Peasants' Pay Dirt World But Pay 1st World Prices! ACCEPTABLE?

[makapaaa]

S'pore ranked 16th most expensive shopping locations in the world
By Wong Siew Ying, Channel NewsAsia | Posted: 19 November 2008 2227 hrs
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SINGAPORE: Surveys showed that Singapore is the world's 16th most expensive shopping location, with prime retail space along Orchard Road going for US$405 per square foot.

This is two places lower than 2007 largely due to escalating rental rates in other global markets.

In Asia, Singapore's retail rentals ranked 4th, with Hong Kong retaining its position as the region's priciest shopping destination.

Property consultancy Cushman & Wakefield said retail rents rose as a result of sustained interest from international retailers.

It said there is also positive spillover effects from new tourist attractions and events in Singapore. These include the opening of the Singapore Flyer observation wheel, the Formula One Grand Prix street race and the upcoming integrated resorts.

However, market watchers said the weakening economic environment has started to affect retail rentals towards the fourth quarter of 2008. Still, they expect the sector to hold up in the medium term, backed by the influx of new malls along Orchard Road.

Commercial real estate services firm, CB Richard Ellis (CBRE), said despite deteriorating economic conditions, the retail sector has performed relatively well to date.

It added that half of the markets surveyed saw rental growth in the first three quarters of the year, with 65 per cent of them seeing increases over the last six months.

Looking ahead, it said the slowdown in consumer demand could drive down the rates as landlords become more open to rental negotiations.

CBRE added that retailers who are able to differentiate themselves, either based on price or product, will be more likely to weather the tough times. - CNA/vm

 

[chinkangkor]

However, market watchers said the weakening economic environment has started to affect retail rentals towards the fourth quarter of 2008. Still, they expect the sector to hold up in the medium term, backed by the influx of new malls along Orchard Road.

This is rather strange. With more supply and weaker consumer demand, shouldn't retail rental goes down.

Commercial real estate services firm, CB Richard Ellis (CBRE), said despite deteriorating economic conditions, the retail sector has performed relatively well to date.

This only shows that retailers should be suffering since their rentals are still as high as during the boom times but retail sales are plunging now.

 

[angie II]

expensive? no problem... look see look see, dun buy lor

 

[The_Latest_H]

Oh the local economists and market watchers, when quoted by the state press, will never dispute the government's predictions. So even if their claims cannot be proven in economical theory, they will say it to protect their rice bowls.

No wonder while other countries have liberal, centrist and conservative economists arguing with each other about the direction of the markets and the economy, here we have silence and/or affirmation by these local watchers, economists in line with what the government has projected.