新加坡零售市场2025年第二季度更新

LOCATIONAVERAGE GROSS RENTOF PRIME SPACES($$ PSF PM)Q-O-Q CHANGE(%)Island-wide$28.201.2%Orchard$31.501.2%Marina Centre, City Hall, Bugis$26.901.9%City Fringe$24.301.0%Suburban$27.000.8%CHALLENGING RETAIL MARKETDESPITE THE STEADY VISITORARRIVALS AND SUSTAINEDCONSUMPTIONApril and May recorded a total of 2.8million international visitor arrivals, fallingfrom the 3.0 million total recorded forJanuary and February. Despite the dip,Singapore’s tourism sector remainedresilient, supported by strong regionaldemand and a steady flow oftravellersfrom key markets such as China, Indonesia,and India. The Singapore Tourism Board(STB) remains confident that the full-yeartarget of 17 to 18.5 million arrivals can beachieved, driven by rising air travel, apacked events calendar, and sustainedinternational marketing efforts.The average gross rent of prime retailspaces chalked up moderate growth duringthe quarter. The island-wide prime retailrent increased 1.2% q-o-q to S$28.20psfpm, signifying continued demand fromoperators despite the challengingenvironment (Exhibit 1), as risingoperating costs andlabourconstraintscontinued to impact the retail sector.Growth in prime retail rents was recordedacross most locations with the MarinaCentre, City Hall, Bugismicromarketgrowing the most at 1.9% q-o-q to S$26.90psfpm.RETAIL SALES PERFORMANCETotal retail sales (excluding motorvehicles) in May increased to S$3.6 billionfrom S$3.3 billion in April (Exhibit 2). Allretail categories grewwith the exception ofthe computer and telecommunicationsequipment category which recorded amonthly contraction of 0.5%, supportingthe moderate rent growthislandwide.Retail activity in May was underpinned bydepartment stores, wearing apparel andfootwear, and cosmetics, toiletries andmedical goods categories which registereddouble-digit growth.OPERATING COSTS AND THEEROSION OF LIFESTYLE PRECINCTSOperating expenditure in Singapore’s foodand beverage (F&B) sector reached arecord high of S$12.3 billion according tothe latest available data in2023 fromPlacemaking in uncertain times“In an increasingly saturated F&B market, rising costs and shrinking marginsunderscore the need for sustained placemaking efforts to ensure retail spacesoffer unique identities and experiences–not just more of the same.”ETHANHSU,HEAD,RETAILExhibit 1: Average Gross Rents of Prime Retail Spaces*, Q2 2025Source: Knight Frank Research*Prime retail spaces refer to rental-yielding units between 350 sf and 1,500 sf with the best frontage, connectivity, footfall andaccessibility in a mall, typically located on the ground level and/or the basement level of a retail mall that is linked to an MRTstation or bus interchange. Average gross rents of prime retail spaces are rounded to the nearest S$0.10. PSF PM Y-O-YCHANGE(%)3.0%2.7%5.6%2.3%1.6% Sim Li WeiSenior AnalystResearch+65 6228 6856liwei.sim@sg.knightfrank.comLeonard TayHeadResearch+65 6228 6854leonard.tay@sg.knightfrank.comKnight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has over 27,000 people, across 742 offices in 61 territories. TheGroup advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. KnightFrank has a strong presence in Singapore with a headoffice and two subsidiaries: Knight Frank Property & Facilities Management and KF Property Network. For further information about the Company, please visitwww.knightfrank.com.sg.This report is published for general information only. Although high standards have been used in the preparation of the information, analysis, views and projections presented in thisreport, no legal responsibility can be accepted by Knight Frank Research or Knight Frank for any loss or damage resultant from the contents of this document. As a general report, thismaterial does not necessarily represent the view of Knight Frank in relation toparticular propertiesor projects. Reproduction of this report in whole or in part is allowed with properRecent PublicationsTHE WEALTH REPORT 2025RETAIL Q1 2025SUBSCRIBE to updates andreports delivered to your inboxSIGN UP ONLINEEthan HsuHeadRetail+65 6228 6832ethan.hsu@sg.knightfrank.comRetail Sales Value (S$ million)For Retail Leasing enquiries,please contact:For further information onthe report, please contact: About Knight Frank Singapore© Knight Frank 2025reference to Knight Frank Research.coupled with the absence of a strong placemaking strategy, risks turning the area into justanother anonymous commercial stretch, indistinguishable from newer, more vibrantprecincts. Without active planning and programming driven by stakeholders (including bothlandlords and proprietors),neighbourhoodsrooted in community heritage can quickly losetheir relevance in a rapidly evolving retail landscape. In contrast, areas like Joo Chiat andKatonghave managed to retain their unique character and continue to be popular withresidents and visitors.However, the outlook is not all bleak