Popular China St Fritters Hawker Not Closing Stall, Reduced $1Mil Asking Price For Recipe To $800k
Beloved Maxwell Food Centre hawker stall China Street Fritters devastated its many fans when the family of hawkers running it announced that they were closing their almost 80-year-old shop. They are famous for their Hokkien-style ngoh hiang, liver rolls and egg slices, which are still hand-made by second-gen owner Ng Kok Hua, 65, together with his wife and siblings.
It was well-known that the Ngs, who intended to retire, were sourcing for buyers for their recipes which they priced at S$1 million. In a media interview, Kok Hua revealed that his family planned to close their stall in March 2022 should they fail to find a buyer, as none of the hawkers’ kids were willing to take over the business.
As there was still no confirmed buyer, China Street Fritters was set to close this month. But in a twist of events, the hawkers have decided to continue their operations, albeit with shorter hours from Apr 1, 2022.
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Lowered asking price from $1mil to “$800,000, negotiable”
They have also lowered their asking price for their recipes, from $1mil to a “negotiable” $800,000. “We are willing to lower the price further if [the buyer has] genuine interest and passion,” says Kok Hua, who took over the business from his father when he was 16. He explains: “The $1 million is just a figure. What’s most important is that [the person we’re selling it to] has the passion to continue our legacy, so that the next generation can continue to enjoy our food.”
He had been negotiating a $500,000 offer from an interested company last year, but the deal fell through due to the Covid-19 pandemic. “[The representative] told me that the management told him to put the project on hold as the [overall] business wasn’t doing well due to Covid,” he shares. “We know that a lot of F&B [businesses] aren’t doing well now, so we’re willing to go lower if they have the passion and interest – as I said, the $1 million was always just a figure for us.”
Other deals that didn’t pan out include a lowball offer of just $100,000, as well as offers by a “hardware and shipping company” to set up a partnership with the hawkers instead of taking over outright.
“We didn’t want a partnership, as we were worried that we couldn’t meet the demands [of a larger operation]. We want to hand it over properly to someone who can do it well according to our expectations and standards [and then retire],” Kok Hua adds. “Because we find that some other hawkers, once they sell off their business, the standard drops quickly and it fails.”
He is now in discussion with another interested buyer for his biz, but he declines to reveal more details.
Shortened opening hours
In the meantime, China Street Fritters will remain open with shorter operating hours. Starting from April 1, the stall – which is currently open six days a week – will only open on four days, with no fixed schedule. They may also open for six days a week with reduced hours instead. Confusing, we know. But Kok Hua advises his customers to call ahead to ensure he’s open before heading down.
As for why they have changed their mind about retiring, Kok Hua says it’s to cater to his ardent fanbase. A recent post by Facebook page Singapore Atrium Sale had brought the stall’s impending closure to the forefront. “After the post, I got some feedback from my regular customers. I also got scolded (laughs). [One customer] said, ‘How can you close just like that? We’ve been patronising your stall for four generations!’ I had to tell them that we’re old already, age is catching up with us, we want to retire too.”
After some consideration, he decided to shorten his opening hours so that he and his siblings could “get some rest and take care of their health as [they] get older”. Moreover, keeping China Street Fritters open would allow it to act as a ‘showroom’ for potential buyers. “I need something to show our [potential] buyers that our business is still there. At the same time, if they’re willing to take over, we can continue and it can become a training centre for them,” he says, pointing out that “we need something to show them. If we’re already closed, we can’t show buyers that our business is good.”
No fixed retirement date
But if there are still no takers for his recipes, Kok Hua says he’s not setting another cut-off date for his retirement. “We cannot tell how much longer we can continue lah, because of our health – we might stop anytime if we cannot take it,” he says. Should there be a buyout, he will be splitting the money with his wife and three siblings to fund their retirement. Kok Hua chuckles, “You know lah, as hawkers, we are self-employed, so we don’t have CPF [to fall back on].”
China Street Fritters is at #01-64 Maxwell Food Centre, 1 Kadayanallur St, S069184. Tel: 9239-6464. Open Tues - Sun, 11.30am - 8.30pm. Facebook.
From April 1, China Street Fritters will be open four days a week (not fixed), 12pm - 7.30pm. Call ahead to enquire.
Photos: China Street Fritters, Yvonne Han, Jocelyn Lam
All photos cannot be reproduced without permission from 8days.sg
