Singapore retail supply to hit around 2.7m sq ft until 2027

This translates to a yearly average of 547,000 sq ft.

According to Savills estimates, Singapore’s new retail supply in the next five years from 2023 to 2027 is about 2.7 million sq ft, working out to an annual average of 547,000 sq ft. This is about half the pre-pandemic (2015-2019) five-year annual average of 1.1 million sq ft.

The bulk of the upcoming supply is slated for completion in 2023 (693,000 sq ft) and 2025 (791,000 sq ft). Following the completions in 1H/2023 (Sengkang Grand Mall and The Woodleigh Mall), the upcoming projects opening for business include the mixed-use development at Tanah Merah Coast Road and Pasir Ris Mall. Savills said the projects which were just added into the pipeline are the redevelopment of Harbourfront Centre and mixed-use project at Unity Street.

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