There’s no stopping the e-commerce boom in Singapore

Sales will top $1.4 billion this year.

Singapore’s e-commerce sector will continue to expand at a breakneck pace in coming years, according to a report by CBRE.

Sales have grown at a record rate over the past five years, rising from just $800 million in 2012 to over $1.34 billion in 2015.

Citing data from a report by Euromonitor International, CBRE noted that 2014’s internet retail sales grew 12.5% year-on-year to $1.08b, while mobile internet retail sales surged by 53.9% to $280.9 million.

CBRE believes that the strong growth in online retail will drive demand for industrial space in Singapore.

“All these indicate that Singapore’s e-commerce sector is poised to expand further, which could potentially emerge as the next underlying demand driver for the industrial market,” said CBRE.