According to estimates from Savills, Singapore’s retail landscape is set to undergo significant expansion over the next four years, from 2024 to 2027. The market is anticipated to welcome an impressive total of more than 3.4 million square feet of new retail space. This expansion translates to an average of 872,000 square feet annually, a substantial increase from the previous five-year average of 478,000 square feet per year observed from 2019 to 2023.
Several major projects are slated to contribute to this surge in retail space. Notable developments include the comprehensive redevelopments of Marina Square and Harbourfront Centre, as well as the Forum Mall. Additionally, this year marks the completion of several significant projects, such as the new Pasir Ris Mall, the retail spaces within the revamped Grand Hyatt Hotel Singapore, and the renovation of The Cathay.
The momentum is expected to continue beyond the immediate four-year window, with a major influx of retail space projected for 2027 and 2028. These two years alone are expected to contribute approximately 2.6 million square feet of new retail area to the market. This increase highlights the robust growth and dynamic changes anticipated in the retail sector, promising a transformed commercial landscape in Singapore.
(Source: Savills)
