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URA also revealed that the total supply of retail space from projects in the pipeline declined to 288,000 sq m gross floor area (GFA) as at end-Q3, from 320,000 sq m GFA in the previous quarter.
Singapore saw retail rents in the central region increase 2.3% in the third quarter of 2019, reversing the 1.5 percent drop registered in the previous quarter, revealed Urban Redevelopment Authority (URA) data released on Friday (25 October).
URA’s property price index of retail space rose 1.1% in Q3 2019, up from the 0.4% increase seen in Q2 2019.
URA revealed that the total supply of retail space from projects in the pipeline declined to 288,000 sq m gross floor area (GFA) as at end-Q3, from 320,000 sq m GFA in the previous quarter.
The amount of occupied retail space, on the other hand, rose by 29,000 sq m (nett) during the period under review, which is lower than the 74,000 sq m (nett) increase recorded in Q2 2019.
The stock of retail space grew by 16,000 sq m (nett) in Q3 2019, compared to the 18,000 sq m (nett) hike in the previous quarter.
With this, island-wide vacancy rate of retail space fell to 7.5% as at end-Q3 2019, from 7.7% as at end-Q2 2019.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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