RETAIL | Staff Reporter, Singapore

Over 2.8 million sqft of retail space is up for grabs

Expect the completion of the Paya Lebar Quarter Mall, which is already 40% pre-leased.

Around 2.8 million sq ft of new retail supply will come online in 2018, substantially more than the 1.8 million sq ft of retail stock completed in 2017.

Savills Singapore noted that major completions on the horizon include Paya Lebar Quarter Mall, which is more than 40.0% pre-leased with anchor tenants such as FairPrice Finest supermarket, Kopitiam foodcourt, and Shaw Theatres cinema.

Other upcoming projects of note are refurbishments of existing malls like Century Square, TripleOne Somerset as well as Raffles Hotel and shopping arcade.

From 2019 to 2022, over 2.9 million sq ft of new retail supply is expected to enter the market. In 2019, Project Jewel and Funan will contribute the bulk of new supply.

The other significant complex under construction comes from the retail segment of Punggol Digital District, and is a new mixed-use business cluster for digital and cyber-security industries. This development will open progressively from 2023. 

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