Victoria Park stall auction fetched a whopping $13.88m in revenue

It surpassed last year's record.

According to a report, the 2014 Victoria Park Lunar New Year Fair stall auction concluded today, fetching $13,884,720 in revenue, beating the $11,768,570 earned last year.

The Food & Environmental Hygiene Department said 475 stalls, including 284 for dry goods, 180 for wet goods, eight for thematic dry goods, and three for fast food, were leased out.

The successful bids for the dry goods stalls ranged from $18,700 to $110,000, and averaged out to $32,017.

The highest bid was $110,000, about nine times the $12,030 opening price.

The auction of dry goods stalls earned $9,092,900, compared with $7,732,500 last year.

The average bid price for the wet goods stalls was $18,408, with successful bids ranging from $9,190 to $60,000. The highest bid of $60,000 was almost six times the opening price of $9,190.

The auction of wet goods stalls fetched a total of $3,313,500, compared with $2,749,250 last year.

The 7.6- by 4.8-metre fast food stall was bid at $540,000, against an opening price of $317,020. The winning bids for the two 5- by 4m stalls were both at the opening price of $169,810.