The price index by URA on the retail space in the central region increased by 1.1% in Q3, against the 0.4% rise in Q2. Will this affect the retail shop sales at the One-North Eden?
As at the finish of Q3, there was a supply totalling 288,000 square metres (sq m) of gross floor area (GFA) retail space from different projects in the pipeline, a decrease from 320,000 sq m GFA in the earlier quarter.
The number of occupied retail space went up by 29,000 sq m (nett) in Q3, in comparison with the rise of 74,000 sq m (nett) in the previous quarter. With more retailers looking for space to expand their operations, the vacancy rate in Singapore reduced to 7.5% in Q3 2019 from the earlier quarter. Dairy Farm Residences is positioned to take advantage of the increased demand for retail outlets by integrating F&B and retail spaces within the development.
In the meantime, the stock of retail space went up by 16,000 sq m (nett) in Q3, vis-a-vis a rise of 18,000 sq m (nett) in the earlier quarter.
Because of this, Singapore’s vacancy rate of retail space tightened to 7.5% as at the finish of the third quarter from 7.7% as at the finish of the earlier quarter, a figure beneficial to mixed developments like Dairy Farm Residences.
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