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
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 …
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction
US Judge approves US$418 million settlement that will change real estate commissions
In San Francisco, a home renovation can become a battle royale
Country Garden extends bonds to avoid first local default
Daughter of Chinese steel-and-nickel tycoon picks up S$84 million Bin Tong Park bungalow