STR’s preliminary July 2016 data for Singapore indicates steady performance.
Based on daily data from July, Singapore reported the following in year-over-year comparisons:
- increases in supply (+4.3%) and demand (+5.5%);
- a 1.2% increase in occupancy to 88.3%;
- a 0.5% decrease in average daily rate (ADR) to SGD277.45; and
- a 0.6% increase in revenue per available room (RevPAR) to SGD245.11.
STR analysts attribute the 88.3% absolute occupancy level to coinciding events in the market: Singapore International Water Week (10-14 July) and the World Cities Summit (10-14 July).
STR will release actual July 2016 results during the week of 22 August. The August edition of STR’s Market Forecast will be available at the end of the month.