by Cheryl Tay
With landlords largely cautious, rents of prime retail property in Singapore remained unchanged over the past 12 months. Nonetheless, retail space demand on the Orchard Road shopping belt was strong, particularly for ground level spaces with good accessibility, according to a report by Cushman & Wakefield (C&W).
"As a result of the country's decentralisation with regional commercial hubs, new suburban shopping centres are increasingly attracting attention from international retailers," commented Toby Dodd, Country Manager at Cushman & Wakefield Singapore.
Although luxury brands are generally featured along Orchard Road, Marina Bay has also emerged as a new luxury destination, with new brands including Prada, Dior, Cartier, Hermes, Burberry and Louis Vuitton coming in.
Moving forward, Singapore will continue to attract international luxury brands with the high spending power of tourists and local consumers, added the report. However, retail rents are expected to remain the same for the rest of 2012 as economic uncertainties may still negatively affect consumer spending.
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