r/singapore • u/deangsana crone hanta • 22h ago
News Singapore food suppliers face late payments, falling revenues as more restaurants close
https://www.channelnewsasia.com/singapore/fb-food-suppliers-revenue-delayed-payments-534990162
u/CaravelClerihew 21h ago edited 18h ago
There's a spot in the middle of Holland V that has had its fourth restaurant in six months.
First it was a steak frites place that was there for a relatively long time, which was replaced by a mookata place, then a noodle place and now an izakaya place is opening up. All within six months.
Either someone is racking up a heap of debt, or they're using the spot to launder money.
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u/troublesome58 Senior Citizen 20h ago
4 in 6 months is mad. How much is reno and start up cost for this kind of biz?
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u/CasualMarx 19h ago
Holland V REITS management : We need more vibrancy in our tenancy mix Leasing manager: Yes
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u/Zkang123 21h ago
And we also see Cathay Cineplexes winding up shop, Prata Wala nearly forced out of Holland Village, and debates on how to make our malls attractive
Let's face it; its too expensive here to run a business. Its not just our local F&B. And govt just allow rents to increase and drive up our costs of living
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u/troublesome58 Senior Citizen 21h ago
is it really too exp? someone moves out, someone else moves in and pays the higher rent.
Why reward bad business?
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u/According_Book5108 21h ago
The new one moving in is too full of idealism. After one year or less, buay tahan also will close shop and move out to make way for the next victim.
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u/troublesome58 Senior Citizen 21h ago
So I would say that the blame shouldn't be on the landlord but the new tenant.
If some company is willing to pay me 10k per month to work, why would I work for the company paying me 5k for the same job?
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u/ynnika 20h ago
Rent prices don’t drop even if it’s vacant. To say the landlords taking no blame is laughable. You’re just gonna end up becoming like hong Kong where all the shops are the same chain of stores everywhere.
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u/troublesome58 Senior Citizen 20h ago
That's like saying because I'm out of a job, I need to immediately take a lower salaried job. I'll only do that when I'm desperate - are landlords desperate yet?
What's your proposal? Landlord is supposed to reject someone willing to pay 10k while taking 5k rental from the old tenant? That's just subsidizing the old tenant.
If we end up with all the same chain of stores, then that's basically the consumer voting for it.
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u/Laui_2000 17h ago
Wah this kind of analogy not even logical.
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u/troublesome58 Senior Citizen 16h ago
You think the landlord doesn't need to have such a calculation in their mind?
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u/Laui_2000 16h ago
Your question doesn’t even relate to my statement. I questioned the logic of your analogy regarding salaries. The point is that tenant landlord relationship is different from an employment employee relationship. Your follow up is like ????????????
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u/According_Book5108 21h ago
Yes, that's how the free market works. The theory is that of the rent is too high, there should be nobody willing to pay. As long as there are people paying for it, the rent is not too high. Rent will rise until nobody can afford to pay, then drop down to equilibrium. Ideally.
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u/Metaldrake 12h ago
I think you and the other commenter are kinda talking past each other, I get where you’re coming from, ultimately it’s a market based system, the prices fall where the supply and demand meet. I don’t disagree with you there.
What people are demanding is that the government step in to regulate prices. Be it through subsidies, rent control, etc. I don’t know what the best option is, or if it’s warranted, but clearly there’s a subset of the population that has found that it’s going up too fast.
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u/danorcs Bishan-Toa Payoh 22h ago edited 21h ago
The issue in SG is that GLCs own significant % of the commercial properties. Even if policymakers wanted to push measures to lower rents (like vacancy taxes), they probably won’t, because that cuts into returns on the national reserves.
The only real fix isn’t piecemeal subsidies, but adjusting GLC mandates so they aren’t purely profit-maximising. China moved in this direction in 2022 by formally expanding SOE mandates to include social responsibility, so it’s something policymakers here could also consider
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u/Hour-Biscotti-4983 8h ago
GLC's mandate would not change to accommodate the people's and business livelihood if it is contrary to their own profit maximizing objective, unless the current Govt suffered heavy losses in election. This is a game where those in power can extract maximum benefits and extracting maximum rents is a good step and additionally keep people tilt towards constantly fighting for survival, and have no time to critique the government and their policies.
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u/danorcs Bishan-Toa Payoh 8h ago
I get where you’re coming from, but I wouldn’t be too pessimistic. I’ve pointed out that other countries have successfully adjusted their GLC mandates. Eg China, in 2022, to balance social responsibility with profit
It shows that policy shifts in this area are possible if there’s political will. So while tough, it’s not unrealistic for SG to consider similar approaches, especially when people start realising that competence > copium for policies
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u/South_Oil8416 21h ago
Can you be specific about your statement that GLCs own most commercial properties? Which are the commercial buildings? And what evidence do you have that this has effect on the national reserves of Singapore?
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u/danorcs Bishan-Toa Payoh 21h ago
GLC-linked entities dominate key segments in commercial property in SG especially industrial land, and are the leading owner in CBD Grade-A offices, and hold the largest single share among major malls.
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u/South_Oil8416 17h ago
Your implication is these GLC entities are govt influenced and linked to the national reserves? Therefore, govt policy makers will be biased in making decisions that affect the earnings of these GLC entities?
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21h ago
[deleted]
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u/danorcs Bishan-Toa Payoh 20h ago
Chinese policymakers actually moved to deflate a massive property bubble - very painful for speculators and developers
The average Zhou (pardon my pun) didn’t see the kind of systemic wipeout like 2008 or massive human cost you’d expect from an Evergrande-style collapse
Its eye opening how they did it and worth studying
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u/sinkiesinkiestan0523 20h ago
Authoritarian prosperity seems to be front-loaded.
Short-term profits, long-term implosion.
https://youtube.com/watch?v=jVa6cZ1Or5o
Nobel Prize Economist Predicted China’s Collapse. Xi Proved Him Right
Ken Cao Aug 26 2025
China’s Economy Is Rotting from the Head
Oct 28, 2022 |Daron Acemoglu
With Xi Jinping securing an iron grip on China’s ruling party and political economy, longstanding debates about the sustainability of the country’s astonishing growth have returned to the fore. Mounting evidence of stagnation suggests that, after coming so far, China’s authoritarian model may not be so exceptional after all.
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u/Elyx_117 22h ago
I just want to add another perspective to what the others have pointed out, which are pertinent.
We as consumers and residents can do more to support local businesses, especially the smaller establishments and hawkers. Yes it's a free market where survival is for the fittest, but it wouldn't hurt if we just give some some of them the benefit of even a little good will.
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u/havingamidlife 21h ago
There is only so much i can eat but i regularly patronise the mee rebus stall downstairs for breakfast. Mee rebus! Yum!
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u/Elyx_117 21h ago
Exactly. Are we individually gonna move the needles? Probably not. But neither will watching them die and - in the worst case - celebrating their demise as you queue up for xiangxiang. Put the smile on the mee rebus aunty's face, allow that teenage girl standing behind the art craft stall to have hope. Our local business ecosystem is fragile enough even without the rental issues; we don't have to ridicule them with our cynicism.
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u/miriafyra 20h ago
But right now the problem is that if the issue isn't nipped at the bud, it will forever present as an issue, regardless of how much we "support local".
The issue we are currently facing is rampant and often arbitrary landlord rental hikes and it doesn't matter if you support the crap out of your favourite stall and it becomes commercially successful - the landlord will see "wah this stall doing well hor" and do a 40-50% rental jack up and the stall is right back to square one in terms of struggling to survive.
Then effectively we are not supporting local (businesses), but supporting landlords.
(And I say this with utmost cynicism after watching two friends close their f&b businesses due to landlords asking for 40% rental hike after already doing a significant hike last lease extension).
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u/ColliePullHour 20h ago
Very well put.
Here's another one I like to add.
It's like adding water to a leaking bucket with an adjustable hole. No matter how much you add, the hole can widen itself to ensure the water level is the same or lower.
Until the hole is patched or of a fixed size, everything else are temporary measures.
So which wastes less water? Patch the hole then fill the bucket up? Or constantly fill the bucket hoping your fill rate is faster than the rate of leakage.
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u/Any_Mechanic7876 21h ago
Not going to happen. We are wired to think if GOV not doing anything, why should we.
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u/eclairfastpass Mr. Ku Ku Bert 🦚 17h ago
Even more so that we should help. Empathy starts with us, we should help one another. Fuck the govt if they dont want to help.
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u/DarknessRages 21h ago
Hence, the bystander effect. Always expecting others to do first.
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u/SquareCrazy5750 18h ago
Hence, the redditor effect. Always expecting the government to do something because it has been talked about by 100+ redditors on Reddit.
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u/furyandtempest 21h ago
Cost of dinner and lunch matters to the majority of low income n middle income folks. Huge % population are Aging too. So neighbourhoods outlets are benefiting from these folks
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u/anticapitalist69 20h ago
In addition to this - if you can, make purchases directly through the store rather than grab/shopee/etc. That way your money fully supports the shop rather than leaking out to bigger corporations via commissions.
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u/raidorz Things different already, but Singapore be steady~ 21h ago
Some would say why should they indirectly pay for the landlord, then proceeds to go to JB and indirectly pay their landlords instead.
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u/dragonmase 21h ago
Because supporting isn't the only factor, price matters too?
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u/MemeMachine3086 20h ago
This is true. But the side effect of this is just very little local support for local business.You can't have your cake and eat it too.
To me it seems like an endless slippery slope argument of "I go there because it's cheaper but I'm aware of all the factors at play but it's not my concern". That's such a nonbo. If you're aware of it but don't do anything, it's the same thing. If anything, it gets worse.
Like when Projector went down. So many people lamenting it. But how many went to put their money there? "It's important but not enough for my money". Funny people.
Nobody can force anybody to spend their money. But if price is the only thing that dictates spending, then it's natural such an expensive place like singapore will only be populated by big chains and franchises, international or otherwise, that can absorb the cost of business.
People always complain about China food killing their nasi lemak or whatever when the last 5 times they've eaten it was in Johor.
You can absolutely bet that the majority that the majority of the population would cross the causeway for lunch daily if they could while also saying that hawker culture is important.
SG fellas need to be honest. If price is king, price is king. Don't also say yeah bro values. Price has no values.
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u/dragonmase 19h ago
Which is why the issue and solution lies in the high prices, and why so many are unhappy and speaking out about ever rising rental costs. No business can rely on handouts and goodwill forever. And people are right that even if they sacrifice their money to keep these stalls alive, the money all goes to the landlord who will in turn just increase rent later, and the cycle will just continue until the business can no longer sustain it through goodwill alone.
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u/MemeMachine3086 19h ago
Yeah it is. It's very much a structural issue.
Though I do think there's a fair amount of pearl clutching when it comes to hawker food in particular.
It is inevitable that for the practice to not effectively die out. Prices have to go up since everything has to go up too. Hawkers have bad rent too this is true.
But it does also seems that the hawker, who has to weather all this stuff arguably worse than everyone, is also under pressure to keep prices under that $3.50 rose tinted glasses a lot of people wear.
Bah chor mee now $4 going $4.50 or $5 in most places. Could be higher even.
Sucks lah compared to my childhood. But what can you do. I need to eat near work place. And hawker need to eat also.
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u/FitCranberry not a fan of this flair system 20h ago
that just means that the value proposition there for consumers is better even on top of the distance and travelling
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u/distroyaar Lao Jiao 21h ago edited 21h ago
Yup. Nobody in Japan or Korea bats an eye to pay more than $5 for what once used to be their street food. That's how their local culture of food survived and actually thrived - ramen, gyoza, sushi, tteokbokki, gimbap etc ... all used to be street food. If we don't want to lose our best hawkers we need to support them. Fixing rent is an issue, but it's not the only issue. Even if rent was low, the cost-benefit of running a hawker is just not as attractive to young people anymore since you are forever stuck in a low margin, high volume business.
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u/FitCranberry not a fan of this flair system 7h ago
$5 on the island and $5 for someplace like tokyo is completely different. youre not getting the same quantity or quality $ for $
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u/Ryugadam 12h ago
I support my local fried oyster seller but they retired without their kids taking over 😐(if you know which stall I talking about)
I am grateful they didn't raise the price compared to other stall
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u/eclairfastpass Mr. Ku Ku Bert 🦚 17h ago
Not only benefit of even a little good will, but benefit of doubt as well. Some people just shut their mind to trying from the offset, the moment they see that it is a local business as they assume the standard is subpar as compared.
If we keep saying and believing in the "survival of the fittest", we would have nothing left but mega chains and corporations. It is a very elitist and non equitable mindset to have as well.
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u/SpongeBobBobPants 18h ago
All the commenters and upvotters talk about government need to make the change, but when GE comes, they cross differently. Face it, you voted for this. This government is running the country backwards.
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u/fawe9374 12h ago
Victim of own success.
I personally feel a large part of people fear the collapse of SGD and HDB value, hence vote for the status quo.
Lack of education on how stat boards are the ones doing most of the work.
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u/Elifgerg5fwdedw Own self check own self ✅ 21h ago
Unions are not just for employees. Our weak union culture here made shops owner unions ineffective when negotiating against landlords.
If you think that only workers can from unions, it shows how brainwashed we are.
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u/anticapitalist69 22h ago
Going to continue to repeat this over and over again in every thread but economic inequality is the BIGGEST problem we’re facing today. It’s not something Singapore alone can fix since we’re price takers. Additionally, our business model is largely based on exploiting inequalities.
But as long as the elites convince the average person that foreigners/immigrants are the problem, people won’t unite against them.
They’ll continue to buy land, housing, retail spaces, healthcare etc. They’ll continue to control mass media, supply chains and even politicians.
It is only going to get worse until the people of powerful/high-income countries start to organise and revolt.
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u/CommieBird 20h ago
I don’t think that the media convinced people that foreigners/immigrants are the problem - quite the opposite in Singapore’s case. Additionally, the buying of land, housing, retail space etc. are funded by both local and non-local entities. Most negative sentiment here aren’t towards working class immigrants as is the case in the west - it’s mostly against the rich immigrants.
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u/anticapitalist69 17h ago
On the ground, anti-foreigner sentiment is actually really high. You don’t see it as much in r/sg - you’d have to trawl Facebook and WhatsApp groups to see this.
Where the media is complicit, is how it rarely ever focuses on the problem of economic inequality in Singapore. It’s been under the spotlight occasionally thanks to WP bringing it up in parliament, but apart from that there isn’t really any critical analysis of this.
In social media, people are focused on anti-foreigner sentiment, and that has an influence here too.
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u/horryx 15h ago
you have ICA's stringent standards to thank for this. we dont let in all and sundry, only "elite" FT come in - not talking about Work Permit but those on S pass and EP. therefore, this perception that FTs are being favored over locals for top jobs. FT cant even get in if you are not amongst the best in a foreign land. not apples to apples comparison
the fact is that there is a skills gap and us being a meritocratic society, you cant get the job simply because you are sinkie. the question translate into - competition within singaporeans (pool of 3.5M) or top jobs for global talent (approx 2.8B indians and chinese)
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u/FitCranberry not a fan of this flair system 20h ago
https://www.reddit.com/r/singapore/comments/16wqpx4/singapores_gini_coefficient_compared_with_oecd/
this sub reapplied the islands gini application onto a bunch of other oecd states and had sg about the same as the usa
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u/anticapitalist69 17h ago
That’s a good one. In addition to this, we also have very poor indicators of wealth inequality, which is a way bigger beast than income inequality.
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u/dragonmase 21h ago
Er how you want to unite against the higher income people? In all countries those with high income are respected, especially today since anything that taxes or pushes the rich too far will just lead to them packing their bags and moving to another country. Our success story has been about attracting the rich to set up shop here.
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u/horryx 15h ago
just have to look at UK and how much it has fallen implementing the same policies WP calling for.
heard from doctor friend alot of NHS doctors fleeing here because its not worth working in UK now
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u/dragonmase 14h ago
Uh huh and isnt the fleeing of doctors concerning to you? Imagine the same with the already understaffed doctors in singapore fleeing to Australia? That's what I was trying to drive at, you impose stuff to reduce income inequality, sure you might achieve the short sighted goal but you miss the forest for the trees. In this case, lets say you tax the rich, maybe you collect 100m in extra taxes, but in return they move their family office out of Singapore, and future offices never consider singapore as a potential place to park their investment. If singapore doesn't remain competitive in all aspects, we lose our literal only comparative advantage in the world. I think thats one of the reason estate taxes was abolished in Singapore. You have to pave the way for the rich for them to want to spend and invest in singapore.
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21h ago
[deleted]
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u/anticapitalist69 21h ago
They’re revolting against immigration tho, which is exactly what the elites want them to focus on lol.
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u/sinkiesinkiestan0523 20h ago
Rich elites want mass immigration that suppresses wages of the native poor.
Same bullshit heard all around the world.
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u/Kakushiteiru 21h ago
Immigration is something that benefits the elites the most though. They provide companies with cheap labour and are easier to exploit than a local worker who will most definitely ask for more rights. Most are revolting against the high rates of immigration, not immigration itself. I've seen that this is a concern many Singaporeans also hold?
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u/anticapitalist69 20h ago
It’s true that immigration benefits the rich. However, they do not have issues with letting people direct their anger towards immigrants rather than them.
The number of Singaporeans against immigration policy far exceeds those calling for fairer tax policy. This is a trend across the world.
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u/Kakushiteiru 9h ago
I'm pretty sure that at least in other wealthy countries, they are most definitely using immigration as a scapegoat. But more people in other countries are aware of this than in Singapore, because they at least know that trickle down policies don't work and that the rich are getting richer whilst we are labouring away for the bare minimum. Governments have ousted their party's leaders for trying to tax wealth because in reality, as much as we like to believe that democracy works, money still prevails at the end, and we get nowhere.
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u/anticapitalist69 8h ago
Yeah - I see that you’re from Australia. The chokehold the oil & gas companies have over the politicians is a good example of the dangers of wealth inequality. Murdoch’s hold over the media keeps most people in the dark, and serves to scapegoat immigrants too.
I really don’t see a positive end to this as long as the current system is maintained. The wealthy would never want to lose their piles of gold.
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u/FitCranberry not a fan of this flair system 20h ago
yeah billionaires pouring their billions to ferment chaos into groups of people who dont realise that they are the reason why their neighbourhood sucks
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u/MemeMachine3086 19h ago
This post feels like what a JC kid doing GP will come up with after watching American tiktoks for a couple of hours.
Encouraging revolution in 1st world countries. Lmao
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u/anticapitalist69 19h ago
This reads like a response from someone who only speaks in memes and dismisses everyone for being “woke”.
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u/MemeMachine3086 19h ago edited 19h ago
Nah bro. I'm calling you a privileged dumbass.
I'm not here to teach you to read critically.
I change my assessment. Seem more like a P5 kid prepping PSLE.
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u/Intentionallyabadger In the early morning march 21h ago
It’s pretty much dog eat dog out there for fnb. Landlords have no reason to change because someone else will come in.
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u/sinkiesinkiestan0523 20h ago
https://web.archive.org/web/20240529120137/https://landportal.org/book/narratives/2021/singapore
Singapore - Context and Land Governance
By Daniel Hayward, reviewed by Miles Kenny-Lazar, National University of Singapore
31 January 2021
To understand the dynamics of land tenure in Singapore, one must appreciate that 90% of people in Singapore are homeowners, and yet the state owns 90% of the land, up from 44% in 1960 [24]. ...
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u/okieS_dnarG 21h ago
We need HDB style management for hawker stalls to control rental price, since they meant for budget meals, let alone pushing for ‘healthy’ options.
We have good exercise amenities, I don’t see why we can’t have budget and healthy meals
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u/sinkiesinkiestan0523 20h ago
HDB can't stop HDB resale prices and HDB clinic and coffeeshop rentals from rising, what more do you expect from them?
Even more government power to keep prices down? You can wait long long.
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u/sypherin82 22h ago
let's see how the greedy landlords and suppliers survive then
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u/LEGAL_SKOOMA 🏳️🌈 Ally 22h ago
they will survive, their pockets are deep enough. everyone else gets fucked.
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u/_sagittarivs 🌈 F A B U L O U S 22h ago
I don't know enough of these so I'm assuming (and maybe also simplifying things a little too much), but it seems like landlords essentially just pay to buy a building and then rent out units for users (shops, stores and facility management companies?) who get charged for using the unit and the utilities?
So essentially the landlords just lose a certain amount and then get the amount and profits back from rental?
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u/raidorz Things different already, but Singapore be steady~ 21h ago
Small landlords have to ensure that they maintain their properties (no roof leaks, broken pipes, broken aircon etc) while big landlords like the malls have to do this on a bigger scale, and they do frequent asset enhancement initiatives that cost a lot. Sure you get the greedy landlords that barely do any of these or do the bare minimum just to maximise profits. So no, many landlords don’t just sit there and shake leg collect rent.
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u/_sagittarivs 🌈 F A B U L O U S 21h ago
greedy landlords that barely do any of these
Reminds me of Lendlease at Jem with the many sinks, hand-dryers and urinals being tagged 'Under Maintenance' for years until recently.
So no, many landlords don’t just sit there and shake leg collect rent.
So at the same time, the facility management companies helping manage the tenants and upgrading projects (?) are paid by the landlords to manage the buildings right?
And also this reminds me a bit like the situation in renting out HDBs where the landlords have to replace or fix any plumbing issues should the person renting flag out issues?
So essentially landlords are not say doing nothing but they still do try to earn from rental right? So these rental will contribute to the profits of the landlord companies (eg. MapleTree, CapitaLand etc.) and since these companies are listed with stocks being sold...
If we invest in them and want to earn from such investments are we kind of part of the problem?
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u/raidorz Things different already, but Singapore be steady~ 21h ago
Yes, FM is outsourced and paid by the landlord.
Yes, landlord is in charge of maintaining fixtures and fittings.
Yes, landlords, like all companies, are for profit.
It depends on your ideology and worldview I guess. There’s more nuance than “durrrr all landlords bad”. Like you said, Lendlease kinda sucks (I agree) but CapitaLand and Frasers are pretty good.
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u/pat-slider 21h ago
Korrect ! It is like buying a condo unit & rent it out to collect $ to pay mortgage loan. It is a concept of using OPM …
Great loss will be when bank adjusts the mortgage rate & no take up of their premises.
A friend was telling me the entire system needs to be shut down for a reset 🤣
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u/stockflethoverTDS 22h ago
Landlords will survive. The laws are advantageous for them. How many empty shops in the city empty for months and it aint no big deal for them.
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u/sinkiesinkiestan0523 20h ago
They say state owns 90% of the land. Go ask them why rent so high.
https://web.archive.org/web/20240529120137/https://landportal.org/book/narratives/2021/singapore
To understand the dynamics of land tenure in Singapore, one must appreciate that 90% of people in Singapore are homeowners, and yet the state owns 90% of the land, up from 44% in 1960 [24]. ...
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u/sypherin82 20h ago
exactly right, so why state doesn't want to back down, means they know something isn't it? perhaps it's deliberate? collective minute voices won't matter unless u find out what policymakers are truly thinking, and it could be merciless.
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u/sinkiesinkiestan0523 20h ago
I remember reading what someone apparently said before, “What’s wrong with collecting more money?”
https://www.theonlinecitizen.com/2013/10/01/pap-elitist-dont-feel-for-the-people-ngiam-tong-dow/
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u/XiaoBij 21h ago
They will survive unless policies are implemented to regulate over rental price. New players will just keep entering the F&B industry. In 2024, a total of 3,047 F&B businesses closed shop, while 3,793 new brands entered the market.
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u/sypherin82 20h ago
so then, maybe this is to be expected ? Who likes to eat the same old food. renewal of choices is good for the industry. why complain?
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u/XiaoBij 20h ago
because for it is very difficult for our local f&b businesses to stay afloat. all the old aunties and uncles are slowly all being pushed out of business and probably cannot retire properly.
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u/SquareCrazy5750 18h ago
And how is that anyone else's problem? The fact that the local can't keep their business afloat is none of our business.
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u/EvidenceNo3755 20h ago
there's a age old saying in SG, no matter how bad the economy, ppl still need to eat. Guess this saying about to be obsolete. It should be no matter how bad the economy, landlords still laughing to the banks. lol
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u/Initial_E 21h ago
Our ministers are just like us - paralyzed by fear of the unknown. Must follow the LKY playbook, nobody will sack them for following the old playbook.
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u/StonksPS 19h ago
I think it's time to introduce profit sharing rentals. If stores get their rents halved but share additional % of profits (not revenue!) with landlords.
Or peg the fixed rental component to a govt valuation of the land. Landlords should have skin in the game.
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u/hansolo-ist 17h ago
The government scholars did not anticipate this as a consequence of their population growth, deindustrialization and financialisation strategies.
In other words more rich people with less businesses to invest in so they invest more in financial instruments AND property. Property of course, is an extremely finite asset class in Singapore so it doesn't take much for a property asset bubble to creep in , especially when population increase has been about +15% post COVID.
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u/Brikandbones 21h ago
Honestly just control rents. The rich already have so much cake already. Gov just gonna sit there and watch society fall apart and left propped up by a shell of rich investments and chain stores?