In August 1933, the Land Commission granted its consent to the application of the Municipal Council of Macao for the gratuitous allocation of a land of 1,450 square metres on road Avenida Almirante Lacerda for the building of a wet market.
Pursuant to Administrative Ruling No. 1431 of 30 April 1934, the Municipal Council of Macao was approved to issue a ten-year bond of $400,000.00 with an interest rate of 5% per annum. The capital raised would be used for the establishment and maintenance of municipal facilities including market and cemetery and city sanitation. The construction of a new market was budgeted at $60,000.00.
Upon the completion of architectural design by Julio Alberto Basto, structural calculation by B. de Sena Fernandes and drawing by Wong Lam and Tse, the construction of the new market was commenced in the beginning of 1935 and completed in June 1936. Amid this period, the Municipal Council had not ceased to receive objections from the vendors and proprietors in the San Kiu Market and its surrounding areas. The objectors, who were worried that the new market might have a serious impact on the commerce in San Kiu District, called for the termination of construction and the continued operation of San Kiu Market. In response, the Municipal Council explained the need for a new market with bigger area and better conditions to meet modern hygiene standard and the needs of a growing population. Indeed, the population in San Kiu District and Sa Kong District had already been doubled, if not tripled, at that time.
In 1992, the Red Market was classified as "a building of architectonic interest". This year marks the 80th anniversary of its completion.