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According to STR Global, hotels in Singapore
enjoyed sustained occupancy levels during the first six months of
the year which helped boost ADR by 6.6%.
In February, Singapore hosted the biennial
Singapore Airshow, one of the largest air displays in Asia.
The event attracted a
record number of visitors in 2012, with more than 30% coming
from overseas, according to the organizers. This, along with other
events, helped boost occupancy to 84% for the first six months of
2012.
With more limited supply increases since the
opening of
Marina Bay Sands in June 2010, Singapore's hotels increased
ADR year to June to Sin$296.60 while RevPAR grew by 8.2%.
In the Marina Bay area, RevPAR grew by 13.2% to
Sin$277.46. The increase was led by ADR (+8.0%) growth year to
June, while occupancy grew slightly less (+4.8%). During the
six-month period, occupancy peaked in February (89.3%) as a result
of additional demand growth, in part from the Airshow. ADR
increased year to June by 8.0% to Sin$321.02. February 2012
recorded the highest ADR level (Sin$ 333.55) for that month since
February 2008.
In the shopping and entertainment area of the
Orchard Road, hotels reported RevPAR of Sin$261.10, a 1.8%
increase that was solely led by ADR growth (+3.5%) as occupancy
declined by 1.7% to 80.2%. With no additional new supply, the area
has been conceding demand growth to the new and trendy area of
Marina Bay, resulting in demand in the Orchard area declining
during 2011 (-1.0%) and year to June (-1.7%).
The River Valley area, a local hot spot and
residential area, saw the city's highest ADR year-to-June growth
at Sin$238.44 (+5.6%). During the same period, occupancy declined
by 4.0% to 84.4%. Despite the occupancy decline, RevPAR increased
overall by 1.4% to Sin$201.26 during the first six months of the
year, mainly led by the strong month of February (+15.6%) when ADR
increased by 14.0% before returning to single-digit levels.
"Singapore is once more shining as one of Asia's
premier business and leisure hubs, driving hotel RevPAR
performance across the city to new heights," said Elizabeth
Randall Winkle, managing director at STR Global. "Looking forward,
we are expecting to see Singapore increasing its room supply by
6.1% by the end of 2013. While occupancies may see some pressure
in the short to medium term in some areas, rates in the overall
market are likely to continue in an upward trend. As such, our
latest Hotel Market Forecast indicates that RevPAR growth will
continue for the remainder of the year and in 2013, mainly led by
ADR growth."
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