Singapore's famed shopping street, Orchard Road, has been ranked 25th most expensive in the world this year. With rents of retail space averaging at S$462.43 per sq ft a year, this is a notch up from last year against 129 cities in a study conducted by Colliers International. New York's Fifth Avenue and Hong Kong's Queen's Road Central and Canton Road were the world's top three most expensive shopping...
Orchard Road
Prime rents in Orchard Road have rebounded for the first time in nearly three years. That is according to a study by real estate consultancy CB Richard Ellis. Rents rose 5 per cent from the second quarter of 2011, to average S$31.60 per square foot per month. Rents were S$30.11 per square foot per month in the last quarter. The upturn follows a series of dips since 2008, when rents peaked at more than...
Orchard Road has moved up one place in the global ranking of rents because of the strong Singapore dollar. It moved up a notch to 26th place in the Global Retail Survey 2011 carried out by Colliers International. However, Orchard Road moved down a spot to seventh place in the Asia Pacific region in 2011 with the inclusion of Hong Kong's Queen's Road in the latest survey on rents in the world's premier...
A number of shopping malls opened in Orchard Road in the last two years, increasing the prime shopping belt's retail space by about 30 per cent, but not everyone at these new spaces has been doing well. Only last week, tenants at 313 Somerset reportedly petitioned for lower rentals, complaining of poor business, raising questions over whether there is an oversupply of retail space in the area. Mr Colin...
Shopping malls along Orchard Road are going for facelifts even though they are relatively new, due to rising competition from brand-new shopping centres - which are forcing the existing ones to spruce up their act. Instead of refurbishing a shopping centre after a decade or two, mall owners are tweaking the look and feel of even relatively new buildings. Analysts say this is because the ownership of many...
Analysts say malls across Singapore will be stepping up their game next year, now that retail spending looks set to increase due to robust growth and higher tourism arrivals. More landmark developments will be open from next year, on the stretch of the iconic Orchard Road. Orchard Road Business Association executive director Steven Goh said: "...Orchard Road is a street where it continues to reinvent...
Singapore's Orchard Road will be adding another new face to its shopping belt. A retail, hotel and office development will soon come up at the sites of the former Specialists' Centre and Hotel Phoenix, as well as Orchard Emerald mall. The project, costing some S$700 million, is expected to be completed in the second half of 2013. A groundbreaking ceremony on Friday marked the start of the redevelopment...
Singapore prime Orchard Road shopping belt has been ranked the 27th most expensive retail street in the world by property consultant Colliers International. The city moved up one notch from the 28th spot last year in the Colliers annual global ranking of rents for prime retail space. Colliers said prime retail space along Orchard Road is US$330.19 per square foot per year on average. This was up about 2...
Flaunt it if you have it. That is what retailers with prime shop space along the Orchard Road belt are doing. A war has broken out as eye-catching, brightly lit facades - showcasing luxury brands like Gucci, Prada and Chanel - compete for attention there. Retail experts say the belt's glitzy makeover has emerged in the past two years, along with the profusion of malls. Said Dr Lynda Wee, from business...
Property consultant CB Richard Ellis said the pace of prime Orchard Road rental decline slowed in the first quarter this year. In a research report, it noted that prime Orchard Road rents averaged S$32.20 per square foot per month in the first quarter, down by just 0.7 per cent on-quarter. Rents had declined between 1.5 per cent and 3.3 per cent in the previous four quarters. Prime suburban rents,...