STR’s preliminary August 2016 data for Singapore indicates solid occupancy levels but negative year-over-year performance.
Based on daily data from August, Singapore reported the following in year-over-year comparisons:
- increases in supply (+5.2%) and demand (+0.9%);
- a 4.1% decrease in occupancy to 85.3%;
- a 2.6% decrease in average daily rate (ADR) to SGD284.09; and
- a 6.6% decrease in revenue per available room (RevPAR) to SGD242.26.
STR analysts note that August has been one of Singapore’s strongest months over the last several years, but August 2016 occupancy and ADR were each pressured by the 5.2% increase in supply. The last time supply increased by 5.0% or higher in Singapore was December 2013.
STR will release actual August 2016 results later this month. The August edition of STR’s Market Forecast is now available.