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Disclaimer
This report is dated 28 February 2014 and incorporates information and events up to that date only and excludes any information arising, or event occurring,
after that date which may affect the validity of Urbis Pty Ltd’s (Urbis) opinion in this report. Urbis prepared this report on the instructions, and for the benefit only,
of CMT (Instructing Party) for the purpose of providing an independent overview of the Singapore retail market (Purpose) and not for any other purpose or use.
Urbis expressly disclaims any liability to the Instructing Party who relies or purports to rely on this report for any purpose other than the Purpose and to any party
other than the Instructing Party who relies or purports to rely on this report for any purpose whatsoever (including the Purpose).
In preparing this report, Urbis was required to make judgements which may be affected by unforeseen future events, the likelihood and effects of which are not
capable of precise assessment.
All surveys, forecasts, projections and recommendations contained in or associated with this report are made in good faith and on the basis of information
supplied to Urbis at the date of this report, and upon which Urbis relied. Achievement of the projections and budgets set out in this report will depend, among
other things, on the actions of others over which Urbis has no control.
In preparing this report, Urbis may rely on or refer to documents in a language other than English, which Urbis may arrange to be translated. Urbis is not
responsible for the accuracy or completeness of such translations and disclaims any liability for any statement or opinion made in this report being inaccurate
or incomplete arising from such translations.
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information provided to it. Urbis (including its officers and personnel) is not liable for any errors or omissions, including in information provided by the Instructing
Party or another person or upon which Urbis relies, provided that such errors or omissions are not made by Urbis recklessly or in bad faith.
This report has been prepared with due care and diligence by Urbis and the statements and opinions given by Urbis in this report are given in good faith and in
the reasonable belief that they are correct and not misleading, subject to the limitations above.
average occupancy rates of
between 96.0% and 96.5% are
forecast through to 2016. These
high occupancy rates reflect the
controlled nature by which new
stock is delivered to the market
that ensures that supply does
not get too far ahead of demand.
Consequently, rental growth of
around 3.0% per annum should
be achievable in both the Orchard
Road and Suburban sub-markets.
Singapore remains sensitive
to the wider global economy,
and as such fluctuations in
global economic growth will
be tangibly felt in the market.
However, with global economic
conditions improving and
domestic growth forecast
to steadily increase, retail
assets that are well managed,
marketed and leased can be
expected to perform well over
the medium-term.
JACK BACKEN
Director
Urbis
www.urbis.com.au
28 February 2014
Over the course of 2013,
retail development in Singapore
was particularly active.
A significant proportion of
shopping centre additions were
in the Suburban sub-market,
and these centres experienced
strong take-up from retailers
reflecting retailer interest in
being located in Singapore’s
suburban growth areas.
Occupancy rates remained
healthy across Singapore,
with Orchard Road seeing a rise
in occupancy rate in 2013
largely due to demand from
new-to-market retailers. High
Independent Retail
Market Overview
Clarity 90 CapitaMall Trust Annual Report 2013