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Colliers International believe the average daily rate (ADR) of hotels within the city-state will increase by one to three percent in 2018, much like most Asian countries, reported Singapore Business Review.
The only exceptions are Japan and Korea, which are expected to see ADR grow by three to five percent and six to eight percent, respectively.
The increase comes as Singapore, along with Hong Kong and Bangkok, is expected to remain the leading destinations of choice this year.
The oversupply of rooms in Singapore, however, may temper the growth of ADR.
Meanwhile, the cruise market is also expected to witness an upturn.
Data from the Singapore Tourism Board (STB) showed that Singapore’s cruise industry enjoyed strong growth in recent years. Notably, 411 cruise ships were called at its ports during 2016, while passenger throughput stood at around 1.2 million.
STB noted that Singapore has “much to gain from the increased visitor footfall and spend”.
In fact, A recent study revealed that the cruise industry contributed $706 million in direct spend to the city-state’s economy in 2016, up by about 36 percent from 2010.
This article was edited by Keshia Faculin.
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