STR: Preliminary December data for Singapore hotels
STR’s preliminary December 2017 data for hotels in Singapore indicates slight occupancy growth with lower room rates.
Based on daily data from December, Singapore reported the following in year-over-year comparisons:
- Supply: +5.1 percent
- Demand: +5.5 percent
- Occupancy: +0.3 percent to 76.0 percent
- Average daily rate (ADR): -2.1 percent to SGD275.02
- Revenue per available room (RevPAR): -1.8 percent to SGD209.01
Due to supply growth, occupancy was nearly flat year over year despite a significant rise in demand. ADR declined for the 22nd consecutive month, and absolute RevPAR was the lowest for a December in Singapore since 2009. STR analysts note that Singapore’s performance continued to be pressured as new supply brings tighter competition into the market.
STR will release full December and total-year 2017 results later this month. The January edition of STR’s market forecast will be available by the end of the month.