Singapore is growing by leaps and bounds. After becoming home to the world’s second most expensive casino and witnessing some of the most expensive real estate deals, the country can now take pride in boasting of the world’s 27th most expensive retail street. The prime shopping belt of Singapore, Orchard Street has now strengthened its position in the list compiled by property consultant Colliers International. Colliers said prime retail space along Orchard Road is US$330.19 per square foot per year on average.
This was up about 2 per cent over the last survey in 2009 where this street was ranked at the 28th position. The rise in the ranking of the street is attributed to weakening of the US dollar against the Singapore unit. Despite fall in the rents for prime retail properties in the past year, the recovery of the global economic climate is said to increase demand for high-end retail premises in the coming years. Furthermore, the emergence of a sizeable middle class in Asia Pacific, the Middle East and central and Eastern Europe will likely be a key source of growth for many luxury retailers according to Colliers.
Singapore, which is a tourism-dependent city, is likely to see a rise in demand for high-end retail premises.