SingaporeSingapore is a major business and retail hub in Southeast Asia, boasting one of the most preferred destinations for multinational corporations as well as global brands looking to establish their presence in the region. The city-state is a hot magnet for expatriates and tourists, especially from Asian countries.

Recent demand indicators appeared less sanguine. The end of 2014 saw a further enhancement in the restructuring policy on foreign labor while international visitor arrivals suffered a decline for the first time since 2009. Moving forward, 2015 looks to be a challenging year for the retail sector as retail spending is expected to take a hit.

However, the Orchard shopping belt continues to serve as the city’s most prime retail space, with locals and international tourists as its major target market.. Various well-known fashion brands and international retailers have set up businesses there, and many global fashion labels have also reported to establish their flagship stores in Orchard Road.


ECONOMIC INDICATORS*20142015F2016F2017F2018F
GDP growth
Consumer spending
Manufacturing production
Investment -
Unemployment rate (%)
EUR€/SGD$ (average)
US$/SGD$ (average)
Interest rates 3-month (%)
Interest rates 10-year (%)

NOTE: *annual % growth rate unless otherwise indicated. E estimate F forecast
Source: Roubini Global Economics, Singapore Department of Statistics, Monetary Authority of Singapore, Economist Intelligence Unit.

Population 5.54 MILLION ( Oct 2015)
GDPSG$ 390,089 million (2014)
Public sector balance
Parliament The Singapore Parliament
Head of StateTan Keng Yam Tony
Prime Minister Lee Hsien Loong
Election dates11 September 2015 (Past)
Retail Volume0.
Retail Value0.

Source: Economist Intelligence Unit, Singapore Department of Statistics

loading map - please wait...

ORCHARD Road: 1.298721, 103.847431
MARINA CENTRE: 1.290789, 103.857406
BUGIS: 1.300693, 103.856239
HARBOUR FRONT : 1.264896, 103.819675
MARINA BAY: 1.276100, 103.854670
marker icon
icon-car.png Fullscreen-Logo KML-Logo


Within close proximity to the Central Business District, Marina Centre offers a wide range of mid- to high-end retailers, from fashion, lifestyle to electronics and home furnishings, in several well-connected malls such as Suntec City, Marina Square and Millenia Walk. The precinct is also a bustling hub for entertainment and dining activities among locals and tourists alike.
marker icon
icon-car.png Fullscreen-Logo KML-Logo


A strong focus on fashion and a favorite destination for the youths, Bugis is always packed with shoppers all week long. Some international labels are setting their footprints in the area, including the newly opened Uniqlo’s largest store in Singapore.
marker icon
icon-car.png Fullscreen-Logo KML-Logo


Tourists to the Singapore’s famed Sentosa Island as well as local families seeking waterfront relaxation make this southern submarket one of the most vibrant districts in Singapore. With the opening of the Resort World Sentosa, this area promises to see even more interests from leading retailers.
marker icon
icon-car.png Fullscreen-Logo KML-Logo


Part of the integrated resort Marina Bay Sands, The Shoppers at Marina Bay Sands is the new home of super luxury names. The 800,000-square-foot mall offers breathtaking shopping experiences with its contemporary, open design and a Venetian-style canal running through its entire length. Along with shopping, visitors to Marina Bay Sands can find a host of world-class entertaining options, from casino, museum, theaters, to expo and convention facilities, as well as celerity-chef restaurants.
marker icon
icon-car.png Fullscreen-Logo KML-Logo


Orchard Road is Singapore’s most popular shopping and entertainment enclave for both locals and tourists. The 2 kilometer-long street is flanked by wall-to-wall shopping malls, along with numerous upscale restaurants, F&B establishments and hotels. Many of the city’s most expensive shopping centres with premier international brands are located here.

Orchard RoadTourist, local shoppersTangs, Takashimaya, Louis Vuitton, Zara, Mango, Burberry, Dior, Giorgio Armani, Cartier, The Hour Glass, Vertu, H&M, Gucci, Prada, Chanel Ferragamo, Isetan, SephoraAlexander McQueen, Delvaux, Rue Madame, 999.9, LaPrendo, Castaner, Gieves & Hawkes, Zadig & VoltaireS$20-$75 psf per month500 - 20,000 sf
Marina CentreTourist, local shoppersRobinsons, Lacoste, Esprit, Zara, Cotton On, Harvey Norman, John Little, Toys R’ UsManifesto, Four Seasons (Bayswater London), Carmina, Joli, Julie Nicole, Napapiji, SulwhasooS$20-$35 psf per month300 - 20,000 sf
BugisTourist, local shoppersTopshop, Mango, Converse, Cotton On, Esprit, Muji, BHGInnisfree, Sephora, New Look, Berksham Pull & Bear, UniqloS$18-$35 psf per month300 - 20,000 sf
Harbour FrontTourist, local shoppersCalvin Klein, Sephora, Crocodile, Esprit, Mango, Zara, Best Denki, Candy Empire, Coach, H&M, Hush Puppies, Marks & Spencer, Muji, TangsAmerican Eagle Outfitters, Weekends, Aéropostale, Rabeanco, Innisfree, Etude House, Steve MadenS$18-$35 psf per month500 - 15,000 sf
Marina BayTourist, local shoppersAlfred Dunhill, Bally, Bottega Veneta, Fendi, Gucci, Hermès, Miu Miu, Ralph Lauren, Yves Saint LaurentFurla, Girard-Perregaux, Audemars Piguet, Bread Street Kitchen$20 - 60 psf per month300 - 5,000 sf
Data as of October 2015

loading map - please wait...

Orchard – Ion Orchard: 1.303989, 103.832039
marker icon
icon-car.png Fullscreen-Logo KML-Logo

Ion Orchard

Ion Orchard opened in July 2009 and it is one of the most iconic and prime located shopping centre in Orchard Road. With a lettable area of almost 660 000 sq ft, there are over 400 retail outlets and more than 20% of the NLA is dedicated for dining outlets with a high focus on new-to-market concepts.


DUO Tower

DUO Galleria is retail convenience at its finest for residents, office tenants, hotel guests and visitors in its integrated building. The 53,500 sf retail space is directly connected to the Bugis MRT Station, and with a unique gallery of boutiques, DUO Galleria is an easy choice for anyone who wants to dine or experience the heritage surrounding the area. The development is scheduled to open by third quarter of 2016.

Marina One

Scheduled to be completed by end of 2016, Marina One sets to be the latest trophy building in the heart of Marina Bay. Marina One’s retail podium spans 140,000 sf of net lettable space, of which 26,000 sf will be occupied by gym chain Virgin Active. Other line-ups include Cold Storage supermarket and foodcourt Cookhouse by Koufu, Japanese restaurant Teppei Syokudo, speciality coffee house Jewel, and 4 Fingers Crispy Chicken.

Waterway Point

Waterway Point, part of Punggol’s first integrated waterfront residential and retail development, is fast shaping up to be an exciting lifestyle hub of the Northeast. It is scheduled to be completed early 2016 and already has a precommitment of 90%, 6 months ahead of its opening. The 370,824 sq ft retail and lifestyle hub will integrate four levels of indoor shopping, leisure and alfresco dining spaces with breath-taking waterfront views. The retail and F&B outlets will take up the majority of the floor space (40% and 30% respectively). It has already secured two anchor tenants NTUC Fairprice Finest (30,000 sf) and Shaw Organisation (32,500 sf).

Center NameWaterway Point
Total Size Net Lettable Area (sq ft)
Retail NLA370,824 sf
Leisure/Entertainment NLA148,330 sf
F&B NLA111,247 sf
Planned Opening Date Early 2016


NTUC FairPrice, Sheng Siong


Giant, Cold Storage


bYSI, Charles & Keith, Osim, Challenger, Courts

INTERNATIONAL RETAILERS in Singapore (a selection)

Inditex Group (Zara, Bershka, Pull & Bear, etc.), Phillips-Van Heusen Corp (Calvin Klein, Tommy Hilfiger, etc.), Arcadia Group (Topshop, Topman), Beijing Hualian Group, Robinson Group (Robinsons, Marks & Spencer, John Little, etc.)

Food & Beverage Operators

Starbucks, The Connoisseur Concerto, McDonalds, Burger King, Dunkin’ Donuts, BreadTalk, Sushi Tei, Thai Express, Toast Box, Kopitiam, Food Junction.


Despite its physical smallness and lack of a massive consumer base, Singapore boasts one of the key retail hubs in Asia, offering an excellent test bed for new brands/retailers seeking an exposure to the region. The retail sector has been benefiting from the increasingly high spending power of not only the locals but also tourists within Asia choosing Singapore as their favored shopping destination. However, the retail scene has been challenging of late with a slowdown in tourist arrivals and rising labor costs.

Total existing stock of private shop space in Singapore amounts to 4.4 million sqm as at 2Q 2015. While the bulk of high-end shopping malls are largely concentrated along the famous Orchard Road, suburban malls serving neighborhood markets are often strategically located near transport hubs such as Mass Rapid Transit stations or major bus interchanges.

Following the government’s recently announced plans to develop regional commercial hubs, the suburban retail market is promised to welcome a new generation of larger and swankier malls attracting huge interests from leading retailers. At the same time, Singapore’s iconic Orchard shopping belt has recently undergone a major revamp to maintain its position as a world-class shopping destination in Asia. The district is home to abundant luxury international brands and will continue to appeal to new entrants.

The e-commerce market is undoubtedly expanding fast in recent years. A significant portion of online purchases, ranging from fashion, beauty, lifestyle, gifts/collectibles to electronics and insurance, are made by domestic shoppers.

Singapore has consistently topped the World Bank’s survey on ease of doing business for six years. Retailers can enter the market either directly or through franchise/distributors.

A typical lease term for retail space is three (3) years. Gross rent, including base rent and service charges, is usually quoted in Singapore dollars per square foot per month. Although rent is normally fixed for the initial lease term, landlords reserve the right to revise the service charges in the event of a substantial increase in building operational costs. Depending on the scale, typical fit-out period for tenants can range from one to six months.

New Entrants to the Market

Alexander McQueenDelvauxRue MadameZadig & VoltaireGieves & Hawkes
CastanerLaPrendoAudemars PiguetGirard-Perregaux

Singapore cuisine is a showcase for its ethnic diversity. The ready availability of international cuisines has earned the country its popular title “food paradise”.

Hawker centers and food courts are often the top choices for casual daily eat-outs among the local residents. Some familiar food court chains which can be found in almost every suburban shopping mall include Kopitiam, Food Republic, Food Junction and Koufu. There is also an abundance of local restaurant chains who have long established their footprints in most neighborhoods, such as Sushi Tei, Thai Express, Fish & Co, etc.

For fine dining and more upmarket restaurants, Orchard Road and Marina Bay are top hotspots where many world-renowned chefs choose to locate their businesses. Some exciting names include Salt Grill & Sky Bar on the 55th floor of the grand ION Orchard mall, or Waku Ghin and CE LA VI (Renamed and previously known as KU DE TA) at the newly opened Marina Bay Sands Resort. Robertson Quay and Clarke Quay are Singapore’s nightspots. These stretches of bustling restaurants, bars, cafes and night clubs along the Singapore River are home to Haxen House, Harry’s, and Highlanders, to name a few.

Holland Village is another popular place for dining and chilling out, highly favored by the expatriate population in Singapore, with a wide range of restaurants, bars and cafes that offer easy-on-the-pocket menus. 


Orchard Road Locals, touristsSalt Grill, Crystal Jade, Les Amis, Angus Steak House, Amuse, Kuriya PenthouseN/A
Marina Bay Locals, touristsWaku Ghin, Guy Savoy, KU DE TA, Harry’s, MEDZS, Bel Mondo, Paulaner BrauhausN/A
Robertson Quay/Clarke QuayLocals, touristsBollicine, Hog's Breath, Shiraz, Muchos, Attica, Zirca, Zouk, Harry’s, Haxen HouseN/A
Holland VillageLocals, touristsBarossa, Crust Gourmet Pizza, Crystal Jade, Harry’s, NYDC, Swensen’s, OvertimeN/A
Data as of October 2015

Lease TermsLeases are typically for 3 years but large tenants can negotiate for longer terms. As break options are not allowed, Tenant will have to seek a replacement tenant to take over the remaining lease, subject to Landlord’s approval. Renewal option is subject to negotiation, which if granted, is usually at prevailing market rent. It is common practice to quote rent on a gross basis, i.e. inclusive of both base rent and service charges. In major malls, Landlord usually incorporates a clause in the Tenancy Agreement which allows them to relocate the Tenant to another unit within the mall during the lease term, in order to provide the Landlord the flexibility to reposition or change the tenant mix of the mall.
Rental PaymentRent is payable monthly or quarterly in advance. A security deposit equivalent to three (3) months of gross rent is required if Tenant’s paid-up capital meet Landlord’s requirement. Higher amount is sometimes required for longer lease terms or if Tenant’s paid-up capital does not fulfil Landlord’s requirement.
Rent ReviewAnnual indexation to inflation is not a common practice. Although rent is normally fixed for the initial lease term, Landlord will reserve the right to revise the service charges in the event of a substantial increase in building operational costs. Rent reviews are typically done every 3 years.
Service Charges, Repairs and Insurance Tenant is responsible for internal maintenance, whereas the maintenance of common areas and external structures, as well as building insurance, is Landlords’ responsibility. Nevertheless, Landlord will charge back via service charges.
Property Taxes and other costs Property taxes payable by owners are calculated by the Inland Revenue Authority of Singapore based on Annual Value, which is the property’s estimated annual rent (excluding furniture, furnishings and maintenance fees) and is reviewed annually. In addition to the gross rent, landlords of major shopping malls will usually require the tenant to pay the landlord an additional rental component which is an agreed percentage of the tenant’s gross turnover. The current tax rate for all commercial and industrial properties is flat at 10% per year. Tax concession can be given to properties which are continuously vacant for more than one calendar month or undergoing repairs. Tenant is responsible for stamp duty fees, and rent is GST payable.
Disposal of a LeaseSub-letting or assignment rights are subject to negotiation. Early termination of lease term is not allowed; Tenant will have to seek a replacement tenant to take over the remaining lease, subject to Landlord’s approval.
Valuation MethodsStrata-titled shops are typically valued based on past transactions of comparable sales, with appropriate adjustments for any differences in the properties’ attributes. Fronting and location (nearness to escalator/restrooms, floor level, etc.) are important factors affecting the values of strata-titled shop units. On the other hand, the valuation of shopping malls relies mainly on the income method.
LegislationSingapore legislation relating to landlords and tenants are mainly derived from the Conveyancing and Law of Property Act (Chapter 61). Leases for more than 7 years must be in the form of a deed; any agreement for a period of less than 7 years should still be evidenced in writing under the Civil Law Act. The rights and obligations of tenants and landlords are usually expressly provided in the lease agreement.

Singapore Contacts

Jocelyn Hao

Director, Leasing Retail, Cushman & Wakefield, Inc.
3 Church Street #09-03 Samsung Hub
Singapore 049483 Singapore