Singapore new retail supply to hit 783,000sq ft this year

The annual new completions for 2025 to 2027 are expected to remain below 2024 totals.

According to Savills’ estimates, around 384,000 sq ft of retail space (NLA) is expected to come online in the second half of the year. Including the completions in the first half of 2024, a total of 783,000 sq ft (NLA) of retail space is expected to be added to the market this year. 

“The annual new completions for the next three years are projected to remain below the total completions of 2024, averaging 578,000 sq ft (NLA) per year from 2025 to 2027. This is almost half the annual average supply of 1.1 million sq ft (NLA) before the pandemic (2015 to 2019),” the analyst added.

The next major insertion of supply is expected to be completed from 2028, with a bulk of 2.9 million sq ft (NLA) of new retail space coming onto the market.