Singapore to see over 3.4m sq ft of retail space until 2027

That equates to over 800,000sq ft of new space annually.

According to Savills estimates, more than 3.4 million sq ft of retail space are expected to come online in the next four years (2024 to 2027) — averaging 872,000 sq ft of new retail space per year. This is double the annual average supply of 478,000 sq ft of the last five years (2019 to 2023). 

The major upcoming completions include the redevelopment of Marina Square, Harbourfront Centre and Forum Mall. Notably, Savills adds that the projects such as the Pasir Ris Mall, the retail component of the revamped Grand Hyatt Hotel Singapore and the renovation of The Cathay are expected to be completed this year. 

Another large insertion of supply is expected to complete in 2027 and 2028, with a bulk of 2.6 million sq ft of new retail space coming onto the market.