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.
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.
Logos, product and company names mentioned are the property of their respective owners.