28 Mar 2025
Retail Property Market 2025: Trends Shaping Investor Strategies
Property Insight

Singapore's retail landscape demonstrated resilience in 2024, underpinned by a sharp rebound in international visitor arrivals and strategic investor activity. Visitor arrivals surged by 21.5%, growing from 13.6 million in 2023 to 16.5 million in 2024, with strong contributions from Mainland China, Indonesia, and India. This growth was fueled by a robust calendar of high-profile events—including concerts by global artists like Taylor Swift, Ed Sheeran, and Coldplay, as well as the Formula 1 Singapore Grand Prix and Singapore Art Week—which bolstered tourism-related sectors like retail and hospitality.

Retail property transactions in 2024 moderated slightly, registering approximately 250 caveated transactions compared to 272 in 2023. Despite this moderation, District 7 (Middle Road/Golden Mile) emerged as the top-performing district with 52 transactions. This reflects investor confidence tied to the transformation of the Golden Mile Complex into The Golden Mile, integrating retail, office, and medical suites alongside the upcoming Aurea residential tower. Districts 14 (Geylang, Eunos) and 9 (Orchard, River Valley) followed with 35 and 32 transactions, respectively, underscoring demand for strategically located and historically stable commercial zones.

From a project perspective, Parklane Shopping Mall led with 12 transacted retail units, indicating sustained interest in older, strata-titled developments with flexible configurations. Far East Plaza and Sim Lim Square also recorded strong activity, each with 10 units transacted, appealing to niche businesses and tourist-centric trades.

Notably, City Developments Limited’s acquisition of Delfi Orchard for S$439 million highlighted institutional interest in Orchard Road’s rejuvenation. Other high-value deals included transactions along Irrawaddy Road, North Bridge Road, and Beach Road—signaling a preference for prime, high-footfall locations.

The leasing market also improved, with total retail rental value rising by 2.7% year-on-year from $254.5 million in 2023 to $261.2 million in 2024. Median rentals held firm across multiple regions, with the North and North-East regions commanding premium rates. Fringe and Central Areas also experienced rental recovery, reflecting sustained demand in key retail corridors.

Looking ahead to 2025, Singapore's retail sector is poised for continued growth. The Singapore Tourism Board projects 17.0 to 18.5 million visitors, generating up to $30.5 billion in tourism receipts. This optimism is supported by new attractions such as Illumination’s Minion Land at Universal Studios Singapore and the Disney Adventure Cruise Line, both expected to draw significant regional traffic.

Retail will also benefit from a vibrant MICE calendar, bringing in high-spending business travelers. Experiential retail, the integration of physical and digital commerce, and evolving consumer expectations will continue to shape leasing and investment trends. While external risks such as geopolitical uncertainties and macroeconomic fluctuations persist, the sector remains anchored by Singapore’s strong fundamentals, diversified tourism base, and investor confidence in well-located assets.

Click here for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg  

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16 Jul 2026
Bayshore Drive GLS Tender Attracts $2.13 Billion Top Bid Amid Strong Developer Confidence

The Bayshore Drive Government Land Sale (GLS) tender attracted three competitive bids, with a consortium comprising Frasers Property, Sunway MCL, Sekisui House and Lum Chang submitting the highest bid of $2.13 billion, translating to $1,323 psf per plot ratio (psf ppr). Although this was below the $1,388 psf ppr achieved by the neighbouring Bayshore Road GLS site, now launched as Vela Bay, the difference reflects the distinct planning and development requirements of the Bayshore Drive parcel rather than weaker developer sentiment.

The site is expected to yield approximately 1,280 residential units, making it one of the largest private residential developments within the emerging Bayshore precinct. Unlike a conventional residential project, the site will also incorporate an integrated bus interchange and supporting commercial components alongside Bedok South MRT Station. These additional infrastructure and construction requirements likely influenced developers' bidding strategies while still demonstrating confidence in the area's long-term growth potential.

The encouraging participation from three bidders highlights that developers remain willing to pursue sizeable land parcels where they see strong underlying demand. Confidence has also been supported by the successful launch of neighbouring Vela Bay, which reportedly achieved more than 72% sales during its launch weekend, reinforcing buyer acceptance of the Bayshore precinct. Combined with excellent MRT connectivity, established amenities and the Government's long-term plans for the East Coast, these factors continue to strengthen the investment appeal of the area.

The trend towards larger developments is also evident in recent land acquisitions, including the successful collective sale of Loyang Valley, reflecting developers' continued willingness to undertake sizeable redevelopment projects despite higher capital commitments and longer development timelines. At the same time, buyer interest in upcoming mega developments, including Thomson Reserve, remains encouraging, suggesting continued market acceptance of larger-scale residential communities.

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here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
16 Jul 2026
June 2026 Developer Sales Report: Stable Market Fundamentals Support Growth Outlook

Singapore's primary residential market experienced a temporary slowdown in June 2026, with developers selling 156 new private homes (excluding Executive Condominiums), down from 447 units in May. The decline was largely anticipated, reflecting the seasonal effect of the June school holidays and the absence of any new project launches during the month. Rather than signalling weaker market conditions, the slowdown highlights the launch-driven nature of Singapore's primary residential market, where transaction volumes are closely tied to the availability of new supply.

Among all projects, including Executive Condominiums, Coastal Cabana emerged as the best-selling development, recording 21 units sold. The project continues to benefit from being launched under the previous Executive Condominium framework, allowing eligible buyers to purchase remaining units under earlier regulations. Combined with its attractive location, strong connectivity and competitive pricing, the development has maintained healthy sales momentum. Other top-performing projects included Hudson Place Residences, Chuan Park, The Continuum and Union Square Residences.

Looking ahead, market activity is expected to recover as several major launches enter the market. Lentor Gardens Residences and Dunearn House are expected to provide an early indication of buyer sentiment following June's quieter market, while Thomson Reserve, with over 1,200 units, is likely to become one of the most significant launches in the second half of 2026, addressing pent-up demand within the Rest of Central Region (RCR). Additional launches, including Lucerne Grand and future developments at Chuan Grove and Holland Link, are expected to further strengthen market activity.

 

Click

here

for the full report: 

  

  

Prepared By: 



Mohan Sandrasegeran 



Head of Research & Data Analytics 

  

Email: mohan@sri.com.sg  

Property Insight
10 Jul 2026
Singapore CCR Luxury Homes See Strong Sales Recovery in 1H2026

Singapore’s luxury residential market in the Core Central Region (CCR) remained resilient during the first half of 2026, although price growth moderated as the market transitioned towards a healthier balance between supply and demand. Based on URA flash estimates, the non-landed private residential price index in the CCR increased by an estimated 2.6% in 1H2026, compared with 3.8% in 1H2025. While capital appreciation eased, the continued increase reflects sustained confidence in Singapore’s prime residential market amid expanding supply and evolving buyer preferences. 

A key development during the period was the significant revival in new project launches. Approximately 701 units were launched in the CCR, representing the strongest half-year launch pipeline since 1H2022 and a sharp increase from just 96 units in 1H2025. This recovery was primarily driven by River Modern and Newport Residences, reflecting the gradual rollout of projects from previously awarded Government Land Sales (GLS) sites and providing buyers with a broader selection of luxury homes. 

The stronger supply translated into a sharp rebound in new home sales. An estimated 761 new homes were sold in 1H2026, more than tripling the 236 units recorded a year earlier and marking the highest sales volume since 1H2023. River Modern led the market with 424 units sold at a median price of $3,229 psf, while Newport Residences achieved 198 sales at a median price of $3,070 psf. Together, these two projects accounted for about 81.7% of all new CCR home sales, highlighting their significant contribution to market recovery. 

Looking ahead, the luxury residential market is expected to remain active in the second half of 2026 with upcoming launches such as Dunearn House, Amberwood at Holland, and The Serra Residences. Supported by a healthy pipeline of new supply, resilient domestic demand, and Singapore’s reputation as a global financial centre and safe-haven destination, the CCR market is expected to maintain stable transaction activity while continuing its transition towards more sustainable long-term growth.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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