Sales will top $1.4 billion this year.
Singapore's e-commerce sector will continue to expand at a breakneck pace in coming years, according to a report by CBRE.
Sales have grown at a record rate over the past five years, rising from just $800 million in 2012 to over $1.34 billion in 2015.
Citing data from a report by Euromonitor International, CBRE noted that 2014's internet retail sales grew 12.5% year-on-year to $1.08b, while mobile internet retail sales surged by 53.9% to $280.9 million.
CBRE believes that the strong growth in online retail will drive demand for industrial space in Singapore.
"All these indicate that Singapore's e-commerce sector is poised to expand further, which could potentially emerge as the next underlying demand driver for the industrial market," said CBRE.
Do you know more about this story? Contact us anonymously through this link.