Sheng Siong Group, a grocery chain managed by Singaporean billionaire Lim Hock Chee and his family, plans to invest S$520m ($402m) to expand its operations within Singapore, as reported by Forbes.
The company plans to inaugurate three additional stores by between 2035 and 2040, with the intention of growing its supermarket network from the current 80 to 120 by the end of that period.
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To facilitate this expansion, Sheng Siong is investing in a new warehouse located on a 61,297m² plot in Mandai, western Singapore.
The new facility, leased for 33 years from JTC Corp, a state-owned industrial landlord, will be 2.5 times larger than Sheng Siong’s present 25,000m² warehouse.
It will include temperature-controlled storage areas and integrated food processing capabilities.
The company also plans to incorporate automation and robotic systems to enhance inventory management and storage efficiency.
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By GlobalDataReuters quoted Sheng Siong: “With this increased area and the new technology, the group will be able to further strengthen its warehouse management operations, improve cost efficiency and be equipped with flexibility to support the group’s expansion plan.”
Despite the competitive nature of Singapore’s grocery sector, which has seen some retailers exit, Sheng Siong is moving forward with its growth strategy.
The DFI Retail Group transferred ownership of its Giant hypermart and cold storage grocery chains to Malaysia’s Macrovalue for S$125m.
Lim Hock Chee and his family, with an estimated net worth of $1.8bn, are among Singapore’s wealthiest individuals and hold a majority interest in Sheng Siong Group.
Chee began his career in 1985 with a pork stall.
Besides its presence in Singapore, Sheng Siong also operates six stores in China.
