LONDON, 14 March 2018: STR’s preliminary February data for hotels in Singapore indicates significant occupancy levels and higher room rates.
Based on daily data from February, Singapore reported increases in supply, demand and occupancy levels in year-over-year comparisons:
Singapore’s room supply increased 5.2% during February, while room booking demand increased 5.6%, which resulted in a small O.4% improvement in country-wide occupancy.
Hotels reported an average daily rate (ADR) of SGD 286.56 up 4.7%, while revenue per available room (RevPAR) increased 5.2% to SGD 246.52
The absolute occupancy level was the highest for a February in Singapore since 2012, and the year-over-year ADR increase is first for any month in the country since February 2016.
In addition to demand catching up with significant supply growth, STR analysts see a stabilising economy and expected GDP growth as possible reasons behind the performance gains.
STR will release full February results later this month.