COMMERCIAL PROPERTY | Staff Reporter, Singapore

Retail property price rise 2.3%, rentals dip 4.5% in Q3

Stock retail space took a plunge from a previous increase.

Retail prices are going up by 2.2% whilst rentals of retail space are down by 4.5% in the third quarter of 2020, according to the latest data released by the Urban Redevelopment Authority (URA).

The quarter also saw a rise in rental supply of retail space with 428,000 sq m GFA of retail space from projects in the pipeline, compared with the 364,000 sq m GFA of retail space in the pipeline in the previous quarter.

The amount of occupied retail space also fell to 50,000sqm from 93,000sqm in the previous quarter.

Stock retail space plummeted to 53,000smq from the previous quarters increase of 4,000 sqm

As a result, the island-wide vacancy rate of retail space remained unchanged at 9.6% as at the end of Q3.

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