LONDON, 14 February 2017: Singapore hotels continue to suffer low occupancy levels caused by a strong supply growth in accommodation options, according to STR’s preliminary January data.
Room supply grew by 3.9% in January, this year, continuing a trend that was evident in the last quarter of 2016.
In contrast demand for rooms increased by a marginal 0.6%.
Based on daily data, the average hotel occupancy fell 3.2% to 79.6% across the city state.
Average daily rate (ADR) also dropped 1.0% to SGD279.38
Revenue per available room (RevPAR) declined 4.1% to SGD222.25
The absolute RevPAR level would be the lowest for a January in Singapore since 2011. The country’s 3.5% increase in supply for 2016 was the highest for an entire year since 2011.
STR will release actual January 2017 results later this month.