Prices Of Retail Units Rising In Singapore Property Market
Prices of retail space from prime areas in Orchard Road to suburban outlets have risen in the third quarter 2012.
Singapore (I-Newswire) October 16, 2012 - Prices of retail space from prime areas in Orchard Road to suburban outlets have risen in the third quarter 2012. Rents, however, have stayed flat for prime sites in Orchard and suburban areas. The rising prices of retail units have put a squeeze on the rental yields for the landlords.
Retailers who are opening new shops are more cautious given the uncertain global economy and rising labour costs given the tight labour market now. Even those retailers who are opening new shops, are shutting outlets which are less profitable to keep costs low.
The average gross fixed rent of prime retail space in Orchard road is about $30.33 per square foot per month. Suburban rents is about $28.35 per square foot per month. Landlords are also continually seeking out diverse international retailers to introduce new shopping experiences. But rents are necessarily higher because retailers are also cost conscious.
The rising prices of retail units are driven by partially by the cooling measures in the residential sector which diverted more funds to the commercial and industrial sectors in the Singapore property market. The average capital value of retails units in Orchard road area rose 5.7 per cent from the second quarter this year. The average capital value of suburban space went up 3.6 per cent.
Analysts expect continued interest in retail strata units because of the low interest rates and the restrictive cooling measures in the residential sector diverting more funds into the commercial sector.
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Published On:October 16, 2012
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