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AN IMPENDING surge of new shop space in Orchard Road may put the brakes on the growth of retail rents along the shopping stretch.
Almost two million sq ft of new retail gross floor area is set to open in the area between now and 2011, said property firm Knight Frank.
That is about one third the current retail space on Orchard Road and double the size of Ngee Ann City.
Most of it will come from brand-new malls, with two - Ion Orchard and Orchard Central - due to be completed this year. They are the first new malls to open in Orchard Road in a decade.
Some consultants say the huge increase of retail space in the next few years may make it hard for mall landlords along the prime shopping belt to keep raising rents at the current pace.
But they add that more outlets may not lead to oversupply as long as shopper demand and tourist numbers keep growing.
Read the full story in Tuesday's edition of The Straits Times.
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