Singapore's retail rents are going up but not as fast as other cities, according to global real estate agency Cushman and Wakefield.
This has made Singapore more competitive, maintaining its attractiveness as a preferred retail destination in this region. Singapore's Orchard Road, with rental rates at about US$325 per square foot, is now ranked 14th in the world's most expensive shopping location, down from 13th last year.
The firm said this was mainly due to an appreciation of the Euro dollar over the Singapore dollar. The Euro dollar has appreciated five per cent over the last 12 months.
But with the upcoming S$40 million renovation of Orchard Road, tourist draws such as the integrated resorts, the Formula One race, the Gardens by the Bay and the new sports hub, and the nation's relatively low rental rates, Singapore’s ranking may go up in years to come.
For now, New York's Fifth Avenue retained its position as the world's most expensive shopping location, while Hong Kong's Causeway Bay took second place and Paris' Avenue des Champs Elysees came in third. - CNA/ac
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