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Jewel, revamped Funan boost net absorption of retail space

Vacancy rates of retail space in Orchard still 'healthy'; market watchers say consumer spending remains cautious

Kalpana Rashiwala

Published Fri, Jul 26, 2019 · 09:50 PM

Singapore

STRONG net absorption of retail space in the second quarter led to a one percentage point drop in the island-wide vacancy rate for retail space, but the outlook for this property segment remains weak.

Official data shows that the net absorption of retail space - as reflected in the change in occupied space - was 74,000 square metres in net lettable area (NLA) island wide, making it the highest in 18 quarters.

Tay Huey Ying, head of research and consultancy for Singapore at JLL, said: "The strong take-up seen in the two recently opened malls - Jewel …

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