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Retail: A New Horizon | Retail H1 2021

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Colliers Report, Retail, Marina Bay Sands

Retail rents declined 2.4% in H1 2021 overall despite net absorption turning positive from -280,000sq ft as landlords prioritised occupancy over rents.


 
Based on Colliers' Research, we can expect average retail rents to decline 1.8% in 2021 as higher vaccination rates could allow for a potential easing of restrictions towards the end of the year. Overall, we can also expect a positive net absorption in 2021 as the economy recovers while supply remains muted.
 
Colliers' Research's data shows that ground-floor rents on Orchard Road declined 2.7% HOH in H1 2021 to SGD36.24 per sq foot, while that of Regional Centres only declined 2.0% HOH to SGD31.05 per sq foot, impacted by the Phase 2 (Heightened Alert) tighter restrictions of prohibited dine-in, and lower mall occupancy limits and permissible group size.  
 
Download Colliers' bi-annual report on the retail sector in Singapore, as we examine the market performance of the retail property sector in the first half of 2021 (H1 2021) and its projections for the industry.

Colliers Report, Retail, Marina Bay Sands

Retail: A New Horizon | Retail H1 2021

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Jonathan Denis-Jacob

Director & Head

Advisory & Consulting

Singapore

Jonathan is  Director and Head of Advisory services at  Colliers International in Singapore. He is a registered professional planner, urban economist and real estate professional with over 13 years of industry experience in North America and Asia. He has joined Colliers International in May 2018. 

Jonathan is in the business of providing bespoke strategic advisory through solid economic, financial, and market analysis to help clients achieve remarkable real estate, urban and infrastructure projects. As an international urban development and real estate expert, he supports government agencies, public institutions and investors on real estate strategies, urban planning and infrastructure projects and economic development strategies across Asia and beyond.

Jonathan regularly supports clients with their regional and international real estate investment strategies, working with Colliers International colleagues around the world as part of Asia outbound capital deployment strategies. 

Originally from Montreal, Canada, Jonathan is a Canadian citizen and permanent resident of Singapore. He is professionally fluent in English, French and Spanish.
 

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Shirley Wong

Director

Research

Singapore

Shirley carries with her more than 15 years of experience, primarily in real estate and equity research in top-tier investment and private banks, as well as portfolio management in a fund management firm. In her previous roles, her coverage and experience spans across Asia Pacific real estate markets and included all segments of real estate. 

 

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June Chua

Executive Director & Head of Tenant Representation

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June  heads up the Office Services team in Singapore, and is responsible for ensuring the  team's delivery of quality real estate advice and the execution of leasing transactions across the office and industrial markets.

June has 30 years of office and industrial leasing experience in Singapore, and has provided strategic advice to numerous MNCs  on their real estate requirements to meet the mid to long term business needs. She is equally well-versed in project marketing assignments, and has assisted various landlord clients to position their property to secure the optimal tenant mix for their properties.

 

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Steven Tan

Executive Director

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Steven has over 25 years in the real estate business and progressed through various roles in this industry from property management to valuation and auction then into investment sales to leading the  non-institutional capital markets – added to his original role as head of the auction team in Colliers Singapore.

Steven is known to preserve a close relationship with his clientele who are High Net-worth individuals - known in the local as Tow Kay (big boss in local dialect), investors from all walks of life and business partners big and small, making him the leading choice to head the non-institutional capital markets.

Steven was lauded for brokering the first freehold industrial sale in the year 2020 for 190 Macpherson Road at $88m. His other notable and worth-mentioning deals include the collective sale of 2-24 Phoenix Road at $42.6M which was sold above its reserved price and another industrial building (food factory) at 200 Pandan Loop at $56.8M.

Steven also qualified as a licensed appraiser with the Inland Revenue Authority of Singapore, a member of Singapore Institute of Surveyors and Valuers (MSISV) and member of Royal Institute of Chartered Surveyor (MRICS).

 

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