Suburban retail rents in Singapore to rise more slowly
Suburban retail rents, like many other property-associated prices in Singapore, have been rising in recent years. That growth is likely to slow down as around a million sq ft of new space became available in 2010 and another 800,000 sq ft will come online over the coming year.
That suburban addition makes up about 60% of all new retail space available in Singapore. The new supply has increased suburban prices and narrowed the gap between rents in local malls and those in prime central shopping areas like Orchard Road, which have been falling. At the beginning of 2010 the difference was 12.6% and now stands at only 3.6%.
Suburban retail rents grew 2.8% to S$29.10 per sq ft last year. More space will continue to be added this year and in 2012, most notably from locations like Clementi Mall, CapitaLand’s JCube and Frasers Centrepoint’s Changi City Point.
source & article: PropertyGuru via Yahoo! Singapore
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