Singapore hotel occupancy remains over 80%
July 14, 2014
Published on Jul 15, 2014
But city sees slight dip in June as new supply enters market
Singapore's hotel sector continued to perform strongly in June 2014.
According to the latest data from STR Global, Singapore recorded citywide occupancy of 82.5% last month. This actually marked a 2.5% decline compared to the same month last year, as new room supply (+2.8%) outpaced demand (+0.2%).
But nonetheless, Singapore's occupancy has now remained above 80% in every month in the first half of 2014.
The city experienced a slight 1.5% drop in average daily rates (ADR), to SG$291.79 (approximately US$235), in June, while revenue per available room (revPAR) declined 4.0% to SG$240.85.
"Singapore continued to post occupancy levels in excess of 80%, despite the additional supply coming into the market on top of flat demand growth for the month," said Elizabeth Winkle, managing director of STR Global.
"ADR saw the first notable declines in 2014, contributing to the fastest revPAR declines since July 2013 for the market."
The city's occupancy level for June marked a slight increase compared to the 81.0% seen in May 2014, but it remains lower than this year's peak of 88.7%, recorded in February.
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