COMMERCIAL PROPERTY | Staff Reporter, Singapore

Mall rents in Orchard Road edged up 0.6% to $35.3 psf monthly

This increase boosted island-wide rents.

The rents of malls in Orchard Road rose 0.6% both QoQ and YoY and lifted rents in island-wide malls by 0.3% QoQ in Q3, Knight Frank revealed.

However, on a YoY basis, island-wide mall rents dropped 1.3%, it said in its research bulletin.

Whilst average prime retail space rents in Marina Centre, City Hall and Bugis precinct remained unchanged QoQ, a 5.3% YoY decline was reported as landlords continue to struggle with weakening occupancy.

The performance of prime retail space rents in the City Fringe precinct saw modest improvement at 0.3% QoQ, and remained the same YoY.

The Suburban precinct was the only underperformer this quarter, with average prime retail space rents reporting a 0.2% QoQ decline, and a 2.5% YoY drop.

Photo by Sengkang - Own work, Copyrighted free use

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