Owners become billionaires amid Covid-19 pandemic
Lim Hock Chee and his wife used to sell chilled pork at a rented stall in a grocery store. Now, after more than 35 years, his family members operate 61 supermarkets across Singapore and have joined the ranks of billionaires.
Shares of their Singapore-listed Sheng Siong Group rose to a record on Wednesday (April 15) as supermarkets have become the preferred place to shop after the Government imposed a partial lockdown to contain the coronavirus pandemic. The stock has rallied more than 30 per cent since a March 19 closing low.
The family's combined fortune, based on its 57 per cent stake in the supermarket chain held mainly by Mr Lim and his two brothers, has surged to US$1.1 billion (S$1.57 billion), according to the Bloomberg Billionaires Index.
related:
Sheng Siong Group chief executive Lim Hock Chee is known for being down to earth and plain-spoken. He is also known to roll up his sleeves and clear litter from the office. ST PHOTO: KEVIN LIM
Sheng Siong: Our Story
Sheng Siong Supermarket, born and bred in Singapore, was founded in 1985 by the Lim brothers (Mr Lim Hock Eng, Mr Lim Hock Chee and Mr Lim Hock Leng). Before, the Lim brothers were helping out at their father’s pig farm in Punggol. Due to an over-supply situation, Mr Lim Hock Chee and his wife rented a stall at one of the now-defunct supermarket chain stores in Ang Mo Kio (BLK 122 Ang Mo Kio Ave 3) to sell chilled pork. Just when the couple managed to clear the excess stock, their store owner (the supermarket chain) ran into financial problems and put up the various stores for sale to existing tenants or other market players, including the one where Mr Lim Hock Chee and his wife were operating the pork stall. With the government phasing out pig farms, and with seed capital from their father, Mr Lim Kim Siong, the Lim brothers took the plunge and ventured into the retail business by taking over the store at BLK 122. The original store remains operational today, and this, is the story of how Sheng Siong began.
From our humble roots starting as a small provision shop in Ang Mo Kio, Sheng Siong has grown to become one of Singapore’s top retailers, with over 60 stores island-wide today. Sheng Siong is also listed on the Mainboard of the Singapore Exchange since 2011.
Our retail stores are primarily located in the heartlands of Singapore. They are designed to provide our customers with both “wet and dry” shopping options. These include a wide assortment of live, fresh and chilled produce, such as seafood, meat, fruits and vegetables, in addition to processed, packaged and preserved food products as well as general merchandise such as toiletries and essential household products.
8 astonishing facts about Sheng Siong we’re sure you didn’t know
Most Singaporeans think of Sheng Siong as the wet market style, cheapest and most affordable supermarket in Singapore. Although not as atas as Cold Storage, Sheng Siong offers a range of products closer to the local and regional culture, which is something that differentiates them from the rest of the competition.
That said, there are many things that you might not have know about this chain of supermarkets that’s stocking up fresh produce, All For You:
- The owners were pig farmers
- The first Sheng Siong is in Ang Mo Kio
- They’ve expanded through multiple financial crises
There’s a Sheng Siong credit card- Their employees get one free meal a day
- They are a listed company
- They are generous bosses
- The bosses are in Forbes Singapore’s 50 Richest list
Sheng Siong to reward staff with up to 16 months’ bonus after ‘tremendous’ performance in 2020
The good performance by Sheng Siong reflects how well supermarkets performed in 2020, especially during the partial lockdown in April and May to restrict movement and activities in Singapore
After a bumper year, Sheng Siong's employees will receive bonuses of up to 16 months, inclusive of the annual wage supplement (AWS), an internal memo shows.
In a copy of the memo seen by TODAY, eligible staff members are entitled to 20 per cent of the company’s profits before tax as variable bonus. Some of the amount, as well as the monthly bonus, has already been distributed from September to December last year.
The remaining payout will be reflected in employees’ payslips next month and distributed in early March this year. TODAY has verified the authenticity of the memo, which was dated Jan 21, 2021. When approached, Sheng Siong declined to comment.
Sheng Siong staff to get up to 16 months' bonus after strong earnings amid pandemic
Sheng Siong said the bumper bonus was to recognise that the company had "performed extremely well as compared to previous years" in 2020 The Straits Times
Eligible Sheng Siong staff will receive total bonuses of up to 16 months, inclusive of the annual wage supplement (AWS) for 2020, with the supermarket operator having raised the variable bonus to 20 per cent of the company's profits before tax, Today reported.
In an internal staff memo sent out last week, the company said that the bumper bonus was to recognise that the company had "performed extremely well as compared to previous years" in 2020, on the back of elevated demand for its offerings due to the Covid-19 pandemic.
Total bonuses for staff ranged from 4.68 months for eligible part-time staff (inclusive of AWS) to 15.72 months for those ranked as assistant managers and above.
Online users all praise for Sheng Siong boss after company announced bonuses of up to 16 months for staff
After performing “tremendously well” for the “turbulent” year of 2020, local supermarket Sheng Siong announced that its employees will be receiving bonuses of up to 16 months, inclusive of the annual wage supplement (AWS). Sheng Siong reported a 54.4 per cent year-on-year increase in net profit to S$31.8 million for the third quarter of last year, ending on 30 September, as stated on its website.
Its revenue jumped 28.9 per cent to S$327.3 million in the third quarter of last year, which was mainly driven by demand arising from the COVID-19 pandemic. In an internal company circular sent out last week, it was stated that all eligible employees are entitled to 20 per cent of the Sheng Siong Group’s profit before tax as variable bonus.
The total bonuses for staff ranged from 4.68 months for part-time staff, inclusive of AWS, to 15.72 months for employees holding the positions of assistant manager and above. After this news came to light, The Straits Times (ST) re-shared an interview it conducted with the supermarket’s boss, Lim Hock Chee, back in 2019.
Sheng Siong Group’s net profit grew 54.4% yoy to S$31.8 million for 3Q2020
Sheng Siong Group Ltd. (“Sheng Siong”, together with its subsidiaries, the “Group” or “昇菘集团”), one of the largest supermarket chains in Singapore, reported a 54.4% year- on-year (“yoy”) increase in net profit to S$31.8 million for the 3 months ended 30 September 2020 (“3Q2020”), mainly due to strong growth in revenue resulting in higher gross profit, higher other income but was offset by a less than proportional increase in operating expenses, relative to the increase in revenue.
Revenue increased by 28.9% in 3Q2020 of which 19.1 percentage points was contributed by comparable same store sales and 9.5 percentage points by new stores in Singapore mainly because of elevated demand arising from COVID-19, and 0.3 percentage points by the stores in China. For the first half of 2020, consumers loading up their pantries and the Circuit Breaker restricting movements, thereby compelling working and cooking at home were the main reasons for the elevated demand. In 3Q2020, demand was still strong even though the Circuit Breaker was lifted as consumers’ behavior were still cautious and working from home continued to be encouraged.
Gross margin was flattish at 27.0% in 3Q2020 compared with 3Q2019 as sales promotions in the industry returned gradually to pre-COVID-19 levels after the lifting of the Circuit Breaker. Administrative expenses increased by S$9.6 million in 3Q2020 compared with 3Q2019 mainly due to higher staff costs but partially offset by lower rental. Staff cost increased as additional headcount was required to cope with the increase in volume, implement the safe distancing and tracing measures relating to COVID-19, operate new stores and higher provision for bonuses as a result of higher operating profit. Rental decreased as leases renewed in 2020 were capitalized as right-of-use assets.
Sheng Siong boss Lim Hock Chee walks the talk
Sheng Siong supermarket boss Lim Hock Chee has many trappings of success, but he wears them lightly.
He drives a Bentley, but it was a gift from his younger brother for his contributions to the company.
He lives in a 17,000 sq ft bungalow in an exclusive area but has swum in the pool just once or twice. "It's useless," he says in Mandarin. "The gym is also useless. It's boring to run in the same spot. Hiking is better. I can see different things, unlike when I run on a treadmill."
#31 Lim Hock Chee & family
2020 SINGAPORE'S 50 RICHEST NET WORTH $1.2B as of 8/19/20
- Son of a hog farmer, Lim Hock Chee, started with a small stall selling pork in 1985.
- Today Lim and his family own a majority stake in Sheng Siong Group, Singapore's third-largest supermarket chain.
- Sheng Siong sells everything from seafood and vegetables to frozen foods through its chain of 61stores in Singapore.
- While Lim is CEO, his older brother Lim Hock Eng is executive chairman and younger brother Lim Hock Leng is managing director.
- Sheng Siong has two supermarkets in Kunming, China.
Sheng Siong kidnapping: From pig farmer to supermarket tycoon
Mr Lim Hock Chee in a photo from 2009. The Sheng Siong CEO is a former farm boy and Jurong Vocation Institute graduate-turned-supermarket tycoon. -- ST FILE PHOTO: NURIA LING
Mr Lim Hock Chee, chief executive of supermarket chain Sheng Siong, and his family come from humble beginnings.
The former farm boy and Jurong Vocation Institute graduate-turned-supermarket tycoon once recalled about his childhood: "Every day after school, I had to clean the pigsties and prepare the pigs' feed."
He was thrown into the media spotlight again after his mother, Madam Ng Lye Poh, 79. was kidnapped for a $2 million ransom on Wednesday. She was released unharmed after Mr Lim paid the ransom.
Inside Sheng Siong co-founder Lim Hock Leng’s 33,700 sq ft family home
When entrepreneur Lim Hock Leng was looking for a home for his multigenerational family, he wanted one that embraced nature and history. The Sheng Siong co-founder viewed over 20 houses, but it was only when he stood in the century-old conserved colonial bungalow of his current 33,700 sq ft property did he feel a sense of affinity.
“When I saw the property, there was only an old building that took up a small space,” said Lim, referring to the bungalow. “But the land was huge. I went up to the second floor and looked at the view. It just felt so comfortable.”
A consultation with a fengshui master also confirmed his decision: He was assured that the site, which was shaped like a treasure bowl, was a good place to build a house.
The Sheng Siong Kidnapping
BARELY 48 hours after an audacious kidnapping of the elderly mother of Sheng Siong's chief executive, two men - believed to be lovers - were produced in court yesterday and charged under the Kidnapping Act.
Lee Sze Yong, 41, is accused of abducting Madam Ng Lye Poh, 79, between 10.30am and 1.02pm on Wednesday along Hougang Avenue 2, with the intent to hold her for ransom.
His accomplice, Heng Chen Boon, 50, is said to have helped him confine her in a vehicle near Sembawang Park between 8.30pm and midnight that day.
Singapore Police Force 9 January 2014
TWO MEN ARRESTED FOR KIDNAPPING WITHIN 12 HOURS #sgpolicearrest
Police have arrested two Chinese men, aged 41 and 50, who are believed to be responsible for a case of Kidnapping.
On 8 January 2014 at about 2.13pm, the informant, a 52-year-old man lodged a Police report stating that he had received a call from an unknown person who demanded that he pay a ransom of 20 million Singapore dollars for the return of his 79-year-old mother. The informant’s mother was last seen in the vicinity of Hougang on the morning of 8 January 2014.
Upon receipt of the report, officers from the Criminal Investigation Department and Police Intelligence Department responded immediately and conducted intensive probes and ground enquiries to establish the whereabouts of the 79-year-old victim and to also track down the possible suspect(s).
Singapore’s 31st Richest man: Lim Hock Chee & family
2020 SINGAPORE'S 50 RICHEST NET WORTH $1.2B as of 8/19/20
- Son of a hog farmer, Lim Hock Chee, started with a small stall selling pork in 1985.
- Today Lim and his family own a majority stake in Sheng Siong Group, Singapore's third-largest supermarket chain.
- Sheng Siong sells everything from seafood and vegetables to frozen foods through its chain of 61stores in Singapore.
- While Lim is CEO, his older brother Lim Hock Eng is executive chairman and younger brother Lim Hock Leng is managing director.
- Sheng Siong has two supermarkets in Kunming, China.
Prime: From pig farmers to supermarket empire
First Prime Supermarket In Kallang
If you get your groceries from a neighbourhood centre, you would have shopped at Prime Supermarket. The company has 20 outlets spread across the island nestled in neighbourhood areas, making it the largest family-owned supermarket chain in Singapore. You may even have heard about the Tan family who owns Prime, because they’re famously known for being the household of 80 members, spanning 5 generations under one roof. Their uncommon living arrangement has garnered the attention of the media, seeing the family and their 32-room mansion featured in the news and on television.
In this interview, the Tan family said they had always lived communally, as they were brought up to stay together and look out for one another. Their journey in Singapore goes all the way back to 1913, when Tan Yang Zhui migrated from Santou, Guangdong with three sons. He was 27 then. The small family grew vegetables for years, until they started pig farming with a pair of piglets in 1928. Eventually, it was named Tan Chye Huat Farm when one of Yang Zhui’s sons, Ah Chye, took over the business after his father’s passing.
Ah Chye and his two brothers, along with their wives and children, moved in together to live as one household. Most of their children got involved to work on the pig farm too. From time to time, the farm was plagued with issues like floods or government redevelopment plans, and they found themselves having to move from Geylang to Changi, Ang Sar Lee, and finally Punggol. However, that came to an end in 1984, when the Singapore government executed a complete phasing out of pig farming.
From pig farmers' son to owning $1m Bentley
The Gold Guarantee founder & CEO Lee Song Teck left Singapore on 18 Jan 2013 and was arrested on Feb 2, 2023, when he returned. The Straits Times
On March 6, 2013, than 180 people at Hong Lim Park signed a petition to be submitted to the Prime Minister's Office. They were investors in a gold trading company called The Gold Guarantee (TGG), the CEO and founder of which, Lee Song Teck, had gone missing. And so has the money they entrusted him, some up to $1 million. Investigations are ongoing.
The son of pig farmers, Lee took over his family's animal pharmaceutical business when he was 20. "I am an only child and I lived on a pig farm until I was eight" he told The Straits Times in 2012. "Our farm seemed huge but we were one of the few poor pig farmers at the time. My father set up the animal pharmaceutical wholesale business while running the farm and my mother helped him with the accounts. "However, we were quite poor until about 10 years ago because my father, who died when I was 17, was a gambler. My parents used to tell me I must never gamble."
At age 22, he went to Sydney for undergraduate studies. After his return to Singapore, he tried his hand at being a property agent, and running a fitness centre and a property investment seminar business. He also invested in property and gold. "I believe in only real estate and gold, which I can see and touch, and which have real value. My gold investment portfolio is now worth $30 million," Lee said in the ST interview. "I have achieved average returns of 200 per cent a year from my property investments and some of my businesses. I plan to achieve a net worth of $200 million. When that happens, I intend to pledge 90 per cent to charity." He added: "I do not smoke, drink or gamble, and I am not into fine dining. The only luxury items I spend on are spa packages for me and my friends. I also buy presents for my friends. It feels nice to be able to buy things for the people I love." Lee said his greatest extravagance was his new $1 million Bentley Supersports which was his "dream car". He also drove a white BMW 5 series model. His company The Gold Guarantee was incorporated in 2011.
From pig farmers to millionaires
First Prime Supermarket In Kallang
If you get your groceries from a neighbourhood centre, you would have shopped at Prime Supermarket. The company has 20 outlets spread across the island nestled in neighbourhood areas, making it the largest family-owned supermarket chain in Singapore. You may even have heard about the Tan family who owns Prime, because they’re famously known for being the household of 80 members, spanning 5 generations under one roof. Their uncommon living arrangement has garnered the attention of the media, seeing the family and their 32-room mansion featured in the news and on television.
In this interview, the Tan family said they had always lived communally, as they were brought up to stay together and look out for one another. Their journey in Singapore goes all the way back to 1913, when Tan Yang Zhui migrated from Santou, Guangdong with three sons. He was 27 then. The small family grew vegetables for years, until they started pig farming with a pair of piglets in 1928. Eventually, it was named Tan Chye Huat Farm when one of Yang Zhui’s sons, Ah Chye, took over the business after his father’s passing.
Ah Chye and his two brothers, along with their wives and children, moved in together to live as one household. Most of their children got involved to work on the pig farm too. From time to time, the farm was plagued with issues like floods or government redevelopment plans, and they found themselves having to move from Geylang to Changi, Ang Sar Lee, and finally Punggol. However, that came to an end in 1984, when the Singapore government executed a complete phasing out of pig farming.
