LONDON—STR’s preliminary January 2017 data for Singapore indicates strong supply growth and low occupancy levels.
Based on daily data from January, Singapore reported the following in year-over-year comparisons:
- Supply: +3.9%
- Demand: +0.6%
- Occupancy: -3.2% to 79.6%
- Average daily rate (ADR): -1.0% to SGD279.38
- Revenue per available room (RevPAR): -4.1% to SGD222.25
The absolute RevPAR level would be the lowest for a January in Singapore since 2011. STR analysts note that the market continues to struggle from significant supply growth and weak demand performance. The country’s 3.5% increase in supply for 2016 was the highest for a total year since 2011.
STR will release actual January 2017 results later this month.
International Media Contacts:
Alex Anstett
Media & Communications Coordinator
aanstett@str.com
+44 (0)207 922 1979
Naureen Ahmed
Director of Marketing, Research & Analysis
media@str.com
+44 (0)207 922 1965
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