🟨 DATA ANALYTICS RETAIL UPDATES

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🟨 DATA ANALYTICS SINGAPORE RETAIL UPDATES - Q2 2024

🟨 Retail sales in Singapore weakened further in 2Q 2024, declining by 5% due to seasonal factors, including a drop in tourist arrivals and an increase in outbound travel. Despite these challenges, the opening and strong uptake of retail space in two new malls, New Bahru and Pasir Ris Mall, boosted the islandwide retail space occupancy rate up by 0.1% in 2Q 2024.

🟨 The strata retail shop market remained stable in 2Q 2024, with an estimated 69 strata retail units changing hands, representing an 11.3% increase from 1Q 2024 and a 3% year-on-year rise. However, the total value of transactions fell by 8.9% to $107.7 million in the same period.

🟨 Looking ahead, this market segment is expected to experience sustained recovery in 2H 2024, driven by limited retail space supply and a continued rebound in tourism. The upcoming Singapore Grand Prix and MICE events are likely to boost retail spending and increase international traveller volumes. These factors are expected to support demand for retail space, leading to further improvement in rental rates in 2024.

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🌟 Capital Assets
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🌟 No Additional Buyer’s Stamp Duty (ABSD)
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🌟 Foreigner is eligible to purchase commercial property.

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Johnson TJ Wong
Huttons Asia
CEA Reg: R007514D
Whatsapp: +65 94550477

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