Orchard Road ranks 8th in luxury rent growth

It reported a 4.1% rental rise.

Orchard Road ranked 8th amongst global luxury locations with rising prime rents, Savills reported.

The area reported a 4.1% rent increase amidst reduced availability and improving occupier demand.

Despite the growth, prime rents in Singapore's core luxury destinations remained below pre-pandemic levels (Q4 2023 vs Q4 2019), experiencing a decrease of 23%.

In addition, luxury retail brands continued to close marginal stores and expand flagship locations, as seen at Marina Bay Sands in Singapore.

Last year, eight in 19 core luxury locations globally reported a headline prime rent increase.

Topping the list is Bloor Street in Toronto, where prime rents increased 16%, followed by Madison Avenue in New York (9.5%), PC Hooftstraat in Amsterdam (7.4%), and Canton Road in Hong Kong (4.3%).