Through its subsidiary Sheng Siong Supermarket, the Sheng Siong Group is buying commercial premises at Bedok town centre for about S$53 million (US$39 million).

Leased by the supermarket and used by one store, the premises comprise the first and second levels of a four-storey Housing and Development Board property. The option to buy was granted by Heartland Retail Holdings.

In New Upper Changi Rd, the property has a gross floor area of about 2844 sqm, with a leasehold tenure of 86 years from July 1, 1992.

The acquisition will enable Sheng Siong Group to secure the property with a view to ensuring the store’s future.