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International visitor arrivals in Singapore dipped by 2.5 percent to 8.9 million in the first seven months of 2014 compared to the same period a year ago, according to the latest report from Chestertons.
Due to the slight drop in tourist arrivals, the average occupancy rate (AOR) of local hotels slipped by 0.8 percent to 85.5 percent on an annual basis.
Average revenue per available room (RevPar) remained the same at S$219, while average room rate (ARR) rose by one percent to $256.1 per room per night. “This was an improvement compared with the 2.6 percent and 2.0 percent contractions recorded in the same period in 2013,” the report said.
Meanwhile, Q2 also saw major hotel openings including Sofitel So (134 rooms), Parc Sovereign (265 rooms) and Holiday Inn Express Clarke Quay (442 rooms). Hotels completed during the period include One Farrer Hotel & Spa (244 rooms) and Hotel Jen Orchardgateway with 502 rooms.
Moving forward, a higher number of tourists are expected to enter the country this month due to the Formula 1 (F1) Singapore Grand Prix, which will take place on 19-21 September.
Singapore is also forecasted to become the fourth most visited global city in 2014, based on MasterCard’s latest index. In fact, 12.47 million visitors are anticipated to arrive by plane at the end of the year, up 3.1 percent from 2013.
In terms of new supply, about five hotels with 1,061 rooms are slated to be completed in H2 2014. These are the Hotel Grand Central, Hotel Grand Chancellor Orchard, Aqueen Hotel Paya Lebar, Aqueen Hotel Joo Chiat and the extension of Raffles Hotel. Another 10 hotels with 3,447 rooms are expected to be ready next year.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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