Based on daily data from June, Singapore reported:
- increases in supply (+2.2 percent) and demand (+1.0 percent);
- a 1.2-percent decrease in occupancy to 80.8 percent;
- a 3.5-percent decrease in average daily rate to SGD281.55; and
- a 4.6-percent decrease in revenue per available room to SGD227.59.
According to STR Global analysts, arrivals in Singapore have been on the decline throughout 2015. Thus, demand growth has continued to lag what is considered low supply growth.
CommunicAsia2015 created some demand in the market and ultimately softened the decline in occupancy. The 28th SEA Games provided a slight lift to Singapore’s hotel market in early June.
STR Global will release June 2015 results later this month.