Singapore's 2nd largest supermarket chain Sheng Siong's founder jumps 7 spots on billionaire ranking after 46% wealth boost

Singapore's second-largest supermarket chain, Sheng Siong, saw its founder jump seven spots on the billionaire ranking due to a 46% increase in his wealth. According to Forbes, Lim and his family have moved up from 31st to 24th place in the 2025 list of the richest in Singapore. The surge in his fortune is attributed to the 54% rise in Sheng Siong's stock, driven by new store openings and robust demand for affordable house brands and fresh food.

The supermarket chain, which is Singapore's second-biggest by revenue, reported a net profit of S$81 million (US$64 million) for the first half of the year, with sales reaching S$855.4 million, both reflecting an 11.9% increase year-on-year. Sheng Siong currently operates 90 stores in Singapore, having opened 16 new outlets since January 2025, and six stores in Kunming, China.

The company recently began construction on a S$520 million integrated headquarters and distribution facility in northern Singapore, expected to be completed by 2029. This investment aims to support over 120 stores in Singapore. The chain might review its pricing and product range in anticipation of the opening of a cross-border rail link to Johor Bahru in January 2027, which could intensify competition in Singapore's grocery sector.

Sheng Siong's CEO, Lim, stated that the company is prepared to adapt its pricing, promotions, and product mix to stay competitive. Born into a family with a pig farm, Lim initially sold pork at a rented supermarket stall in 1985, eventually acquiring the store in 1985 and expanding it into the Sheng Siong chain, which is known for offering lower prices than its rivals.