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SINGAPORE: The Housing and Development Board (HDB) has reinstated the practice of building wet markets. But for the first time, private developers will be responsible for building them.
Come 2010, a wet market and hawker centre development is going to be located at Sengkang Square. HDB is inviting a tender, which will close on February 17 next year, for a 6,000 square metre site.
HDB stopped building wet markets four years ago due to changing lifestyles of Singaporeans and the presence of large supermarkets selling fresh produce.
But according to feedback from a public forum, wet markets help to promote community bonding and strengthen local identity.
Private developers have been given the task to build these markets because they are deemed to be able to react faster to changes in market trends.
Even though there are currently no privately built markets in Singapore, there are privately run markets such as Tampines Mart, Rivervale Plaza and Yew Tee Shopping Centre.
The tenure for the Sengkang site is an initial term of five years, with an option for a second term of five years, and a further option for a third term.
Nicholas Mak, director, Consultancy & Research, Knight Frank, said: "As the development itself is not very large, we don't expect the big developers to participate. We are more likely going to see small developers or contractor companies that have some development experience bidding for the land.
"For the operations side, if the company is not very experienced in it, they can always look for real estate professionals to manage that site."
However, with the private sector coming in, some residents are concerned that goods sold may be more expensive as sellers will likely be charged higher rent.
- CNA/so
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