Tourism growth lifts Singapore retail rents in Q3

17 to 18.5 million international visitor arrivals are projected for the full-year 2025.

Rising international visitor arrivals continued to support Singapore’s retail property market in the third quarter of 2025, according to the latest ETC Digest.

The country welcomed approximately 4.5 million visitors during the quarter, bringing the year-to-date total to 12.9 million. The growth in footfall has contributed to stable occupancy and modest rental gains in key shopping districts.

Island-wide retail occupancy stood at 93.1% in 3Q, whilst first-storey rents along the Orchard and Scotts Road belt rose slightly by 0.5% quarter-on-quarter to $41.80 per square foot.

Leasing activity in the sector was primarily driven by relocations, downsizing, and space optimisation, rather than new market entrants.

The broader tourism outlook remains positive, with 17 to 18.5 million international visitor arrivals projected for full-year 2025, alongside $29b to $30.5b in tourism receipts.

These trends are expected to provide ongoing support for retail demand, particularly in central areas with high tourist traffic.