Rental values for retail space across Singapore ended on a mixed note in the second quarter of this year.
That’s according to estimates by property consultancy DTZ Research.
The report found that retail rents at Orchard and Scotts Road stood unchanged for the second consecutive quarter, as the performance of retailers was mixed in light of new supply that came on-stream since last year.
Gross rents of prime first-storey space in the Orchard and Scotts Road area remained at S$39.70 per square foot per month while upper-storey retail space rents stayed at S$20.50 per square foot per month.
But gross rents in other city areas contracted – as more than 815,000 square feet of space was completed in the quarter in areas outside of Orchard and Scotts Road.
Most of the new supply came from The Shoppes at Marina Bay Sands.
Prime first-storey rents in other city areas fell marginally by 0.4 per cent in the second quarter compared with the previous three months to S$24.30 per square foot per month.
Meanwhile rents for upper-storey space dipped 0.7 per cent on-quarter to S$13.90 per square foot per month.
In contrast, rents in the suburban areas edged up in the quarter, with suburban malls performing better than the city malls.
Monthly gross rents of prime first-storey retail space in the suburban malls rose marginally by 0.3 per cent to S$33.60 per square foot per month.
Upper-storey rents in this category inched up 0.4 per cent on-quarter to S$22.90 per square foot per month.
Source: Channel News Asia, 22 Jun 2010