, Singapore
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SG retail capital value growth remains stable

But expect rents to grow and underpin retail asset prices.

The capital values of Singapore's prime retail floor space remained stable for the third consecutive quarter at $8,441 per square foot due to yield expansion amidst higher interest rates, data from JLL Singapore stated.

Meanwhile, retail sales in the first two months of 2023 grew 2.9% year-over-year, showing its resiliency despite the 1% hike in goods and services tax on 1 January.

JLL Singapore said the resilient sales continued to underpin firm occupier demand and supported a sixth consecutive 0.6% quarter-over-quarter rent growth for prime retail spaces.

READ MORE: New mall openings boost leasing activity for retail in Q1 23

JLL Singapore expected Singapore's reputation as a stable marketplace, its resilient domestic market, and the return of foreign tourists to continue to encourage strategic business expansions despite macroeconomic headwinds.

"Amidst a falling vacancy rate outlook, expect rents to grow in 2023 and, in turn, underpin retail asset prices," JLL added.

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