Singapore retail rents down 3.5% in Q2
SINGAPORE – Rental fees of retail area in Singapore’s central region reduced 3.5 percent in the second quarter of 2020 over the previous three months, after alleviating 2.3 percent in the first quarter of 2020.
Information launched by the Urban Redevelopment Authority (URA) on Friday (July 24) likewise showed that rates of retail area in the main area dropped 1.5 percent in Q2 2020, although this was a smaller drop than the 3.1 percent reduction in the previous quarter.
Islandwide, as at the end of the second quarter of 2020, there was a complete supply of 364,000 square meters (sq m) gross flooring location (GFA) of the retail area from tasks in the pipeline, a little greater than the 358,000 sq m at the end of the previous quarter.
The amount of occupied retail room contracted by 93,000 sq m net lettable area (NLA) in Q2 2020, somewhat more than double the 43,000 sq m drop in the previous quarter.
On the other hand, the stock of the retail room rose 4,000 sq m NLA in Q2 2020, contrasting with the reduction of 15,000 sq m in the previous quarter. Consequently, the Landmark islandwide openings price of retail space rose to 9.6 percent at the end of Q2 2020, from 8 percent at the end of Q1 2020.
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