The post Singapore Tycoon Lim Hock Chee’s Sheng Siong Grocery Chain Plans $402 Million Expansion appeared on BitcoinEthereumNews.com. A Sheng Siong outlet in Singapore. Sheng Siong Group Sheng Siong Group—controlled by Singapore tycoon Lim Hock Chee and his family—is investing S$520 million ($402 million) to expand its grocery store chain and warehouse in the city-state. The company plans to open three new stores every year over the next 10 to 15 years, boosting its supermarket network to 120 stores by 2040 from about 80 currently. To support the expansion, Sheng Siong is building a new warehouse on a 61,297-square-meter site in the western Singapore town of Mandai. The new warehouse, which will be under a 33-year lease from state-owned industrial landlord JTC Corp, is 2.5 times the size of Sheng Siong’s existing 25,000-square-meter facility and will feature multiple temperature-controlled storage zones and integrated food processing capabilities. The company will also invest in automation and robotic systems that will help optimize storage and inventory management. “With this increased area and the new technology, the group will be able to further strengthen its warehouse management operations, improve cost efficiency and be equipped with flexibility to support the group’s expansion plan,” Sheng Siong said. Sheng Siong, which competes with bigger rival NTUC Fairprice, unveiled its expansion plans even as some retailers have exited the competitive grocery industry in Singapore. In March, DFI Retail Group (part of Hong Kong-based Jardine Matheson) sold its Giant hypermart and Cold Storage grocery chains to Malaysia’s Macrovalue for S$125 million. With an estimated net worth of $1.8 billion, Lim and his family are among the wealthiest in Singapore. The son of a hog farmer, he got his start in 1985 with a small pork stall. Today, Lim and his family hold a majority stake in Sheng Siong Group, the country’s third-largest supermarket chain by sales. Apart from its stores in Singapore, it operates six outlets in… The post Singapore Tycoon Lim Hock Chee’s Sheng Siong Grocery Chain Plans $402 Million Expansion appeared on BitcoinEthereumNews.com. A Sheng Siong outlet in Singapore. Sheng Siong Group Sheng Siong Group—controlled by Singapore tycoon Lim Hock Chee and his family—is investing S$520 million ($402 million) to expand its grocery store chain and warehouse in the city-state. The company plans to open three new stores every year over the next 10 to 15 years, boosting its supermarket network to 120 stores by 2040 from about 80 currently. To support the expansion, Sheng Siong is building a new warehouse on a 61,297-square-meter site in the western Singapore town of Mandai. The new warehouse, which will be under a 33-year lease from state-owned industrial landlord JTC Corp, is 2.5 times the size of Sheng Siong’s existing 25,000-square-meter facility and will feature multiple temperature-controlled storage zones and integrated food processing capabilities. The company will also invest in automation and robotic systems that will help optimize storage and inventory management. “With this increased area and the new technology, the group will be able to further strengthen its warehouse management operations, improve cost efficiency and be equipped with flexibility to support the group’s expansion plan,” Sheng Siong said. Sheng Siong, which competes with bigger rival NTUC Fairprice, unveiled its expansion plans even as some retailers have exited the competitive grocery industry in Singapore. In March, DFI Retail Group (part of Hong Kong-based Jardine Matheson) sold its Giant hypermart and Cold Storage grocery chains to Malaysia’s Macrovalue for S$125 million. With an estimated net worth of $1.8 billion, Lim and his family are among the wealthiest in Singapore. The son of a hog farmer, he got his start in 1985 with a small pork stall. Today, Lim and his family hold a majority stake in Sheng Siong Group, the country’s third-largest supermarket chain by sales. Apart from its stores in Singapore, it operates six outlets in…