STR’s preliminary October 2016 data for Singapore indicates performance declines driven primarily by supply growth.
Based on daily data from October, Singapore reported the following in year-over-year comparisons:
- an increase in supply (+4.0%) and a decrease in demand (-3.4%);
- a 7.2% decrease in occupancy to 79.8%;
- a 6.4% decrease in average daily rate (ADR) to SGD278.62; and
- a 13.1% decrease in revenue per available room (RevPAR) to SGD222.40.
In addition to the impact of new supply on Singapore’s performance, concerns over the Zika virus continued to hinder demand in the market’s corporate segment. Several events, such as ITB Asia 2016 (19-21 October), were not enough to soften Singapore’s worst year-over-year decline in RevPAR for the month of October since 2009.
STR will release actual October 2016 results later this month. The August edition of STR’s Market Forecast is now available.