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Monthly rents of shopping complexes in Orchard Road marginally increased by 0.6 percent to $35.3 psf in Q3 2017 both on a quarterly and annual basis, reported the Singapore Business Review.
According to property consultancy Knight Frank, the uptick helped the monthly rents of shopping malls across the city-state edge up by 0.3 percent quarter-on-quarter. But compared to the same period last year, it’s still lower by 1.3 percent.
Although average rents of prime retail space in Bugis, Marina Centre, and City Hall area were flat, other places posted an annual drop of 5.3 percent as property owners continue to face falling occupancy.
During the third quarter, prime retail space in the city outskirts posted a minimal gain of 0.3 percent on a quarterly basis, but it was unchanged on a yearly basis. On the other hand, that in the suburbs slid by 0.2 percent and 2.5 percent respectively.
This article was edited by Keshia Faculin.
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