Car Dealers Need to Raise $53M to Stay at Singapore's Biggest Used-Car Hub

The biggest used-car center in Singapore is in Ubi, with 121 showrooms.

A CarTimes showroom is at Automobile Megamart.

Car dealers and related services are in the building.

The land lease ends this year, so tenants must extend it or leave by July 18.

The deadline to extend the lease is May 15.

Unit owners failed to agree on the renewal, so the terms were revised.

The renewal cost is split among owners based on size and location.

Some owners are confident about getting financing, but others are not.

The committee is thankful for the extension, but one missed payment can stop the renewal.

Some older owners are selling their units as they don't plan to stay in the trade.

One director said the center is the only proper used-car hub in Singapore.

Another dealer has no plan if the renewal fails, assuming it will go through.

The SLA is prepared to extend the tenancy for both sites.

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