SPC secures iconic Esso petrol station for the popular 90s local sitcom “Don’t Worry Be Happy.” at S$500,540 monthly rental

[archkiller]

Last month (22 Aug), the Singapore Land Authority (SLA) announced the tender results for a 21,441.89 sqft plot intended for petrol station operations.

This land, located in Tampines at 9 Tampines Ave 7, once served as the backdrop for the popular 90s local sitcom “Don’t Worry Be Happy.”

Previously, ExxonMobil leased the plot for over 30 years.

The tender was secured by Singapore Petroleum Company Ltd (SPC), a wholly-owned subsidiary of PetroChina International (Singapore) Pte. Ltd. This company is a listed entity of the state-owned China National Petroleum Corporation, headquartered in Dongcheng District, Beijing. It holds the distinction of being Asia’s largest oil and gas producer.

SPC’s winning bid was S$500,540 per month, totalling approximately S$54 million over the 9-year lease period. In contrast, ExxonMobil placed a bid of S$376,000.

To provide some context, SPC needs to generate at least $16,685 daily just to meet the lease expenses owed to the SLA.

Considering these steep rental charges, it’s understandable why, even during periods of significant oil price drops, Singaporean oil companies might be hesitant to significantly reduce pump prices.

Regardless of the volatility in oil prices, SLA continues to collect high rentals from the various oil companies operating within Singapore.

In the end, these substantial rental fees are inevitably passed down to Singaporean consumers, reflected in higher pump prices.

However, the SLA also leases out seemingly “cheap market-valued” plots for residential purposes.

For instance, the Law Minister, K Shanmugam, rents a 249,371 sqft plot for just S$26,500 a month. This land area is more than ten times larger than SPC’s plot, yet the cost is over 18 times less.

https://gutzy.asia/2023/10/01/spc-s...jarVdBo8gYRnD8CWk3C65SppuuDWgIwTXuSkKb9dTVkig

 

[tyr9292]

The last part... Ntuc points thread

 

[Okeirkkire]

this article....really power...what a statement..

 

[skai_11]

So the petrol and FnB prices there will be more expensive than other areas?

 

[lycanboy]

No wonder my petrol is at $3 per liter.

 

[herzberg]

Yuanlai ish takeover by spc, yesterday wanna go there to hoot $20 mooncake but saw the place boarded up

 

[Maihiam]

Now should have a new sitcom titled 沒有辦法的。

 

[BlackStar00]

So the petrol and FnB prices there will be more expensive than other areas?

No la, total up as a whole then spread out.

 

[kyokoto]

Why must throw the last line in sia.

 

[XiaoWangZi85]

Wah, lost the petrol station just because submitted lowest bid, in the end highest bid get it.

This means petrol prices will go up, at that petrol station.

 

[Kunkka]

Wow high revenue biz pump attendant must earn a lot

 

[4_dreamz]

like that how to 敢敢做个开心人？

 

[Laneige]

monthly???? 每个月？？
No wonder things so f exp in sg if it’s not tyo

 

[sseasea]

Esso trying to lowball?

 

[nachtsid.er]

lol go one big round just to talk abt ridout road
Online shiatizen site yeah ?

 

[Philipkee]

To provide some context, SPC needs to generate at least $16,685 daily just to meet the lease expenses owed to the SLA.

Assuming an average of 10c profit per litre after all discounts, they need to sell 166 850 litres of petrol every day. If each car pumps the max full tank 50 litres, still over 3000 cars a day or more than a 100 every single hour. And this is just to meet the rent. Haven’t talk about salaries.

 

[Loratadine10mg]

Last month (22 Aug), the Singapore Land Authority (SLA) announced the tender results for a 21,441.89 sqft plot intended for petrol station operations.

This land, located in Tampines at 9 Tampines Ave 7, once served as the backdrop for the popular 90s local sitcom “Don’t Worry Be Happy.”

Previously, ExxonMobil leased the plot for over 30 years.

The tender was secured by Singapore Petroleum Company Ltd (SPC), a wholly-owned subsidiary of PetroChina International (Singapore) Pte. Ltd. This company is a listed entity of the state-owned China National Petroleum Corporation, headquartered in Dongcheng District, Beijing. It holds the distinction of being Asia’s largest oil and gas producer.

SPC’s winning bid was S$500,540 per month, totalling approximately S$54 million over the 9-year lease period. In contrast, ExxonMobil placed a bid of S$376,000.

To provide some context, SPC needs to generate at least $16,685 daily just to meet the lease expenses owed to the SLA.

Considering these steep rental charges, it’s understandable why, even during periods of significant oil price drops, Singaporean oil companies might be hesitant to significantly reduce pump prices.

Regardless of the volatility in oil prices, SLA continues to collect high rentals from the various oil companies operating within Singapore.

In the end, these substantial rental fees are inevitably passed down to Singaporean consumers, reflected in higher pump prices.

However, the SLA also leases out seemingly “cheap market-valued” plots for residential purposes.

For instance, the Law Minister, K Shanmugam, rents a 249,371 sqft plot for just S$26,500 a month. This land area is more than ten times larger than SPC’s plot, yet the cost is over 18 times less.

https://gutzy.asia/2023/10/01/spc-s...jarVdBo8gYRnD8CWk3C65SppuuDWgIwTXuSkKb9dTVkig

Petrol in Singapore is 3 times expensive than Malaysia

 

[articland05]

rly jin gutzy article
prepare for pofma

 

[Raelight]

Law minstar slog for singkie. We should be appreciative.
Stay white house ok la

 

[esandwich]

Stil can earn money meh?