This was generally supported by healthy occupancy rates of above 94%.
This chart from Edmund Tie & Company (ET & Co)shows that retail rents generally stabilised in 2018, although growth was not broad-based across Singapore.
Average monthly prime first-storey retail rents in the Orchard and Scotts Road area inched up 1.5% to $37.80 psf in 2018, supported by a healthy 94% occupancy rates and limited new supply in this subzone. Notable entrants included fashion eyewear brand Mujosh in Wisma Atria and multi-label concept store NomadX in Plaza Singapura, both opened in Q4 2018, ET & Co highlighted.
Meanwhile, average monthly gross rents of first-storey retail space in the other city areas remained flat at $19.75 psf in 2018. Although there were many new entrants in this area, many businesses closed down in 2018 such as all eight Costa Coffee outlets islandwide and Emporium Shokuhin in Marina Square.
Average gross rents for prime first-storey retail space in the suburban areas grew 1% to $30.75 psf per month in 2018, according to ET & Co. Suburban malls located near transportation nodes performed well, attracting a diverse range of tenants such as JD Sports which opened its first store in Jurong Point, whilst online fashion retailer Love, Bonito opened its second store in Jem. On the other hand, hypermarket Giant closed outlets in Junction 10 and Jalan Tenteram in 2018 with VivoCity pending in Q1 2019.
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