Source : Wikipedia.
Up next
Author

Data from the Urban Redevelopment Authority (URA) published on Friday (28 October) showed that in the third quarter, Singapore mall vacancies rate rose to the highest level in a decade as an oversupply of shop spaces added to muted spending by shoppers.

change-in-retail-space

According to the research, mall vacancies rose 0.6 percent to 8.4 percent in the three months ended 30 September, even as rents declined 1.5 percent in the quarter, highest vacancy rate since September 2006, according to data compiled by Bloomberg.

According to an e-mailed statement, URA started to include food and beverage, entertainment and fitness outlets to its retail space data in 2011, which it backdated to the first quarter of 2011. Prior to 2011, the statistics only included shop space.

 URA also stated that the demand for shopping space is being dented as consumers rein in spending amid slowing growth and buyers increasingly turn to shopping online, which is converging with a rising supply of mall space, which threatens to further squeeze rents.
However, despite the market demand on retail spaces, Singapore will add almost 4 million square feet of retail space over the next three years, according to data from Cushman & Wakefield.

URA’s report said that office landlords are also struggling to maintain rents amid rising supply. Office vacancies rose to the highest in more than four years despite rents sliding 1.1 percent in the quarter. Prices of office space decreased 0.4 percent in the quarter compared with a 1.5 percent decline in the previous three months.

office-space

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments
You May Also Like

Singapore doubles ABSD to 60% for foreign property buyers in effort to “prioritise housing for owner-occupation”

Singapore announced increased Additional Buyer’s Stamp Duty (ABSD) rates to promote a sustainable property market which will take effect from 27 April. Foreigners buying residential property will see ABSD rise from 30% to 60%, while entities will face a raise from 35% to 65%. Singapore citizens and permanent residents will also experience rate increases. The government says that it aims to manage investment demand and ensure housing supply meets demand. The ABSD rate adjustments will affect approximately 10% of residential property transactions. Transitional provisions will apply to certain cases.

Desmond Lee expounds on rationale behind hike in ABSD as pre-emptive measures to manage property Investment demand

Minister Desmond Lee explains the hike in Additional Buyer’s Stamp Duty (ABSD) rates is to pre-emptively curb local and foreign investment demand in Singapore’s residential properties. T he ABSD increase, effective from 27 April, aims to prioritize housing for owner occupation and dampen investor demand. The most significant increase affects foreigners, with the ABSD rate doubling from 30% to 60%. Minister Lee emphasized the need to calibrate rates to effectively dampen investments from abroad, while also acknowledging the price sensitivity of locals to ABSD adjustments. The measures come as foreign interest in Singapore’s residential property market is starting to rebound.

Chinese investors drive spike in Singapore’s conservation shophouse transaction, prices surpass $7,000 psf

During an interview with EdgeProp.sg, Loyalle Chin, the director of PropNex ShophouseHuat and associate group division director of PropNex Realty, observed that “a fresh wave of overseas investors, including those from China”, who are driving up prices for commercial shophouses in Singapore’s CBD. In early April, a 999-year leasehold, two-storey intermediate conservation shophouse along Amoy Street was sold for $21.8 million, which is $3.112 million (16.65%) higher than its last sale in November 2022. The buyer, NC Properties, is said to be linked to Hong Kong’s New Century Group and has invested in conservation shophouses in the Telok Ayer and Circular Road neighbourhood.

URA reports significant growth in private residential property market for 1st Quarter 2023

URA’s Q1 2023 report shows a significant increase in Singapore’s private residential property prices and rentals. Prices rose by 3.3%, with landed properties jumping 5.9%. CCR and RCR non-landed properties saw increased prices, and OCR rebounded. Rental growth moderated for non-landed properties, while landed rentals surged. Developer sales improved, and the government increased private housing supply to promote a sustainable market.