Retail rents rebound on spending recovery, expected to rise further in 2024
SINGAPORE retail landlords saw rents rebound in 2023 from their pandemic lows, as tourists returned and domestic spending recovered.
While inflationary pressures and the higher Goods and Services Tax (GST) may have a short-term impact, they are unlikely to dampen retail spending and push rents downwards, said market watchers.
Prime retail rents are expected to rise between 1.5 and 4.1 per cent for the whole of 2023, driven by strong performance in the Orchard Road and Downtown sub-markets, they noted.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Tuan Sing confirms acquisition of Fraser Residence River Promenade for S$140.9 million
Consortium led by UOL, CapitaLand places top bid of S$805.39 million for Holland Drive site
China’s property ‘whitelist’ lifeline stutters amid sector gloom
CDL acquires Hilton Paris Opera Hotel from Blackstone funds for 240 million euros
Vang Shuiming sentenced to 13 months, six weeks’ jail
Big-name funds pile into real estate debt as banks retreat