Page 89 - ar2013

Business
Review
RETAIL SUPPLY
We estimate the total retail net
lettable area (NLA) in Singapore
was 61.1 million sq ft as at
31 December 2013. Approximately
27.3 million sq ft (equivalent
to 44.7%) is estimated to be
shopping centre floor space.
Over the course of 2013,
approximately 1.7 million sq ft
of shopping centre floor space
was added to the Singapore
market with the most significant
projects being JEM, Westgate and
Bedok Mall. In 2014, the most
significant supply coming onstream
will be Singapore Sports Hub.
Over the period 2013-2018, we
expect shopping centre floor
space to increase by an average
of 690,000 sq ft per annum,
reaching a total of 30.8 million
sq ft in 2018 or equivalent to
47.0% of total retail floor space.
Significant retail developments
coming onstream over the period
2015-2018 include Jurong Big Box
and Waterway Point in 2015 and
CapitaMalls Asia Limited’s (CMA)
Project Jewel in 2018.
RETAIL FLOOR SPACE
PER CAPITA
Retail floor space per capita
in Singapore is estimated to
be approximately 11.3 sq ft in
2013. On the basis of known
retail developments, this figure
is expected to remain relatively
stable to 2016.
The provision of total retail
floor space per capita in
Singapore remains relatively
low compared with other
developed Asian economies
such as China (12.9 sq ft)
South Korea (14.4 sq ft) and
Japan (16.6 sq ft). However,
the proportion of shopping
centre floor space (44.7%)
in Singapore is relatively
high compared to Asian
economies such as China
(approximately 21%) and
Japan (approximately 22%).
SHARE OF MAJOR SHOPPING
CENTRE FLOOR SPACE
BY OWNER 1 , 2013
(%)
Others 38.9
Allgreen 2.0
City Developments Ltd 2.3
Singapore Press Holdings 2.3
Las Vegas Sands 2.4
Marina Centre Holdings 2.7
CapitaMalls Asia 2 2.8
Far East Organisation 3.2
Suntec REIT 4.5
Mapletree 4.8
Frasers Centrepoint 5.7
Lend Lease 5.7
Pramerica 5.9
CapitaMall Trust 16.6
TOTAL RETAIL FLOOR SPACE PER CAPITA
(sq ft)
Source: Urbis.
Conversely, the proportion of
shopping centre floor space in
Singapore is marginally lower
than in Australia (approximately
45%) and the United States
(approximately 47%).
MALL OWNERSHIP
CMT remains the largest shopping
centre owner in Singapore,
constituting a 16.6% share of floor
space in shopping centres over
100,000 sq ft NLA. A significant
gap exists between CMT and its
nearest competitors in terms of
market share, Pramerica (5.9%),
Source: Urbis.
1 Malls greater than 100,000 sq ft NLA as
at end-2013. Share of floor space takes
into account ownership stake.
2 CMA’s share only accounts for malls directly
owned by CMA and does not include those
owned through CMT.
11.3
11.3
11.3
12.9
14.4
16.6
23.7
50.5
Singapore (2016)
Singapore (2013)
Hong Kong (2012)
China (2012)
South Korea (2010)
Japan (2009)
Australia (2012)
USA (2010)
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