Bookmark & Share
Despite being hailed as the most expensive city in the world, Singapore hotels are becoming more and more affordable following a drop in its hotel prices in recent years, Hotels.com Hotel Price Index (HPI) revealed.
Cited in media reports, Hotels.com said that between 2013 and 2014, a nine percent drop in average room rate (ARR) was recorded in the city-state following a steady decline since 2012. The ARR in 2014 was S$239 (US$172), down from S$263 in 2013 and S$264 two years ago.
The decline was attributed to the republic’s susceptibility to the changes within the region as well as the drop in the number of Chinese visitors here.
But Hotels.com said it expects to see increased demand for hotels in Singapore as the country gears up for its Golden Jubilee as well as the upcoming Southeast Asian Games this year.
In the world, Asia is the only region to see a decline in hotel prices.
10 of 15 Asian countries saw declines in hotel prices with Indonesia taking the biggest decline of nine percent,as well as Singapore, Malaysia and Sri Lanka.
Meanwhile, five Asian countries that saw hotel prices increase including Japan and Macau which both saw prices increase by five percent, China (three percent), The Philippines (two percent) and Cambodia (one percent).
Hotels.com regional director, Katherine Cole, said “The latest findings reinforces Asia’s position as the leader of best-value destinations worldwide for the third year running. This certainly aids in fuelling and catering to the rising demand for luxury-for-less travel.” She also said that overall, more than 1.1 billion travelers ventured abroad in 2014, up nearly five per cent over the previous year.
“We expect Asia to continue riding high on Singaporeans’ travel agenda, especially as traditionally hot destinations like Japan and Thailand regain travellers’ trust,” she added.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
Related Articles:
KOP to open second Montigo Resort in Bali