Sheng Siong to open two more stores

Singapore supermarket group Sheng Siong has confirmed the imminent opening of another two stores.

A 10,030sqft store at Woodlands Rise, which the listed company won from a HDB private tender, is expected to open next month.

And a 20,370sqft store at Junction 10, will follow. That location, previously occupied by rival Giant Hypermarket, is currently home to Dollar Land, which will hand back the space to the landlord on September 26. After that, Sheng Siong will fit it out as a supermarket.

These, and other new sites previously confirmed, will take the company’s store network to 52.

Juliana Cai of analyst RHB, says the store expansion should power CAGR earnings growth of 11 per cent from last financial year through to 2020.  

She also predicts Sheng Siong will win another two new stores at Bukit Batok and Woodlands, with these stores to start trading later this year or early next.

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