Rental prices at Singapore shopping malls declines 0.2 percent whilst vacancies climb 0.1 percent

Rentals at shopping malls declined 0.2 percent while vacancies climbed 0.1 percentage point to 8.2 percent.

Despite rising vacancies because of an oversupply of office space, there are signs the market has reached a turning point. Guocoland Ltd. submitted the winning S$1.62 billion ($1.2 billion) bid last month for a site earmarked for office development in Singapore’s central business district, the highest price per square foot for land in the city.

Singapore office vacancies climbed to the highest in 12 years even as rents rebound, gaining for the first time in 10 quarters.

Much more on this from Bloomberg Singapore News