15 major retail projects in the pipeline through 2017

Rosy outlook for retail.

According to Savills, higher income expectations, stronger consumer sentiment and healthy tourist arrivals will continue to boost retail sales (excluding motor vehicles) and subsequently business expansions in Singapore.

Savills noted 15 major retail projects in the pipeline which are estimated to be completed by 2013-2017 (See Table 1).

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In addition, the government’s announcement of enhancing the competitiveness of Changi Airport to handle an extra 19 million passengers per year by 2018 is expected to attract more retailers to set up operations there. Going into Q4/2013, prime Orchard rents are expected to stay firm with F&B leading the growth.

Attention in the suburban retail segment will be focused on the upcoming Westgate and Bedok Mall. For Westgate, the strong agglomeration effect with its surrounding malls should increase the popularity of the western region as a regional shopping destination.

We believe that suburban retail located in high population nodes will still remain a popular option in the expansion plans of existing retailers.

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