LONDON, 20 December 2016: STR’s latest preliminary November 2016 data for Singapore indicates overall performance declines.
Based on daily data from November, Singapore reported an increase in supply of plus 4%, while demand increased 2.2% in year-over-year comparisons.
However, the popular Southeast Asian destination reported a 1.8% decrease in occupancy to 81.1% and aa 4.2% decrease in average daily rate (ADR) to SGD273.49.
The absolute occupancy level would fall in line with the country’s average through the first 10 months of 2016 (81.7%).
STR analysts note that the market has struggled since concerns over the Zika virus surfaced in August. Consistent supply growth (+3.5% year to date through October) and fewer major events in the market also have played a role in lower performance.
November 2016 would mark the lowest absolute RevPAR level for a November in Singapore since 2009.
In related news, STR released details of its latest Pipeline Report that showed 594,933 rooms in 2,659 projects are under contract in the Asia Pacific region. The total represents a 5.7% increase in rooms under contract compared with November 2015.
Under contract data includes projects in the in construction, final planning and planning stages but does not include unconfirmed projects.
The region reported 254,471 rooms in 1,099 projects in construction for the month. Based on number of rooms, that is a 0.8% decrease in year-over-year comparisons.
Among the countries in the region, China reported the most rooms in construction with 136,451 rooms in 510 hotels. Two other countries each reported more than 20,000 rooms in construction: India (24,646 rooms in 154 hotels) and Indonesia (23,440 rooms in 120 hotels).