Singapore retail rents post first increase in eight quarters, up 0.6% in 4Q2021

By Atiqah Mokhtar / EdgeProp Singapore | January 28, 2022 5:32 PM SGT
Credit: Albert Chua/The Edge Singapore
Join our  Telegram  channel and follow our  Facebook  for the latest update.
SINGAPORE (EDGEPROP) - The Singapore retail market turned a corner in 4Q2021, with retail rents growing 0.6% during the quarter, reversing from the 2.7% decline recorded in 3Q2021. This marks the first increase logged in eight quarters.
Read also: Singapore office rents rebound in 2021, growing 1.9% y-o-y
The data, released by the URA on Jan 28, also showed retail prices increasing 1.9% in 4Q2021 after remaining unchanged in the previous quarter.
For the whole of 2021, rentals of retail space decreased by 6.8%, compared with the decrease of 14.7% in 2020, while prices of retail space decreased by 4.2%, marginally less than the 4.5% decrease logged in 2020.
ADVERTISEMENT
Angelia Phua, JLL’s consulting director, research and consultancy, Singapore, believes that the retail property market is showing positive signs of an early-stage turnaround. She points out islandwide retail vacancy rates held stable and unchanged q-o-q at 8.1% in 4Q2021, on the back of firm occupier demand.
“Also, in 2021, vacancy rates fell 0.7 percentage points y-o-y to 8.1%. This was due to lower vacancy rates across all areas in the Central Region except for Downtown Core, and Outside Central Region (OCR),” she adds.
Cushman & Wakefield’s head of research Wong Xian Yang highlights that suburban retail vacancy rates continued to lower marginally to 6.1% in 4Q2021, the lowest rate seen in six years. This was underpinned by robust take-ups at newly developed suburban malls including Northshore Plaza and i12 Katong.
Meanwhile, the occupancy rate in the Orchard planning area grew for the second consecutive quarter to 88.7% in 4Q2021 from 88.4% in 3Q2021.
ADVERTISEMENT
Retailer sentiment is expected to improve in the coming quarters, given current vaccination rates and the rollout of the booster shots.
Lam Chern Woon, head of research & consulting at Edmund Tie, anticipates suburban retail rents to continue leading the recovery in 2022, forecasting 5% to 10% rental growth.
Retail locations in Orchard and the CBD could also see improved performance in 2022 as cross-border travel progressively increases.
ADVERTISEMENT
“There is every chance that retail rents island-wide will turn positive in the process of rebound, growing between 2% and 4% for the whole of the year,” says Leonard Tay, head of research at Knight Frank Singapore.
Tags:
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp Facebook
Subscribe to our newsletter

Related Articles

Singapore's long-term development plans to include flexible homes and workspaces: URA - EDGEPROP SINGAPORE
Property News
Singapore's long-term development plans to include flexible homes and workspaces: URA
Singapore retail rents contract 0.4% in 1Q2022 - EDGEPROP SINGAPORE
Property News
Singapore retail rents contract 0.4% in 1Q2022
Singapore office rents rebound in 2021, growing 1.9% y-o-y - EDGEPROP SINGAPORE
Property News
Singapore office rents rebound in 2021, growing 1.9% y-o-y
Singapore’s private residential property prices rise 5% q-o-q in 4Q2021; highest growth since 2010 - EDGEPROP SINGAPORE
Property News
Singapore’s private residential property prices rise 5% q-o-q in 4Q2021; highest growth since 2010
Top Articles
1
Savills: Private residential rents at highest levels in 24 years
2
Four-bedder at Nassim 9 sold for $4.4 mil profit
3
Savills: High-spec industrial rents at the highest point since 2012
4
[UPDATE] Tenet EC to preview on Nov 12, at prices starting from $1.098 mil
5
Stand-off between buyers and sellers in big-ticket property investment deals
Search Articles
Follow Us On
Our Sites
Edgeprop.sg (previously known as The Edge Property Singapore) – is the best property portal for home-seekers, buyers, investors and real estate agents alike in Singapore. On EdgeProp, you will be able to find all the latest news and views, informational guides, historical transactions and rental searches, and research data and analysis.
Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDB flats, landed houses or commercial properties, we bring you Singapore’s the most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions.
Make better decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property and find properties below market value in Singapore. Meanwhile, discover all things en bloc, including Singapore en bloc news, trends and our En Bloc Calculator, which helps to determine the probability of a Singapore project being put up for collective sale.
Web Version 3.0.3
Aside from that, EdgeProp also offers a market trend tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heat map that lets you find out where all Singapore’s most popular property sales locations are, a HDB lease tool that lets you calculate your HDB tenure, an affordability calculator, and a property watch list to track your preferred Singapore property by project or location, as well as new launches.
On the lookout for undervalued property or buying to rent? EdgeProp’s powerful search filters let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools and childcare centres, or a good-value condo with a sea view – so that you find exactly what you are looking for.