Singapore enjoyed strong demand for hotel rooms last year as supply remained stable and tourist arrivals increased.
A new report released by property consultants Knight Frank and cited by The Straits Times found that average room rates grew 5.7% year-on-year between 2009 and last year, from S$190 in 2009 to $261 in 2012.
More hotel rooms will come on line over the next two years, noted the firm, which forecasts a 20% increase through 2015 when total inventory will surpass 53,000.
Knight Frank doesn’t expect this to impact average room rates and occupancy rates overly much, however, since mid-tier properties, such as Dorsett Regency Hotel, Ramada Singapore and Changi Cove Hotel, will comprise almost 50% of the total future supply.
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