Singapore retail supply pipeline remains limited through 2027

New supply is forecast to moderate to 241,000sq ft.

Singapore's retail property market faces a limited near-term supply pipeline, with around 309,000 sq ft of net lettable area (NLA) expected to be completed in 2026, according to Savills.

The figure is well below the five-year average of 474,000 sq ft, while new supply is forecast to moderate further to 241,000 sq ft in 2027, or roughly half the historical average, the property consultancy said.

Savills expects the constrained pipeline to support occupancy and rental stability, particularly for well-located, high-quality retail assets.

Supply is projected to increase from 2028 as a series of major redevelopment projects come through. The consultancy estimates average annual completions could reach 687,000 sq ft over the following five years.

Among the projects expected to reshape the retail supply landscape are the redevelopments of Tanglin Shopping Centre, Tanjong Katong Complex and Forum The Shopping Mall.

According to Savills, the near-term shortage of new space should continue to favour established retail locations, while the larger pipeline from 2028 onwards will introduce refreshed offerings and increase competition between assets.

The consultancy's assessment suggests that, until the larger wave of redevelopment-led supply arrives, landlords of well-positioned malls should retain relatively strong pricing and occupancy conditions.