Why Sheng Siong isn't getting a Christmas present from The Verge

Its lease will not be renewed after April 30, 2017.

Sheng Siong may have been on Santa's naughty list this year, as this season is definitely not a festive one for the supermarket giant.

In a series of seemingly unfortunate events, Sheng Siong just announced that the lease for its supermarket in The Verge will not be renewed.

"The Company wishes to announce that it has just received written notice from the new owner of The Verge that the lease of The Verge Supermarket will not be renewed after 30 April 2017, as the new owner will be redeveloping the entire building," Sheng Siong said in a statement.

Although the group said this would not affect its financial year, it revealed that the said supermarket contributed around 3.3% to the group's revenue for the past nine months ending in September.

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