SINGAPORE - All 76 owners of units at the Automobile Megamart (AML) in Ubi have until May 15 to pay $68 million to renew the site's lease until 2040, The Straits Times has learnt. If they do not do so, they will have to vacate the premises by July 18.Located in the Ubi industrial area near Paya Lebar Air Base, the eight-storey complex is the largest dedicated used-car centre in Singapore, housing 121 showrooms and offices. The occupants are mostly car dealerships for new and used cars, as well as related businesses such as vehicle leasing and financing.The 30-year lease for the land that AML sits on was awarded to a group of car dealers in 1996. The building was officially opened in 2000.If the lease renewal is successful, the occupants can remain until the end of 2040.The May 15 deadline was a final four-week extension given by the Singapore Land Authority (SLA) after earlier rounds of extensions.At several junctures of the renewal process, the owners were unable to come to a unanimous agreement, leading to the lease renewal offer lapsing once before SLA revised it and issued a second offer. Read more