Singapore annual new retail completions in the next three years to underperform 2024 totals

New completions are expected to average only 527,00sq ft annually from 2025 to 2027.

According to Savills’ estimates, around 219,000 sq ft of retail space (NLA) is expected to come online in the last quarter of the year. This adds up to a total of over 800,000 sq ft (NLA) of retail space for the year. 

The annual new completions for the next three years are projected to remain below the total completions of 2024, averaging 527,000 sq ft (NLA) per year from 2025 to 2027. 

“Nonetheless, there will be a major insertion of 1.3 million sq ft (NLA) in 2028, which is on par with the five-year annual average from 2014 to 2018. Notably, most of the major projects involve redevelopment works, suggesting that developers are also revamping to keep their buildings relevant,” Savills added.