STR’s preliminary February 2017 data for Singapore indicates slight occupancy growth and significantly lower rates.
Based on daily data from February, Singapore reported the following in year-over-year comparisons:
- Supply: +4.0%
- Demand: +4.9%
- Occupancy: +0.9% to 85.7%
- Average daily rate (ADR): -8.1% to SGD274.32
- Revenue per available room (RevPAR): -7.2% to SGD235.07
As with previous months, STR analysts believe that the more than 2,000 rooms added to the market since the beginning of 2016 once again placed pressure on hotelier pricing power. With many of the rooms added to the Upper Midscale class, the market comprises more rooms available at lower prices. Additionally, a lack of citywide events equaled less opportunity to push rate.
STR will release actual February 2017 results later this month. The February edition of STR’s Market Forecast is now available.
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