Retail sales up in Q3 with boost from SG60 voucher payout

High operating costs and a softer economic and hiring environment could, however, drive further store closures.

Retail sales in Singapore picked up in the third quarter of 2025, supported by a temporary boost from July’s SG60 $600 voucher payout, according to JLL.

Despite this one-off uplift, overall consumer spending remained cautious, and recovery in tourism continued at a gradual pace.

Occupier demand weakened quarter on quarter, leading to an increase in store closures, particularly amongst underperforming retailers. Islandwide retail vacancy rates edged higher, despite little new supply during the period.

Landlords managed to preserve overall occupancy levels, but both Prime and Suburban submarkets experienced a rise in vacancy rates. Only the Secondary segment saw a slight decline in vacancy.

Prime retail floor space rents remained stable to modestly higher over the quarter. JLL attributed this resilience to sustained demand for well-located space and proactive asset management by landlords.

Capital values followed a similar pattern, whilst yields stayed stable as investors continued to seek a positive spread over borrowing costs.

Looking ahead, JLL noted high operating costs and a softer economic and hiring environment could drive further store closures and push vacancies higher.

Rents are expected to remain flat or experience limited growth depending on the submarket. Yields are likely to stay steady amid moderated new supply.

As of Q3 2025, islandwide net absorption was slightly negative at −0.06 million square feet, whilst new completions totaled just 0.03 million square feet.

Overall vacancy stood at 1.6%. Prime gross rents reached $37.78 per square foot per month, reflecting a 0.9% YoY increase.

JLL categorised the rental market as being in a “rents rising” phase. Financial indicators in the report refer to the Prime segment, whilst physical market metrics reflect islandwide performance.

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