Orchard Road shop rents 'could soften in near future'
Published on May 28, 2014 11:14 AM
SINGAPORE - Rents for prime shops in Orchard Road remained firm in the first quarter this year but they could soften in the near future, property consultancy Savills said in a report on Wednesday.
Prime retail space rent in the area was unchanged at $34.60 per sq ft (psf) per month on average in January through March from the previous three months, it said.
However, the consultancy added that Orchard Road prime shop rents may "face difficulties in the near future".
This is because inflation and a manpower crunch will "further increase the already high business costs in the prime shopping area", making it tougher for shops to keep afloat.
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