Sheng Siong Group is planning to make its mark in the largest residential estate in Singapore, Tampines, and will invest a hefty amount of cash in a Housing and Development Board (HDB) three-storey commercial property there.
The amount? $65 million, according to Channel NewsAsia.
Sounds like a lot, but it’s probably reasonable considering the location — a stone’s throw away from the perpetually jam-packed Tampines MRT station — and the amount gets the former wet market brand a 3,876-square-metre space, of which 910 square metres will be used for the new outlet’s initial opening early next year. The rest of the building will open in phases, as older tenants start moving out between 2016 and 2017.
We reckon a little match of the hypermarkets between Sheng Siong and fellow local supermarket chain Giant, both of which share the same extensive variety of goods that appeal to a broad range of Singaporeans.
It looks like when it comes to grocery shopping, locals know what locals want (let us take a minute to remember French hypermarket chain Carrefour that opened to much fanfare but closed its last remaining outlet in Suntec City Mall in 2011).
Sheng Siong currently has 33 outlets islandwide, out of which 29 are kept opened 24 hours.
