More retailers to flock to Singapore
More retailers will enter the Singapore market as the number of new retail projects grows.
This year alone, three retail developments – Westgate, Orchardgateway and Bedok Mall – will open in Singapore.
More retail spaces will be added with six new shopping centres expected to open their doors next year.
Consultancy Savills estimates Singapore will gain additional retail spaces of more than 2.6 million sqft over the next four years.
“Prime space on Orchard Rd will continue to be highly sought-after as Southeast Asia becomes the go-to destination for international retailers,” said Savills in a report.
While competition is heating up, occupancy at shopping centres remains healthy. Orchardgateway is 90 per cent pre-leased and Bedok Mall is 85 per cent pre-leased.
Food and beverage and fast fashion retailers are those most pre-committed to upcoming projects.
Rents at prime locations remained unchanged at S$35.1 per square feet per month in the second quarter.