Foong also believes Lady Gaga’s four shows this May could boost tourist spending and retail sales, as he notes the 2.1% growth in retail sales when singer-songwriter Taylor Swift came to Singapore for six shows last March. This time, Lady Gaga will be performing at the National Stadium, her only stop in Asia, from May 18 to 24.
Singapore REITs (S-REITs) with exposure to local malls within their portfolios could see low single-digit percentage y-o-y growth in net property income (NPI) in FY2025, says Bloomberg Intelligence analyst Ken Foong.
Foong’s report dated March 12 comes after the Department of Statistics Singapore (SingStat) posted a strong set of retail numbers for the month of January on March 5. In January, the retail sales index excluding vehicles expanded by 4.8% y-o-y, reversing from December 2024’s 4% contraction. This was partly due to the timing of the Lunar New Year in January 2025 while the New Year festivities took place in February last year.
