Thursday, October 22, 2009

The Great Sheng Siong Shopping Spree

Oct 22, 2009
Markets outcome after Jan
HDB to decide on sale to Sheng Siong but will not take over markets
By Jessica Lim

THE fate of stallholders at five wet markets slated for sale will be known after January next year, when the Housing Board (HDB) reaches a decision on whether to let the purchases go ahead.

Sheng Siong - the interested buyer - has told HDB it is prepared to continue renting out the wet market stalls to the existing holders.

It is no longer proceeding with its original plan to convert them to Sheng Siong air-conditioned markets.

Sheng Siong wants to buy a sixth market, but the application for that sale has not yet been submitted.

It is understood that the paperwork and due diligence for the sale of the five will take several months to be completed.

Negotiations on the terms and conditions of tenancy will also need to be discussed when and if the sale is completed, said a spokesman for HDB, which held meetings with Sheng Siong representatives earlier this month to discuss the use of the wet markets after the sale.

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