Pre-lease of retail space at orchardgateway hits over 90%

Rents at Orchard Road still at $35.1 psf.

According to Savills, asset enhancements, limited supply and interest from international retailers shored up prime Orchard Road rents which held firm at S$35.1 per sq ft per month in Q2.

Savills said that in addition, retail space in the pipeline saw healthy absorption with orchardgateway having pre-let over 90% of its retail space.

"Prime suburban rents have likewise remained at S$31.1 per sq ft per month. Despite looming supply in the suburbs, landlords still maintained their asking rents but pre-commitment rates had slowed, except for the brisk take-up by F&B operators and beauty and wellness services," Savills said.

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