The lease for Automobile Megamart, Singapore’s largest dedicated used-car centre in Ubi, has been extended until December 31, 2040, after owners paid $68 million by the May 15, 2026 deadline [1, 2, 3]. The Singapore Land Authority (SLA) confirmed receipt of the payment from lawyers representing the owners on May 15, 2026 [1, 2, 3]. Without the payment, the existing lease would have expired on July 18, 2026 [1, 2, 3].
Automobile Megamart houses 121 showrooms and offices, mostly dealers of new and used cars as well as vehicle leasing and financing businesses [1, 2, 3]. Following the payment, the SLA will grant a new state lease effective from July 19, 2026, through December 31, 2040, once the owners complete follow-up procedures including land surveys and the transfer of strata titles [1, 2, 3].
As part of the renewal process, the 76 unit owners must submit surveyor reports to the Building and Construction Authority, which are expected to be submitted in May 2026 [1, 2, 3]. Each owner will also pay stamp duty to the Inland Revenue Authority of Singapore to transfer individual strata titles. The stamp duty varies based on unit size and location, reflecting the owners’ shares of the collective $68 million lease premium [1, 2, 3].
Raymond Tang, chairman of the building’s lease renewal committee who owns two units, said each unit on the third floor will incur a stamp duty of more than $20,000 [1]. Previous rounds of lease renewal failed to reach full owner consensus, causing the offer to lapse once before SLA issued a second offer with a final four-week extension ending May 15, 2026 [1, 2, 3].
Plans for the building include refurbishing facilities such as lifts and electrical systems [1, 2, 3]. The lease extension is also expected to reduce vacancy rates as new car dealers move into the hub [1, 2, 3].
The next step involves completing the submission of survey reports in May 2026 and owners paying stamp duty to complete strata title transfers. The new lease will take effect on July 19, 2026, securing Automobile Megamart’s tenure until the end of 2040 [1, 2, 3].
