Singapore to see over 1.2m sq ft of new retail space by 2028

Major developments are expected to be completed by then.

According to Savills’ estimates, Singapore’s pipeline supply remains relatively stable at around 597,000 sq ft of retail space (NLA) this year, compared to 679,000 sq ft (NLA) completed last year. The next wave of supply (over 1.2 million sq ft NLA) is expected to come in 2028 when major developments such as the expansion of Marina Bay Sands complete.

“This works out to an average of 659,000 sq ft NLA per annum for the next five years (2025 to 2029), which is higher than the five-year historical completion of 445,000 sq ft NLA per annum (2020 to 2024),” Savills said.

Nonetheless, the limited pipeline supply in the next two years (less than 400,000 sq ft (NLA) per annum) could relieve some pressure on retail occupancy and rents in the near term.