With new shopping malls coming up along Orchard and new retailers entering the scene, change is afoot at Singapore's prime shopping belt. Just recently, book retailer Kinokuniya moved to small premises within Ngee Ann City, allowing the landlord to carve out the space once occupied by the bookshop into smaller units - for various tenants. At Wisma Atria next door, Japanese retailer Isetan is also...
Retail Rental
Prime Orchard Road rents are expected to dip slightly this year as some restaurants look for cheaper space on the fringes of the city-centre, Savills said in a report on Friday. Rising manpower costs in a tight Singapore labour market are also discouraging retailers from expanding, contributing to the downward pressure on rents, the UK property services firm said. Savills said it expects rents at...
In time to catch the year-end shopping crowds, Singapore-listed CapitaMalls Asia is launching two of its projects in the suburbs this week. Westgate opened its doors on Monday and Bedok Mall will start business from Tuesday. But analysts told Channel NewsAsia it is not all joy for some landlords of retail property. With all its shop space fully leased, Bedok Mall is abuzz with retailers hurrying...
Average rentals of prime retail space in Orchard/Scotts Road and suburban areas stayed constant in the second quarter of 2013, following a slight dip in the previous quarter. DTZ said prime retail rents in Orchard/Scotts Road are expected to fall marginally in the second half of the year as new developments in the area are completed. Together, the completion of Orchard Gateway and the addition and...
Real estate investment trusts (Reits) have become an investment darling in Singapore giving investors attractive returns. But for retailers, Reits are causing them to cough out more in rents. This is because Reits act mainly to boost returns for their shareholders. President of the Singapore Retailers Association (SRA), Jannie Chan, says the higher rentals are adding to the woes in the retail sector...
Prices of shop space rose 2.0 per cent in 2012, while rentals dropped marginally by 0.3 per cent according to the latest statistics from the Urban Redevelopment Authority (URA). Yields of retail units have dropped last year, but most market experts Channel NewsAsia spoke to are optimistic about the demand for retail space in Singapore from both investors and retailers. After just one week, some retail...
Prime area rent for shopping malls and retailers in Orchard Road inched down 0.28 per cent this quarter, compared to the previous quarter. In a report by Savills World Research, average monthly rent in prime areas in Orchard Road were S$35.1 per square foot in the fourth quarter. This is a slight drop from the S$35.2 per square foot in Q3. Analysts felt that this is due to adjustments in the market, as...
Renting retail space at a suburban mall these days may not be very much cheaper than renting one at Orchard Road, say analysts. Colliers International said the gap between prime retail rents in the two segments have narrowed from 17 per cent in 2009 to 12 per cent this year. Demand for retail space in suburban malls will continue to be strong, say analysts, citing the improving quality of suburban...
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...
Singapore's retail rents remained resilient in Q2 2012, supported by a high employment rate and tourist arrivals. According to property consultancy DTZ, the average rents of prime retail space in Orchard/Scotts Road rose marginally by 0.1 per cent quarter-on-quarter to S$30.33 per sq ft per month. Meanwhile, average rents in suburban areas increased 0.2 per cent to S$28.35 per sq ft per month. However,...