RETAIL rents in the prime Orchard and Scotts roads belt, other city areas and the suburbs were all unchanged in the first quarter of this year, according to DTZ Research. They are still down as much as 10 per cent in some areas from their Q3 2008 peaks, but have now stabilised across the island, DTZ's data show. In Q1, the gross rent for prime first and upper-storey retail space in the Orchard and Scotts...
Retail Rental
RETAIL rents across most of Singapore held steady in the first quarter of this year, a new report showed. This ended five straight quarters of decline in some areas, as tourist arrivals grew and consumer confidence rose, according to the report by DTZ Research. In the premier shopping belt of Orchard Road/Scotts Road, retail rents remained constant as the market absorbed new supply that came onstream in...
Singapore retail rents have held firm in the first quarter of this year. According to estimates by DTZ Research, rental values of retail space in the prime retail belt of Orchard and Scotts Road, other city areas and even suburban areas remained unchanged. DTZ said gross retail rents at the Orchard and Scotts Road area stayed firm as the market absorbed the new supply that came onstream in 2009 and in...
FRASERS Centrepoint Trust's (FCT) Northpoint mall has seen a 20 per cent hike in average rentals and a 70 per cent climb in shopper traffic after it was expanded and revamped. The mall, which is located right next to Yishun MRT station, increased its net lettable area by more than 50 per cent with the addition of a $165 million new wing and a $38.6 million asset enhancement initiative. The new NLA is...
Prime retail rents have picked up in the current fourth quarter as leasing activity gather steam on the back of improved confidence and economic recovery, according to DTZ Research. Its estimates showed that gross rents of prime first-storey retail space in Orchard and Scotts Road increased marginally by one per cent to S$39.10 per square foot per month, after falling 7.3 per cent in the last four...
Prime retail rents began to stabilise in many markets across the world in the third quarter of this year as economic and retail indicators started to show signs of greater stability. Retailer confidence had also gained positive momentum. According to property consultancy CB Richard Ellis' latest Global MarketView on the retail sector, retail rents globally fell by an average of one per cent in the third...
Prime retail rents on Orchard Road declined by 2.8 per cent to S$38.17 per square foot in the third quarter from the previous three months. That is smaller than the 3.7 per cent fall in the second quarter and the 4.4 per cent drop in the first, according to a report by Colliers International. Meanwhile, the average monthly retail rents in prime malls in the Tampines, Woodlands and Jurong areas posted an...
Property consultancy CB Richard Ellis said on Monday that prime Orchard Road rents averaged S$32.90 per square foot in the third quarter, down three per cent from the second quarter. For the full year, CBRE said it expects Orchard Road rents to fall between 10 and 12 per cent, and a further decline is not expected to exceed five per cent next year. This means the eventual rental trough should not be less...
Retail landlords are turning to more creative ways to charge rent amid the current downturn and market watchers are also expecting changes in rental structures. This is due to factors such as the increased presence of institutional landlords. The economic slowdown is also expected to lead to falls in retail rentals by up to 20 per cent by the end of the year. An expected glut in retail space, especially...
The upcoming suburban mall Nex located at Serangoon Central has leased 60 per cent of its lettable space. Its developer Gold Ridge said retailers like Isetan, Courts and Challenger are among its key tenants. Gold Ridge added that Isetan has secured a 53,000-square foot space, spanning three floors. This will be Isetan's first new department store in Singapore since 1995. Another first, the developer...