Singapore new retail supply to reach over 1.2m sq ft in 2028

But supply will remain limited over the next two years.

According to Savills’ estimates, pipeline supply remains relatively stable at around 618,000 sq ft of retail space (NLA) this year, compared to 679,000 sq ft (NLA) completed last year.

“Nonetheless, the major projects which are slated to complete this year, such as Punggol Coast Mall and Canninghill Square, are mainly to cater to the nearby workers and residential catchment,” the analyst said.

Here’s more from Savills:

Retail supply remains limited as pipeline supply tapers off to less than 445,000 sq ft (NLA) per annum in the subsequent two years. The next wave of supply will come in 2028 when it will almost double from the completion this year to over 1.2 million sq ft (NLA) of retail space.

To ride on tourism recovery, most of the major redevelopment and expansion are concentrated in tourist destinations such as Orchard and Sentosa. The upcoming Terminal 5 is also to expand Singapore’s capacity to capture exponential growth in international travel.