How Singapore’s retail property landscape is evolving | Real Estate Asia

How Singapore’s retail property landscape is evolving

Some operators are shifting into a mixed-use commercial development.

The competition in Singapore’s retail market is expected to remain intense in the near term according to Savills, with escalating operating costs pressuring margin profit, as well as changing consumers’ shopping preferences. These have fundamentally shifted the retail landscape and landlords’ strategies. 

Savills reports that while Raffles City and CQ @ Clarke Quay embarked on asset enhancement works to reconfigure their retail spaces, others such as Bedok Point is making way for a residential-commercial development as the highest and best use of the property changed due to the pandemic. 

“As part of the landlord’s plan to reposition the mall in anticipation of the transformation of the Jurong Lake District, JCube is in the midst of a redevelopment application process to redevelop it into a mixed-use residential development,” the analyst adds.

Here’s more from Savills:

Although suburban malls generally remained strong with their essential retail offerings for the nearby residential catchment, the landlord may have considered changing its use due to the intense competition among other malls within the vicinity. 

For JCube, with no new private housing launches in the area for years, it could have enticed the landlord to redevelop it primarily into a residential development with ancillary commercial spaces on the ground floor. 

Retail rejuvenation along Orchard

Following the footsteps of several department stores that left Orchard Road, OG Orchard Point is also exiting the Orchard shopping scene in October. As part of creating a place for youth and entertainment, the vacated premise will be taken over by a local fresh food grocer as their mega-mart flagship store. 

It will be designed to be a landmark experiential space with live seafood, differentiated F&B offerings and exclusive merchandise. As more retail stalwarts are slowly becoming passe, the shopping belt along Orchard Road may see more rounds of retail rejuvenation.

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