Singapore’s Hao Mart supermarket chain has shuttered 13 of its 20 listed outlets as of March 30, 2025, according to field checks by The Straits Times, amid mounting financial losses and legal disputes. The company reported a $49.6 million loss for the financial year ending March 31, 2025—up from $32.8 million in the preceding year—with revenue collapsing to $11 million, according to Accounting and Corporate Regulatory Authority (ACRA) filings obtained by ST. The home-grown chain is also battling four lawsuits in the High Court, including a dispute with landlord OG over the termination of its flagship Taste Orchard mall lease in September 2025.
Operational Collapse and Store Closures
Hao Mart’s website listed 20 outlets on April 22, 2025, but only seven were operating when ST visited all listed locations over a two-week period in the second half of March. The seven operating stores include six regular Hao Mart locations (Bedok South Avenue 3, Canberra Link, Potong Pasir Avenue 1, Petir Road, Whampoa Drive, and Pasir Ris Street 21) and one premium Eccellente outlet at Marina Square shopping mall.
The contraction marks a dramatic reversal from the chain’s peak of 51 stores in December 2021. Based on cached versions of Hao Mart’s website, the chain operated 46 stores in December 2019 before the Covid-19 pandemic, fell to 38 by December 2022, and was down to 28 outlets by January 2024 when ST previously reported on Taste Orchard’s opening.
Seven additional Eccellente supermarkets listed on Hao Mart’s website—including locations in malls and condominiums, as well as Taste Orchard—have all shuttered. Among the closed outlets, four have been replaced by competitors: Sheng Siong took over the space in Punggol East and KINEX Mall; ValueMart occupies the former Punggol Walk location near Waterway Point; and newcomer ACE Signature occupies one of three Geylang shophouses. Of the remaining two Geylang locations, one is now a coffeeshop and the other was demolished in September 2024 for reconstruction. Other closed outlets have been converted to a tuition centre (Redhill Road), Sri Murugan supermarket (Bayshore Park Condo), an after-school care centre (Parksuites), a food court (Far East Plaza), a travel agency (Esplanade Xchange basement), and a gym (East Village).
Halal Hub Discontinuation
The store in Pasir Ris Street 21, listed as the sole operating outlet under Hao Mart’s “halal hub” brand, had the “halal hub” portion of its signage painted over in green, indicating discontinuation of a retail concept Hao Mart pioneered in 2018 to serve Muslim customers. At its peak before the Covid-19 pandemic in 2020, the brand reportedly had 14 Halal Hub outlets in Singapore. The company maintains an Instagram account under the username Hao Halal Hub with slightly over 2,150 followers; its most recent post was in August 2022.
When ST visited the seven operating outlets, most shelves were well stocked with steady customer streams, though staffing appeared inconsistent—some outlets operated with small uniformed teams while a handful had only a cashier. A retiree interviewed at the Canberra Link 24-hour mini-mart on March 29 described the store, which has operated for about 10 years, as popular with residents for its proximity to a Singapore Pools outlet, clinic, and coffeeshop.
Financial Deterioration and Regulatory Action
Hao Mart’s financial reports show a sharp deterioration beginning in financial year 2023. After narrowing losses since first reporting results in 2018 and achieving profitability during the Covid-19 pandemic—with net profit of $3.5 million in FY2022 against revenue of over $110 million—the company incurred a loss of $23.2 million in FY2023, of which $21 million was attributed to administrative and other expenses, while revenue fell to $84.2 million.
Losses widened over the following two years as revenue continued its decline. In FY2025, revenue fell to its lowest at $11 million, with the $49.6 million loss representing a significant increase from the $32.8 million loss in FY2024.
Manpower costs—including wages, Central Provident Fund contributions, and foreign worker levies—declined to $5.1 million in FY2025 from $8.8 million in FY2024 and $10.4 million in FY2023, typically indicating workforce reduction and operational scaling down.
ACRA took enforcement action against Hao Mart for failing to submit annual returns within six months after the end of its financial year, according to a statement in response to ST queries in March. While the regulator did not specify the penalty, its website states that late submissions could incur fines of $300 or $600 depending on the length of delay. Hao Mart’s latest financial records were belatedly provided to ACRA in January.
The Taste Orchard Venture and Lease Termination
The Taste Orchard venture, launched in February 2024 at the former OG Orchard Point building in Somerset, represented Hao Mart’s boldest expansion since its first minimart opened at Whampoa Drive in 2016. Founder Dr Tan Kim Yong signed a 7½-year lease commencing September 2023 as master tenant of a retail space exceeding 150,000 square feet—equivalent to more than 30 basketball courts or two football fields. Hao Mart leased spaces to food and beverage operators while operating three levels (basement 1 to level 2) as an upmarket Eccellente supermarket selling groceries, household products, and international food items.
The venture turned sour approximately 18 months after opening. In September 2025, landlord OG terminated the Taste Orchard lease. The mall was handed back to OG and is currently undergoing reinstatement works, according to a statement from the department store operator to ST on April 6. OG did not comment on whether a new master tenant had been found.
In its FY2025 financial report, Hao Mart attributed the substantial operating losses at Taste Orchard to under-utilisation of the Orchard Point premises, increased competition in the vicinity resulting in weakened customer traffic, and overall deterioration in supermarket performance in the post-Covid-19 environment. The company also cited “unexpected renovation costs” of around $5 million, stating: “These additional works caused significant delays and further strained the company’s internal cash flows.”
However, Hao Mart noted a potential silver lining in the financial filing: the cessation of Taste Orchard operations would significantly improve cash flow management for the company’s remaining supermarket outlets, as those operate on a smaller and more manageable scale with the “continued working capital support” of sole shareholder Dr Tan.
Founder’s Property Holdings and Financing
ACRA filings show that Dr Tan refinanced a mortgage loan of approximately $18.4 million “through a personal facility” during the reported financial year, with no further details provided. The company stated that additional funds would be made available to support operations subject to successful disposal of Dr Tan’s other business interests and assets.
Property ownership checks revealed that Dr Tan owns eight properties: five bungalows in Sentosa Cove, another Good Class Bungalow (GCB) at Jervois Road, and one GCB lot at Jervois Hill. In a phone interview with ST on March 30, Dr Tan confirmed he owns these properties and is attempting to sell his Jervois Road property and Jervois Hill lot, stating he is “waiting for the right buyer.”
The Jervois Road GCB was first listed online in April 2025 with an asking price of $55 million and has been on the market for at least a year. The Jervois Hill plot was first put up for sale in February 2024 for $53 million, according to property portal EdgeProp. Dr Tan’s five Sentosa properties, “bought as investments,” have been on the market for at least five years, with one currently rented out. He purchased four land parcels at Cove Drive and Cove Grove from Sentosa Cove Pte Ltd (a Sentosa Development Corporation subsidiary) between 2003 and 2008 when released in batches, subsequently building bungalows on the parcels. Another bungalow on Pearl Island at Sentosa Cove’s District 4 was unsuccessfully put up for sale by auction in 2017, according to EdgeProp. Dr Tan confirmed he took out a loan for the Sentosa properties and is paying interest on the loan.
Central to the Taste Orchard dispute is the Good Class Bungalow at 17 and 19 Jervois Hill, jointly owned by Dr Tan and his wife. According to court documents, this property was pledged as security for OG’s $66.2 million loan extended to Dr Tan. The property had previously been featured by local media for its distinctive feng shui-inspired design of the number eight.
Four High Court Lawsuits
Court documents reveal that Dr Tan had requested OG for collateral loans of $18 million to $21 million for the “working capital needs” of Hao Mart and Taste Orchard, stating in court filings that he had told OG “Singapore banks were not willing to lend on new businesses that do not generate profits.” OG agreed to a $66.2 million loan, and a mortgage over the Jervois Hill property was created.
In October 2025, a month after Taste Orchard tenants were notified of eviction, OG sued Hao Mart for $6.6 million for allegedly breaching its lease agreement, including $5.6 million in principal arrears for rent. According to OG, Hao Mart failed to pay $9.3 million in rent from January to November 2024 and sublet parts of the mall’s premises without approval, according to court documents. Hao Mart denied all claims and filed a counterclaim of $3.5 million for losses suffered, accusing OG of breaching an oral agreement between the parties.
Hao Mart’s first legal battle came in August 2025, when it filed a lawsuit against PropNex Realty (a wholly-owned unit of real estate agency PropNex) and one of its agents, alleging misrepresentation in leasing the Taste Orchard premises. Hao Mart alleged that agent Mr Tan Ban Aik Michael falsely claimed to have secured an eight-month rent-free period for the supermarket chain. According to court documents, Hao Mart subsequently suffered losses as its takeover of the premises was delayed due to additional renovation costs to ensure building code compliance, requiring rent payments while unable to fully operate its business. The agent, who had previously worked with Hao Mart on other outlet leases, allegedly promised to sell one of Dr Tan’s properties to raise capital for the Taste Orchard lease, but this did not materialise. Hao Mart is seeking $3.5 million and other damages against the agent and PropNex, who are contesting the claims.
In January 2026, Dr Tan, his wife Teo Siew Ling, and Hao Mart sued OG and OG’s in-house lawyer Adam Nicholas Emilianou—who is also the husband of a shareholder of the department store operator—for $57.5 million. According to court documents, the claimants alleged the two defendants conspired to cause loss by damaging Hao Mart’s business. Both OG and Mr Emilianou denied the claims, countering that Hao Mart breached lease terms and owed the department store operator $73.5 million by October 2025.
The fourth lawsuit was filed in January by beauty salon operator Belovie, a former sub-tenant of Taste Orchard, suing Hao Mart for alleged breach of contract arising from lease termination. Belovie claimed losses exceeding $445,000 due to renovation and fit-out works on its unit, plus furniture and equipment expenses. This marked the first sub-tenant of Taste Orchard to take legal action against the master tenant. Hao Mart is contesting the suit, claiming sub-tenants would have already accepted the risk of lease termination for any reason upon signing the tenancy agreement.
All four lawsuits remain in the pre-trial stage.
Social Media Silence and Communication Shutdown
Hao Mart’s diminished store footprint has been accompanied by muted social media activity since mid-2025. The supermarket maintains 4,700 Instagram followers, 11,700 Facebook followers, and a Telegram group called Hao Friends with approximately 400 subscribers. The last message on the Telegram group was sent in February 2024. Hao Mart’s last Facebook post on June 25, 2025, promoted a Japan-themed event at Taste Orchard.
On Instagram, the company still describes itself as “your friendly grocer, with over 30 outlets islandwide.” Its last post, dated September 11, 2025, advertised a Mid-Autumn Festival Japan Fair at Taste Orchard from September 12 to 14. On September 15, news broke that Hao Mart’s lease at Taste Orchard had been terminated, with tenants informed via letters from Hao Mart management dated September 12 and delivered the same day. It is unclear whether the Japan Fair proceeded. Since then, Hao Mart’s social media accounts have remained silent.
Hao Mart did not respond to ST’s queries sent on April 3 about the scaling down of operations and financial situation. A spokesman subsequently told ST on April 23 to contact the company’s legal counsel.
Timeline: Hao Mart’s 10-Year Journey in Singapore
2016: Dr Tan Kim Yong registers Hao Corp as a company. The first Hao Mart store opens at Block 74 Whampoa Drive.
2019: Hao Mart files its first financial statement for the financial year ended March 31, 2019, with a loss of $2.2 million.
February 2020: Hao Corp purchases a two-storey ramp-up warehouse building in Changi South Street 1 from Ascendas Real Estate Investment Trust for $20.3 million, serving as its headquarters. At the time of sale, the 19-year-old building had a remaining land lease tenure of approximately 37 years.
2021: The supermarket chain reaches its peak of 51 stores in Singapore. In November, it signs a 7½-year lease with OG to be master tenant at the former Orchard Point building.
March 2023: Hao Mart posts a loss of $23.2 million for financial year 2023, after turning profitable for the previous two financial years.
August 2023: OG agrees to loan $66.2 million to Dr Tan to fund Taste Orchard’s opening, delayed by six months from the original rent commencement date of February.
Early 2024: Taste Orchard officially opens, months after the amended rent commencement date of September 2023 in Hao Mart’s lease agreement.
December 2024: Hao Mart stores dwindle to 20, according to its website.
August 2025: Hao Mart sues PropNex Realty and one of its agents for $3.5 million.
September 2025: OG terminates Hao Mart’s lease, and all mall tenants are required to vacate by December 31.
October 2025: OG sues Hao Mart for $6.6 million, claiming the supermarket chain failed to pay rent from January to November 2024 amounting to $9.3 million. Hao Mart files a counterclaim of $3.5 million.
December 2025: Taste Orchard officially closes and is handed back to OG.
January 2026: Hao Mart, together with Dr Tan and his wife Teo Siew Ling, sues OG for $57.5 million, claiming the department store operator “conspired” to damage its business. One of Taste Orchard’s sub-tenants files a lawsuit against Hao Mart for breach of contract.
