Singapore ranks 19th in global luxury retail rents in 2024

The city-state also ranked fifth in new store openings.

Singapore ranks 19th amongst core luxury destinations globally, Savills reported.

Prime rents in Singapore are priced at $2,560 (€1,725) per square meter (sq m).

Hong Kong’s Tsim Sha Tsui took the top spot with luxury retail rents at $25,430 (€17,132) per sq m, followed by New York’s Madison Avenue ($23,095) and London’s Bond Street ($22,759).

Singapore also ranked fifth amongst the global alpha cities for new store openings in 2024.

“Whilst Singapore ranked 5th in the 2024 list of Global Alpha Cities, the available real estate for luxury brands remains limited, which could somewhat limit the growth and expansion of luxury brands in the city in the near future, unless new supply comes onstream in the form of new retail developments targeting high-end retailers,” Sulian Tan-Wijaya, executive director for Retail & Lifestyle at Savills Singapore said.

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