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Singapore’s hotel market has witnessed significant occupancy levels, reported TTR Weekly citing preliminary January data from STR Global.
Accoring to the report, daily data from January indicated that hotel supply increased by 2.5 percent while demand climbed by 7.7 percent.
The report also showed that occupancy rose 5.1 percent to 82.2 percent, while average daily rate dipped 3.8 percent to S$282.68. Revenue per available room increased one percent to S$232.27.
Demand growth in Singapore doubled from December, pushing occupancy to its highest level for any January on record within the market, it added.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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