SINGAPORE (May 7): Singaporeans aren’t spending like they used to, at least not in shopping malls. There are too many already and more are being built. But investors still have good reasons to back mall owners.

The city-state has 6.1 million sqm of retail space, of which 8.7% is vacant. Yet companies are forecast to add a further 364,000 sqm, with the biggest chunk hitting the market this year. This is when online shopping is catching on, retailers such as Crabtree and Evelyn are closing physical stores, and rents are scraping the bottom.

See: Why Singapore is a magnet for REIT listings

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