STR’s preliminary November 2016 data for Singapore indicates overall performance declines.
Based on daily data from November, Singapore reported the following in year-over-year comparisons:
- increases in supply (+4.0) and demand (+2.2%);
- a 1.8% decrease in occupancy to 81.1%;
- a 4.2% decrease in average daily rate (ADR) to SGD273.49; and
- a 5.9% decrease in revenue per available room (RevPAR) to SGD221.74.
The absolute occupancy level would fall in line with the country’s average through the first 10 months of 2016 (81.7%). STR analysts note that the market has struggled since concerns over the Zika virus surfaced in August. Consistent supply growth (+3.5% year to date through October) and fewer major events in the market also have played a role in lower performance. November 2016 would mark the lowest absolute RevPAR level for a November in Singapore since 2009.
STR will release actual November 2016 results later this month. The November edition of STR’s Market Forecast is now available.