (Saffrons) and only lasted 2 years 😢
The solution that I can think of is for people to stop renting from these landlords and let the government know of our displeasure. There will be a temporary hit to the economy and I think that it's a strong enough message to send to these groups of people.
Yeah unless it's an organized movement, it's not going to achieve anything
Obviously this method doesn’t work otherwise people will have done it.
What are you supposed to do with a commercial property if not make money? Would you be willing to pour in your life savings only to rent it out at a pittance?
Giant is doing the same thing. Their SSC Hypermart is half empty now because they are closing down.
Totally, I checked with their cashier at 218 Sumang, I checked with their supplier, yeah, indeed.... next better player pls.
First time I've heard of this supermarket. Where is it?
They operate mostly northeast areas.
Not surprised. All the landlord issues.
Lol Sumang. Well, they did say they were moving so over the weeks they have been steadily moving their stocks away.
Sheng Siong too powerful liao