News

Commercial Property

Staff Reporter

, Singapore

Published:

1 year ago

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COTD: Prime retail rents show modest growth in August

Island-wide prime retail rents rose 2.7% YoY.

Overall average gross prime retail rents rose 2.7% year-on-year (YoY) and 0.1% quarter-on-quarter (QoQ) in August, according to Knight Frank.

Prime retail rents in Marina Centre, City Hall, and Bugis recorded the highest YoY increase of 3.3% at $25.50, whilst the City Fringe market posted the highest QoQ rise of 0.4% at $23.40.

The highest price increase per square foot per month (psf pm) was seen in the Orchard at $30.70.

Meanwhile, the Suburban micro market recorded $26.40 psf pm, declining 0.5% QoQ due to the opening of new malls during the quarter.

According to the Singapore Tourism Board (STB), visitor arrivals reached 1.5 million in August and declined to 1.3 million in September. Chinese visitors also peaked in August with 397,070 arrivals, driven by cultural similarities, accessibility to high-quality experiences, and a mutual 30-day visa-free entry arrangement.

However, the increase in visitors and Chinese arrivals was insufficient to offset the challenges of high operating costs in the retail sector, leading to a plateau in retail rents.

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