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Orchard Road Rents Nearing Pre-asian Financial Crisis Peak Of 1996
By Elaine W.
In a study of prime Orchard Road rents over the last decade, the current rentals in Orchard Road appear to be fast approaching levels in 1996, before the Asian Financial Crisis in 1997. Rents of units on levels with the highest traffic in Singapore’s most popular destination registered an average of $35.10 per square foot per month in 1996. This is close to the figures recorded in the second quarter of 2007, where prime Orchard Road rents registered an average of $34.40 per square foot per month. At this level, it is 47 per cent higher than the average $23.40 per square foot per month recorded at the lowest point in 1998.
Executive Director, Retail Services, Mavis Seow said “The tides have turned in recent years with the strong rebound of the Singapore economy. Efforts to rejuvenate Orchard Road with a lot more vibrancy are beginning to pay off. Landlords are actively seeking out fresh foreign brands to give their centres an international face. Existing brands such as Celine, Chanel and Cartier have also either expanded their range of merchandise or have retrofitted their boutiques. Taken together, these steps are contributing to the buoyancy of the historic belt and a very positive outlook on the part of both retailers and landlords”.
The second quarter of 2007 saw more new brands from Europe, US and Australia setting up shop here. They include Roots from Canada and French brand Promod. Camper will make a come- back with the opening of its new outlet in VivoCity. In recent years Spanish labels have made significant strides in Singapore’s fashion arena. New Spanish entrant Cortefiel will join the ranks of Mango, Zara and Massimo Dutti at the end of the year to become part of the fashion retail scene here. Home- grown retailers are also re- branding, with department stores such as Robinsons expanding their fashion range. Episode, Jessica and Danish fashion chain Cottonfield are now retailing in Robinson stores.
This vibrancy follows a period of hiatus, with little or limited activity in the retail scene. Between 1997 and 2005, Orchard Road prime rents dipped to its lowest, at $23.40 per square foot per month in 1998. This is 47 per cent lower than the current $34.40 prime rent for Orchard Road. Prime Orchard Road rents remained relatively resilient during the SARs period in 2003, in the low thirties at $31.60 per square foot per month.
“Looking ahead for the rest of 2007, we expect prime Orchard Road rents to grow between four and seven per cent, given the lack of new supply in Orchard Road for the rest of 2007, as well as the healthy tourist
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