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Orchard Rd retail rents 7th most expensive in Asia-Pacific: report

Globally, Fifth Avenue in New York is the priciest, at US$3,550 per sq ft per year

Nisha Ramchandani

Published Tue, Nov 18, 2014 · 09:50 PM

RETAIL rents at Singapore's iconic shopping belt Orchard Road are the seventh most expensive in the Asia-Pacific, even as the industry faces headwinds in the form of a tight labour market, higher costs and dwindling profits.

According to Colliers International's Global Retail Highlights 2014 report, Orchard Road's retail rents stood at US$348 per sq ft per year, edging downwards just 0.7 per cent year on year in local terms. Colliers used an exchange rate of US$1=S$1.26 as at March 31 this year.

Topping the list of Asia-Pacific's priciest retail rents is Hong Kong's Queen's Road Central at US$2,073 per sq ft per year. Hong Kong accounted for the top three spots in Asia, with Canton Road in Tsim Sha Tsui and Causeway Bay in second and third spots respectively…