Singapore malls remain in good condition as they are a part of everyday life.

Not so long ago, there were gloomy forecasts about the malls in this country becoming obsolete due to online shopping.

Malls were hit hard by the Covid-19 pandemic, and its resulting movement restrictions. The debate raged on how the pandemic will change consumer habits. People may opt to eat out less, shop online more and avoid crowded areas.

Despite this, it appears that many mall owners are doing well.

Cuscaden Peak Investments announced that the Woodleigh Mall, which caters primarily to young families with children and millennials, has reached full occupancy.

A joint venture with Far East Organization has opened the pet-friendly One Holland Village mall in Holland Village.

In 2023, CapitaLand Integrated Commercial Trust – C38U 0% had a rent reversion rate of 8.3 percent and 8.8 percent for its Singapore suburb malls and downtown shopping malls.

The manager of CICT reported that the sales of tenants in most categories increased in 2023. This was led by footwear and bags. The trust’s retail assets were valued at the end of 2023, up by 2.9 percent from the previous year.

Suntec City Mall posted a rent reversion rate of 21,8% for 2023 as both shopper traffic per square foot and tenant sales increased by 8,4% and 4,1% respectively.

Paragon Reit: SK6U At the end of 2023, 0% of Paragon Orchard Road and The Clementi Mall reported full occupancy.

At the end of 2023, suburban malls such as Century Square, Causeway Point, Nex, Waterway Point, and White Sands, which are in Frasers Centrepoint Trust’s portfolio : J69U 0.0%, were either at or close to full occupancy.

Nike opened the largest Nike store outside China in Asia along Orchard Road earlier this year. The store is three-storeys high and covers around 28,000 square foot.

Data from the Urban Redevelopment Authority shows that the price and rental of retail space in Singapore’s central region increased year-on-year in 2023. This reversed the declines seen in 2022.

The vacancy rate for retail space in the entire island fell from 7.1% to 6.5% by the end of 2023.

Diverse groups are developing major plans that include large retail components.

Hotel Properties Limited has proposed a mixed-use development of the Forum The Shopping Mall, HPL House and voco Orchard Singapore Hotel in the Orchard Road Area: H15 0%. This includes offices, hotels, homes, and approximately 288,583 square feet of retail space.

Strong demand drivers

The demand for Singapore malls appears to be robust.

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Singapore’s hot, humid weather makes people seek refuge in malls with air conditioning on days that are particularly hot. On rainy days, some people choose to stay in air-conditioned malls. This is especially true for those connected via covered walkways with MRT stations or bus interchanges as well as office buildings and homes.

Malls are a great place to gather with friends and family because of the compact homes, good public transportation, and generally small size of these homes.

The malls are also a place where people go for shopping, dining out, enrichment courses, fitness activities, and gym workouts.

Mall spending can be boosted by efforts to improve the skills of workers, strengthen social safety networks, and increase incomes for lower-wage earners and middle-income earners. Lower-income groups are more likely to spend their money than higher-income groups.

Budget 2024 includes a number of goodies that can help boost Singaporean retail sales, including the Community Development Council Vouchers worth an extra S$600 for each household.

The mall owners will benefit from the influx of international visitors and huge investments made to improve Singapore’s tourist offerings. Malls are a great place for visitors to shop and eat.

Singapore Tourism Board (STB) estimates that in 2024 it could receive 15 to 16 million visitors from abroad, bringing S$26 to S$27 billion. Tourist arrivals in 2023 were 13.6 million.

STB expects that the continued recovery of tourism will be driven by improvements in global flight connectivity, capacity and mutual 30-day visa exempt between Singapore and China.

STB figures show that international visitors to the country increased by 15.9% in January, compared with the previous month. This is the highest post-Covid number yet.

The planning regime and the ownership structure are crucial to the success of malls in Singapore. The strict planning guidelines determine what can be built on different land parcels across the island. A key mall in a certain area may have no direct competitors and there are not many retail spaces.

The owners of many larger malls include large real estate investment trusts and property groups.

To ensure that their malls provide a compelling experience, strong owners invest heavily into asset enhancement, branding, marketing, and property management.

The landlords are actively managing the tenant mix in order to meet customer demands. The tenant mix at malls that are thriving is constantly changing as popular brands and trade categories take up more space.


Retail landlords who are strong use technology to their benefit.

A better tenant mix can be achieved by tracking spending and traffic. Data analysis on the spending habits of visitors can lead to better targeted marketing.

When customers shop online, but then visit a mall to pick up their purchases, they have more time to spend on other activities.

In addition, malls are using technology to manage their operating costs, which is crucial in the face of high inflation. Mall owners gain indirectly from retailers who use technology to increase productivity and reduce manpower issues.

Retail landlords who are vigilant will still be aware that consumers can be fickle and that online platforms will compete fiercely to get a bigger share of the consumer’s wallets.

Locals can also tighten their purse strings due to the increasing cost of living, and the increase in goods and services taxes. They may also shop more abroad.

Owners must also make malls more attractive to older people, as the population is aging.

Owners who are innovative, creative, well-managed and responsive to customer needs, can thrive in this market.

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