This was built to replace the previous, first-generation market building that was on the north-west corner of the Centre Street / Second Street cross roads. The current, third-generation market occupies two sites, the sites of both the first- and second-generation market buildings.
The first steps towards building this new market were in 1924, when item 381 in the Government Gazette announced that this land, IL 637, was to be resumed:
No. 381.—It is hereby notified that the Governor in Council having decided that the resumption of the property registered in the Land Office as Inland Lot No. 637 (Nos. 43, 45 and 47, Centre Street, Nos. 1, 2, 3 and 4, On Wai Lane, Nos. 34, 30, 38, 40, 42, 44 and 40, Second Street and Nos. 49, 51, 53, 55, 57, 59 and 61, Third Street) is required for a public purpose and private negotiations for the purchase thereof having, in the opinion of the Governor, failed, the said property and all rights easements and appurtenances thereto belonging or appertaining will be resumed by the Crown on the expiration of four months from the publication of this notice and thereupon such compensation in respect of such resumption will be paid as may be awarded in the manner provided by the Crown Lands Resumption Ordinances, 1900 to 1922.
The 1920s were a troubled time in Hong Kong, so it's not surprising that the project was delayed. Construction was finally started in 1930, and the new building is described in that year's PWD Annual Report:
108. Sai Ying Pun. New Market.—This work was referred to in paragraph 120 of last year’s Report.
The building generally is of three stories with a Basement under a portion of the building on the lower part of the site, and a small additional, storey over the main Entrance. It is situated on a site near the old Market and contains accommodation as follows: —
Ground Floor 48 Fish stalls, First Floor 18 Vegetable and 18 Beef and Mutton Stalls, Second Floor 30 Pork and 12 Poultry Stalls, the Basement provides store accommodation and the small additional top storey Quarters for 16 Market coolies and 8 Foremen, there is a sorting yard in the centre of the block.
A contract was let to the Tung Shan Co. for $260,525.48 in October and at the end of the year the work was proceeding satisfactorily.
Estimates $200,000.00
Expenditure $ 13,521.89
The 1932 report (item 102) reported that "the market was completed and ready for occupation on the 22nd April".