Asia -  Singapore, Singapore

The financial center and one of the most developed markets in the region, Singapore, witnessed a setback in hotel performance amidst regional economic uncertainty in 2014 and 2015. During this period, hoteliers chose to react with caution, forgoing growth in average rates in order to maintain occupancy levels. This tone was largely set by hotels in the mid-market segment wary of the large quantum of incoming supply in the budget and economy space (HVS’s recently published article - Market Update: Singapore |Opinion Poll). The overall decline in RevPAR was further magnified by a depreciating Singapore Dollar (SGD). HVI estimates the values to have declined approximately 9% in SGD and 16% in USD in 2015 over those the previous year. Transactions also remained muted in Singapore in 2014 and 2015 as compared to the previous years.

Change In Value For Market:

Legend
Significant Value Increase: Greater than +10%
Moderate Value Increase: Between +3% and +10%
Stable Values: Between -3% and +3%
Moderate Value Decline: Between -3% and -10%
Significant Value Decline: Less than -10%

Singapore RevPAR Change

Singapore RevPAR

Year RevPAR
2013 184.21
2014 180.33
2015 158.00
2016 152.74
2017 (f) 153.47
2018 (f) 162.45

For more information, please contact:

Hok Yean CHEE
hychee@hvs.com
  • +65 6730-6308 (w)
  • +65 9686-6218 (m)
Ho Mei Leng
mlho@hvs.com
  • +65 6730-6300 (w)
  • +65 9620-2511 (m)