According to the latest provisional results released for HDB commercial store biddings, Sheng Siong Group’s (SSG) bid was the highest for a 288sqm (~3.1k sq ft) store in Edgedale Plains, Punggol. Another ~3.1k sq ft store along Woodlands Drive 73 attracted a couple more bidders and SSG’s bid came in second in place.
We reiterate that there are existing opportunities to open new stores both in the public and private sectors, and as of Sep-17, there are another 11 HDB units up for bidding in the next six months, although a few units are close to each other and/or existing SSG stores.
Looking ahead, the 41.5k sq ft Woodlands store is slated to close in Oct, while a new 4k sq ft store at Bukit Panjang as well as a new 12k sq ft store at Woodlands St 12 will open in Sep and Oct respectively.
In addition, we believe management is capable of optimizing revenue per sq ft for their stores, while overall cost management efforts continue to be implemented.
Looking ahead, the 41.5k sq ft Woodlands store is slated to close in Oct, while a new 4k sq ft store at Bukit Panjang as well as a new 12k sq ft store at Woodlands St 12 will open in Sep and Oct respectively.
In addition, we believe management is capable of optimizing revenue per sq ft for their stores, while overall cost management efforts continue to be implemented.
