Orchard Rd is 13th costliest shopping spot
THE surging cost of space on Orchard Road has pushed Singapore’s famous retail row up one place to 13th in the league table of the world’s most expensive shopping locations.
Its move has been driven by a rental boom, with prime ground floor space rising 13.2 per cent over the past year to $39 per sq ft (psf) a month or US$292 (S$462) a year, said property consultancy Cushman & Wakefield, which compiles the annual survey.
The rent boom has, in turn, been fuelled by increased spending and a rise in tourist numbers, said Mr Donald Han, the firm’s Singapore managing director.
‘International brands and local retailers are all jostling for a prime presence in Singapore’s key retail hub,’ he said. ‘With the limited supply in Orchard Road, there is only direction rents can go - up.’
While Orchard Road has moved up, it remains far behind the top six. New York’s Fifth Avenue is still the costliest street on which to rent shopping space, with rents at US$1,350 psf a year, followed by Hong Kong’s Causeway Bay at US$1,134 psf.
Avenue des Champs Elysees in Paris is third, followed by London’s New Bond Street, Tokyo’s Ginza district and Dublin’s Grafton Street.
Wanfujing Street in Beijing remains at 20, while Khan Market in New Delhi climbed from 41st to 24th, with rents at US$180 psf a year.
The report tracks retail rents in the world’s top 233 shopping locations across 47 countries.
Source : Business Times - 26 Oct 2006
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