Retail rents predicted to inch up 5%

Amidst strong demand for retail space.

According to Phillip Securities Research, rental rates are expected to grow at c.5% pa as there is strong demand for retail space.

Here's more:

International brands continue to seek entry/expansion into local retail scene as they continue to view the consumer base favorably.

This can be evidenced by the recent Bedok Mall, which opened on 3rd leased and includes popular brands like UNIQLO, Cotton On, FairPrice Finest and Charles & Keith. Another CapitaMallAsia’s shopping mall, Westgate, will open in late 4Q13/early 1Q14. Upcoming retail malls in 2014 should see strong pre-commitment levels and command higher rental rates.

In 2014, existing retail landlord will continue to actively reinvent their mall through constant revising of tenant mix and embarking on asset enhancement initiatives. Retail yields have proven to be highly resilient, supported by strong macroeconomic fundamentals. Island wide retail occupancy will likely remain above 90%.

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