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300 units at 268 Orchard Road likely to be converted into new hotelStay updated withWe respect your privacy. All information is treated confidentially. It is a data breach in some of the largest online services and you should seriously consider to change your password and check your account now.2 min read

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URA’s second quarter 2020 data showed that retail space rents in the Central Region remained flat after a 0.4% quarter-on-quarter decline in the previous quarter.”The retail market in the second quarter of 2020 continued to be characterized by softer leasing demand in secondary locations and strong demand in prime spaces,” says Tricia Song, head of research for Southeast Asia at CBRE. Prime floor rents island-wide increased by 1.1% quarter-on-quarter, following a 1.0% quarter-on-quarter rise in the previous quarter.Retailers remain optimistic about tourism recovery and consumer spending with the disbursement of Community Development Council (CDC) vouchers, notes CBRE. Tourism recovery has also benefited prime retail rents, says Wong Xian Yang, head of research for Southeast Asia at Cushman & Wakefield (C&W). With the Singapore-China mutual visa-free scheme, visitor arrivals from China regained the top spot in the first half of 2020. The 1.4 million Chinese visitors registered in the first half of 2020 is around 80% of the pre-Covid levels in the first half of 2019, adds Wong. Visitor arrivals from other traditionally top source markets such as Indonesia and India are also expected to increase as they came in below pre-pandemic levels over the same period.F&B continues to drive demandDemand for prime retail space has been primarily driven by F&B operators, with some concepts forming partnerships, notes CBRE. For instance, Na Oh Korean restaurant has partnered with Korean auto firm Hyundai Motor Group and Alchemist & Arcade, a coffee-and-fashion company. Beauty & health and fashion brands have also increased their presence during the quarter, including Korean cosmetic brand Jungsaemmool, local beauty retail chain Novela, Chinese shoe brand Vivaia, and Parisian boutique Clémence by Rue Madame.”With a myriad of new-to-market brands making their foray into Singapore, there have also been numerous closures and consolidations as retailers face manpower shortages, competition from e-commerce, and higher operating costs,” says CBRE’s Song.URA’s data for the second quarter of 2020 showed a positive net absorption in the private retail sector for the third consecutive quarter. The net demand for space stood at about 388,000 square feet, following the positive net absorption of about 54,000 square feet in the previous quarter.The strong space uptake in the Outside Central Region and Rest of Central Region is due to the completion of Pasir Ris Mall and New Bahru in the second quarter. Stock island-wide increased by about 420,000 square feet, with vacancy rates remaining unchanged quarter-on-quarter at 6.6% in the second quarter of 2020. Resilient occupier demand and moderated supply drove retail vacancy rates lower, according to Angelia Phua, consulting director of research and consultancy at JLL.Read also: 1.2 million Singaporeans to receive another $320 million worth of CDC vouchers in DecemberThe vacancy rate in the overall Central Region remained stable at 7.7% in the second quarter of 2020. In the Rest of Central Region, the vacancy rate declined 0.7 percentage points to 8.8% in the second quarter of 2020.All submarkets had positive net absorption in the second quarter of 2020 except for the Orchard area, which saw no net absorption, according to CBRE. The Outside Central Region and Rest of Central Regions have outperformed in the quarter, with positive net absorption of about 237,000 square feet and 65,000 square feet, respectively.CBRE’s Song attributes the strong space uptake in the Outside Central Region and Rest of Central Region to the completion of Pasir Ris Mall and New Bahru in the second quarter of 2020. The vacancy rate in the Outside Central Region rose to 4.6% in the second quarter from 4.4% in the previous quarter. Vacancy rates in the Rest of Central Region submarket fell to 8.5% from 9% in the first quarter of 2020.Read also: What about the old Raffles Hotel Singapore? The reopening has once again been postponedThe vacancy rate on Orchard Road increased to 6.7% quarter-on-quarter in the second quarter of 2020.Guoco Midtown makes its retail spacesIts vacancy rate increased slightly from 6.6% in the previous quarter due to a marginal increase in the supply of new units and no net absorption. The moderated supply pipeline coupled with firm occupier demand could lower vacancy rates for the rest of 2020, according to JLL’s Phua. JLL expects prime rents to grow by 1.5% to 2.5% year-on-year in 2020.According to C&W’s Wong, only 9% or about 150,000 square feet of new retail supply between the second half of 2020 and 2028 is expected to originate from the Orchard area. The retail component of the renovated Grand Hyatt Hotel Singapore and the redevelopment of The Cathay are expected to be completed next year. The redevelopment of Faber House into a hotel with a retail component is expected to be completed in 2026. RELATED NEWS Orchard prime retail space saw strong uptake in the first quarter of 2020, with rents in the Central Area up 0.2% quarter-on-quarterThe retail unit at The Midtown is for sale at $1 millionGuoco Midtown launches retail spaces with 100% occupancy in 2020The 300 units at 268 Orchard Road are likely to be turned into a new hotelStay updated onWe respect your privacy. All information is treated confidentially. Change your password and check your account.2 min read