Based on daily data from May, Singapore reported the following in year-over-year comparisons:
- increases in supply (+2.3%) and demand (+3.0%);
- a 0.7% increase in occupancy to 80.5%;
- a 1.9% decrease in average daily rate (ADR) to SGD274.63; and
- a 1.2% decrease in revenue per available room (RevPAR) to SGD221.05.
According to STR analysts, Singapore’s decline in ADR can be attributed to an overall slowdown in economic growth. However, arrivals to the market remain strong, up 14.1% year to date through April, according to the Singapore Tourism Board. As a result, occupancy levels continue to grow, albeit marginally.
STR will release May 2016 results later this month. The May edition of STR’s Market Forecast is now available.