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Sheng Siong Group (SSG) saw its total store count increase from 44 to 52 and its store wins to eight, with the opening of two new stores in Woodlands, reported Singapore Business Review.
Measuring 10,030 sq ft, its first new store at Block 785E Woodlands Rise was won via the Housing and Development Board’s (HDB) private tender.
Its second store in Junction 10 also in Woodlands, on the other hand, has an area of 20,370 sq ft. Sheng Siong agreed to lease it from Dollar Land, on the condition that the latter will deliver vacant possession of the premises.
Aside from these, Sheng Siong has also inked two more leases for stores that are set to open this year.
RHB Research believes the company has potential to grow further.
In fact, it has “submitted the highest bids for two new shops at Block 451 Bukit Batok (6,880 sq ft) and Block 573 Woodlands (10,730 sq ft) and is awaiting HDB’s acceptance of the bids and the grant of the leases”, revealed the company in an SGX filing.
“Based on the HDB website, there are still six new supermarkets sites scheduled for tender from now until the end of the year. Any further new store wins for Sheng Siong would provide further upside potential to our current estimates,” said RHB Research analyst Juliana Cai.
Eugenia Rosaline Shlaen edited this story. To contact her about this or other stories, email eugenia@propertyguru.com.sg
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