Based on daily data from April, Singapore reported the following in year-over-year comparisons:
- increases in supply (+2.5%) and demand (+7.5%);
- a 4.9% increase in occupancy to 83.2%;
- a 0.8% decrease in average daily rate (ADR) to SGD281.76; and
- a 4.1% increase in revenue per available room (RevPAR) to SGD234.38.
April demand was helped by HotelAsia2016 (12-15 April) at the Singapore Expo.
Overall, Singapore’s hotel market appears to be recovering from a weak performance last year, according to STR analysts. Based on Q1 2016 figures, along with April 2016 preliminary data, Singapore has posted a 2.0% year-to-date increase in RevPAR. By the end of April 2015, Singapore had reported a year-to-date RevPAR decline of 7.8% when compared with the same four-month period in 2014.
STR will release April 2016 results during the week of 23 May. The May edition of STR’s Market Forecast will be available at the end of the month.