Lim and his family now rank as the 24th richest in Singapore, up from 31st in the 2025 list, according to Forbes.
They were among the biggest winners on this year’s rankings as shares of Sheng Siong’s stock surged 54%, fueled by store launches and strong demand for fresh food and budget-friendly house brands.
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Lim Hock Chee, CEO of Sheng Siong Group. Photo from the company’s website |
The supermarket chain, Singapore’s second-largest by revenue, posted a net profit of S$81 million (US$64 million) for the first half of this year on sales of S$855.4 million, both up 11.9% year-on-year.
It currently operates 90 stores in Singapore, having opened 16 new ones since January 2025, and six outlets in Kunming, China, per the company’s website.
Sheng Siong in July broke ground on an integrated headquarters and distribution facility in northern Singapore as part of a S$520 million plan, its single largest investment to date, to fuel future growth. The site, set for completion in 2029, will support over 120 stores in Singapore.
The chain has said it might review its prices and product range to retain customers ahead of the January 2027 opening of the cross-border rail link to neighboring Johor Bahru.
The link is expected to ramp up competition in Singapore’s grocery sector, with a recent study projecting that Singaporeans will spend an additional S$1.05 billion across the border. Groceries, pharmaceuticals, dining, and beauty emerged as 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.
Born to a father who owned a pig farm in Singapore, Lim initially sold pork at a rented supermarket stall in 1985 to help move excess supply.
After the surplus was cleared and the government was phasing out pig farming, he saw an opportunity and borrowed money from his father to acquire the store and, together with his brothers, turned it into the first Sheng Siong outlet in 1985.
The chain stood out for offering lower prices than its rivals and expanded over the years.
Lim currently serves as the group’s CEO while his older brother Hock Eng is executive chairman and his younger brother Hock Leng is managing director.