The 1.9m sqft of new retail space that will come online in 2019 will mark a peak.
Singapore's retail supply in the pipeline is set to moderate from 2020-2022 as major projects spanning over 1.9m sqft come online in 2019, according to real estate consultant Savills.
The completion of mega infrastructure projects like Jewel Changi Airport (~576,000 sqft), Funan Mall redevelopment (~325,000 sqft) and Paya Lebar Quarter (PLQ) Mall (~340,000 sqft) in 2019 will mark a stabilisation in the pipeline of retail projects in the city. The supply in 2019 is 90.4% more than the annual net supply of 1m sqft that launched in 2018 with the two malls already enjoying pre-commitment levels over 60%, Alan Cheong, analyst at Savills Research noted in a report.
By 2020, the main supply of retail projects in Singapore will come from auxiliary retail components in residential developments.
These include Northshore Plaza I which will be completed in 2020; Le Quest at Bukit Batok Street 41 which will come online by 2021; The Woodleigh Mall at Bidadari Park Drive which is expected to be completed by 2022; and the 146,000 sqft Punggol Digital District which is set to come onstream by 2023.
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