Singapore's Sheng Siong Founder Ranks Higher on Billionaire List After 46% Wealth Surge

Lim Hock Chee and his family, founders of Singapore's second-largest supermarket chain Sheng Siong, have seen their wealth surge by 46%, climbing seven spots to 24th on Forbes' latest billionaire rankings. This significant wealth increase is primarily attributed to a substantial 54% surge in the company's stock value. The impressive stock performance was fueled by Sheng Siong's strategic store launches and robust demand for its fresh food offerings and budget-friendly house brands. As Singapore's second-largest supermarket chain by revenue, Sheng Siong reported a net profit of S$81 million (US$64 million) for the first half of this year, with sales reaching S$855.4 million, marking an 11.9% year-on-year increase for both metrics. The company currently operates 90 stores across Singapore, having opened 16 new outlets since January 2025. It also has a presence in China with six outlets in Kunming. To support future growth, Sheng Siong is developing an integrated headquarters and distribution facility in northern Singapore, its largest single investment to date, slated for completion in 2029. This facility is designed to support over 120 stores in Singapore. Ahead of the January 2027 opening of the cross-border rail link to neighboring Johor Bahru, Sheng Siong is considering a review of its pricing and product range to maintain customer loyalty. The upcoming rail link is anticipated to intensify competition in Singapore's grocery sector, with a recent study projecting that Singaporeans will spend an additional S$1.05 billion across the border, with groceries, pharmaceuticals, dining, and beauty being the top categories for cross-border shoppers. "The retail grocery industry remains competitive, and with the Johor Bahru-Singapore Rapid Transit System (RTS) Link set to open in 2027, we stand ready to adapt our pricing, promotions and product mix as necessary to remain competitive," Lim said in late July, as quoted by The Straits Times. Lim, whose father owned a pig farm in Singapore, began his entrepreneurial journey in 1985 by selling pork at a rented supermarket stall to move excess supply. Seizing an opportunity as pig farming was being phased out, he borrowed money from his father to acquire the store, transforming it with his brothers into the first Sheng Siong outlet that same year. The chain distinguished itself by offering lower prices than its competitors and has expanded steadily over the years. Lim currently serves as the group's CEO, with his brothers Hock Eng and Hock Leng holding executive chairman and managing director roles, respectively.