Prime retail rents at Orchard Road dropped 1.4% to $35.27 psf per month (psf/mo) at 1Q2020, also is anticipated to decrease by 10% in 2020.
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Meanwhile, the retail rents for malls at Other City Places — URA Central Areas excluding Orchard — dropped by 0.6% to $21.63 psf/mo at the first 3 months of this year,” says Cushman & Wakefield (C&W) at a report.
The prognosis is a bit different for suburban towns, with rents increasing marginally by 0.3% to $31.85 psf/mo. Such malls are typically more resilient as a result of their dominance in the heartlands, and approaching supply in these places is fairly tight,” states C&W.
In general, C&W forecasts that retail sales in 2020 could possibly fall by roughly 7%, as domestic and tourist spending requires a dip. In Singapore, tourist spending accounts for approximately one-fifth of their overall retail sales.
The 28-day”circuit breaker” steps beginning on April 7 may exacerbate retail worries as footfall to malls is significantly diminished, it adds. Including malls in Marina Centre, Newton, and Harbourfront, which caters to workforce audiences.
Retail leasing activity throughout the quarter include Don Don Donki’s 26,000 sq ft expansion at JEM, Shake Shack’s growth at 89 Neil Road, and Grab Kitchen new 6,000 sq feet space at 63 Hillview Avenue.