Tag Archives: Sheng Siong

Wet markets’ buyout causes upset

Posted on 30 Sep 2009 | Comments Off on Wet markets’ buyout causes upset

PLANS to shut down five wet markets in Choa Chu Kang, Serangoon North, Bukit Batok West and Bukit Panjang are making two groups of people unhappy.

Residents in these neighbourhoods are upset over what looks to be a loss of lower prices, freshness and variety, and market stallholders are wondering what is to become of their livelihoods. Some have gone to see their Members of Parliament.

The target of their joint ire: supermarket chain Sheng Siong, which bought the markets from boutique property developer Heeton for $25.55 million.

The five markets to cease operations in March next year are in Choa Chu Kang Street 62, Choa Chu Kang Avenue 1, Serangoon North Avenue 3, Bukit Batok West Avenue 8 and Fajar Road.

Sheng Siong plans to convert them into ‘air-conditioned markets’, although it has yet to spell out how the space in these five sites will be used.

Wet market patrons have already equated ‘air-conditioned market’ with ’supermarket’, which they say they do not want or need. Continue reading →

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Sheng Siong buys five wet markets for 26mil

Posted on 13 Sep 2009 | Comments Off on Sheng Siong buys five wet markets for 26mil
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

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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Posted in Developers, HDB

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