Chart of the Day: 1.5 million sqft of retail property supply to come online by 2022

Over half of the upcoming retail development will be completed in 2019.

This chart from Edmund Tie & Co. (ETCo) shows that around 1.5 million sqft of retail net lettable area (NLA) is expected to come on stream from Q2 2019 to 2022.

One million sqft or 65% of this is expected to be completed from Q2 to Q4 2019.

The report noted that Funan (325,000 sqft NLA) will be the largest retail development to open in mid-2019, which will be open two months ahead of its schedule on 28 June housing 180 brands. https://sbr.com.sg/commercial-property/news/funan-open-doors-28-june

This is followed by Paya Lebar Quarter Mall (313,000 sqft NLA) by late 2019.

Also read: Retail property sales fell 2.3% in Q1: study

Island-wide net supply dropped 78% QoQ in Q1 as there were lesser completions during the quarter.

Net absorption in other city areas contracted by 16,000 sqft in Q1 from 102,000 sqft in Q4 2018.

Meanwhile, vacancy rates in the downtown and Singapore River areas remained above double digits at 10.2% and 13.6%, respectively.