Singapore’s malls are well-maintained as shopping there is a lifestyle.

CapitaLand Integrated Commercial Trust – C38U 0%, (CICT), had a rent reversion in 2023 of 8.3 and 8.8 for its suburban and downtown malls respectively.

In 2023, the manager of CICT said that tenants sales in all categories had improved, but shoes and bags were particularly strong. The retail portfolio of the trust was valued at $2,9 per cent more than the year prior.

Suntec City mall reported a rent reversion for 2023 of 21.8% as the mall’s shopper volume and tenant sales per sq. foot increased year-on-year by 8% and 4.1%, respectively.

Paragon Reit (SK6U) 0% full occupancy reported for Paragon Orchard Road & The Clementi Mall at the end-2023.

As of end-2023, the suburban malls that Frasers Centrepoint Trust: J69U0% owns and manages (Century Square, Causeway Point, Nex, Waterway Point, White Sands) were fully or nearly full occupied.

Nike opened their largest store outside China on Orchard Road in Asia earlier this year. The store has three floors and is around 28,000 sq. feet.

The Urban Redevelopment Authority’s (URA) data shows that prices and rentals for retail space in Singapore’s Central Region rose in 2023 compared to 2022, reversing declines from 2022.

Retail space vacancy rates in all provinces fell to 6.5 percent by end-2023 from 7.1 percent the year before.

Diverse groups have developed major retail development plans.

Hotel Properties Limited proposes a mixed-use redevelopment in Orchard Road of the Forum The Shopping Mall, HPL House, and the voco Orchard Singapore Hotel : H15.0%. The project includes office space, hotel rooms and homes as well as around 288,583 ft2 of retail area.

Strong demand drivers

Singapore malls are attracting a lot of customers.

Singapore’s climate makes it necessary for people to seek shelter in malls that have air-conditioning on hot and humid day. People tend to hide out in malls when it rains, especially those with covered walkways that connect them to MRT, bus interchanges or office buildings.

People gather at malls to spend time with their family and friends because the homes are compact, there is good public transport available, and they can easily get around.

They also visit the malls to do their shopping, eat, take enrichment classes, participate in wellness activities, or work out.

Malls can benefit from efforts to increase the incomes of low-wage and middle-income workers as well as improve their skills. The marginal spending propensity of lower-income groups is higher than that of high-income earners.

Budget 2024’s announcement of additional Community Development Council vouchers worth S$600 to each Singaporean household, as well as other goodies, can increase retail spending in Singapore.

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Mall owners will be helped by the increasing number of visitors from abroad and massive investments in Singapore’s tourism offering. Visitors to Singapore for sports, concerts, sporting events, or conventions will almost always patronise food and beverage and retail outlets in malls.

Singapore Tourism Board estimates that 15 to 16 millions international visitors could visit Singapore in 2024. This would generate between S$26 and S$27.5 Billion, says the STB. In 2023, the number of tourists arriving in Singapore was 13.6 millions.

STB anticipates that tourism will continue to recover due to improved global flight connectivity as well as capacity improvements, as also the reciprocal 30-day visa exemption between Singapore & China.

STB’s latest figures showed that international visitor arrivals increased 15.9% from the previous months to more than 1.4 million in the month of January. This was the highest post Covid figure ever.

Malls are a success in Malaysia because of the planning regime, ownership structure and other factors. Planning guidelines are strict and dictate what is allowed to be built within different parcels of land islandwide. There may be no direct competition for a major mall that serves a specific area, and the retail space is not overcrowded.

Owners of large malls, including listed real estate investments trusts (Reits) and property groups, are often financially sound.

Owners who are committed to their malls invest in branding, marketing, asset enhancements and management.

They actively manage the tenant mix so that they can meet customer needs. In malls with a high level of activity, tenant mix is always changing as space is taken up by the most popular brands and categories.


Strong retail landlords are able to use technology in their favor.

An effective tracking of shopper traffic and spending can lead to a better selection of tenants. Data on visitor spending patterns can be analysed to improve marketing results.

Shopping online and then visiting the mall to pick up your purchases can save you time.

A high rate of inflation makes it critical to use technology in order to control mall costs. Mall owners are indirectly benefited when retailers use technology to improve their productivity and minimize manpower challenges.

Even so, retail landlords should be vigilant, as consumers are fickle. Online shopping platforms will also be fiercely competing for the wallets of consumers.

Locals could also tighten up their belts due to rising costs of living or a rise in the goods-and-services tax. Or, they can shop more overseas.

As the population ages, mall owners must make their shopping centers more appealing to an older audience.

As malls are a part of everyday life in the Philippines, owners that invest in innovation and creativity, who manage their properties effectively, and who respond to changing consumer needs will prosper.

Not long ago, it was predicted that malls would soon be obsolete as online shopping grew.

Malls have been hit hard by Covid-19 and the movement restrictions that followed. Consumer habits were a hot topic of debate. Many people argued that the pandemic could change their eating habits. They would eat less out, spend more time online, and avoid crowds.

Many mall owners in this area seem to be doing just fine.

Cuscaden Peak Investments has announced the official opening of The Woodleigh Mall in November 2023. The mall caters to millennials with young children.

Recenty, a joint-venture involving Far East Organization launched a mall in Holland Village. It is the outdoor concept pet friendly One Holland Village.

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