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The Fajar Market was one of the five wet markets purchased by homegrown supermarket chain Sheng Siong. The chain, which started with one supermarket outlet in Ang Mo Kio in 1985, will soon open its 23rd outlet in Punggol. — PHOTO: WWW.FINANCIALPR.COM.SG
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LOCAL supermarket chain Sheng Siong is on an expansion drive with its recent purchase of five wet markets for $25.55 million.
It bought them from mainboard-listed Heeton, a boutique property developer.
The wet markets are at Choa Chu Kang Street 62, Choa Chu Kang Avenue 1, Serangoon Avenue 3, Bukit Batok West Avenue 8 and Fajar Road.
The deal looks set to mark another expansion phase for Sheng Siong, a homegrown chain which has been growing in leaps and bounds.
It is not clear what changes, if any, will be made. A Sheng Siong spokesman told The Straits Times: ‘Our company has not made a formal announcement to staff on its plans for the wet markets yet.’ Plans will be announced soon, when the deal is completed, she added.
Sheng Siong has seen phenomenal growth since it started with one outlet in Ang Mo Kio Avenue 3 in 1985. It now owns and operates 22 supermarket outlets, clocking a turnover of $667 million last year. Continue reading
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