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Singapore hotels saw occupancy rates drop by two percentage points to 77.2 percent in December 2016, marking the lowest occupancy for the month of December since 2009, revealed preliminary data from STR.
The average daily rate (ADR) fell by 2.7 percent to $281.70, or its 10th consecutive month of year-on-year declines, while revenue per available room (RevPAR) dropped by 4.7 percent to $217.44.
With Singapore hosting fewer major events, hotels here are struggling with a consistent imbalance in supply and demand, which grew by 4.1 percent and 2.1 percent respectively in December from the previous year, noted STR.
Moreover, an increase in the number of rooms within the upper midscale class has altered the market landscape, as more rooms are now being offered at lower prices.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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