Market Report Singapore

HVS Market Report - Singapore - By Xin Kok, Chloe Pang and Hok Yean CHEE

This article provides an overview of Singapore’s tourism landscape and hotel market performance, infrastructure development, reinvention of co-living, hotel transactions and investment in 2018 and outlook.
Singapore skyline
HVS Market Report - Singapore

HVS

The Republic of Singapore is a metropolitan city-state and island country in Southeast Asia with a total land area of an estimated 714.3 square kilometres. It is situated at the southern tip of the Malayan Peninsula, between Malaysia and Indonesia. With an economy supported by its growing population of approximately 5.6 million, Singapore rose as an economy in the latter half of the 20th century and today serves as a global commerce, finance, and transportation hub.

According to the World Travel & Tourism Council (WTTC) Travel and Tourism Economic Impact 2018 report, the direct and total contribution of Travel & Tourism to Singapore’s Gross Domestic Product (GDP) was 4.6% and 10.4% respectively, making tourism one of the key supporting industries for the economy.

In 2018, Singapore’s real GDP grew by 3.2%, close to 2017’s growth of 3.5%. Moderate growth in several sectors outweighed a relatively robust growth in information and communications, finance and insurance, business services, wholesale and retail trade, as well as a softer contraction in construction sector. Underpinned by robust arrivals from India, Vietnam and USA, Singapore’s tourism sector achieved the same growth performance as last year, up 6.2% year-on-year (y-o-y) in international visitor arrivals (IVA).

This is further boosted by strong MICE events and corporate demand. In 2018, Singapore’s Changi Airport was awarded the World’s Best Airport by Skytrax for the sixth consecutive year, recognising the airport’s popularity, service excellence and infrastructure.

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