Pre-opening commitment levels for new malls close to hitting 100%

Orchard Gateway's is around 80%.

According to Knight Frank, overall, prime retail rents islandwide held in 1Q 2013 from the preceding quarter, against the backdrop of an upcoming supply of about 1.6 million sq ft of new net lettable space this year.

Unlike 2009, where retail rents along Orchard Road (central and fringe) registered a 10.4 per cent drop amidst the influx of new retail supply such as ION Orchard and 313@Somerset, prime retail rents at the shopping belt are expected to stay firm this year.

Here's more from Knight Frank:

Pre-opening commitment levels for the upcoming new malls such as The Heeren and Orchard Gateway have been reported to achieve close to 100 per cent and about 80 per cent respectively.

On Orchard Road, lease renewals at Ion Orchard, 313@Somerset, and Orchard Central began progressively since mid-2012, and were largely completed by 1Q 2013.

The renewals in 1Q 2013 saw retailers sign leases at sustained rental levels from end last year. Prime spaces on central and fringe of Orchard Road remained at $47.80 and $24.10 per sq ft respectively.

City fringe and suburban malls continue to be supported by the surrounding catchments, and rents have also remained stable at $22.90 and $31.10 per sq ft respectively.

Malls at the Marina Centre, Bugis, and Rochor areas also saw flat rental trends at an average $30.80 per sq ft.

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