Singapore hotel supply to grow by nearly 5,000 rooms until 2025 | Real Estate Asia
, Singapore

Singapore hotel supply to grow by nearly 5,000 rooms until 2025

There were over 3,200 new hotel rooms as of YTD September.

As of YTD September 2023, 3,274 new rooms have entered the market. According to JLL, this was driven by postponed projects during COVID-19, and existing hotels that were rebranded after extensive refurbishment. 

Major openings/rebrandings in 3Q23 included Peninsula Excelsior Singapore, A Wyndham Hotel, COMO Metropolitan Singapore and Aloft Singapore Novena.

Here’s more from JLL:

Singapore hotel room supply is expected to grow by around 4,900 rooms between the rest of 2023 and 2025. More than half of the upcoming supply will be in the Luxury segment, particularly in the Orchard area.

Strongest increase in demand for luxury hotels amongst all segments

All hotel segments in Singapore continued their recovery in trading performance, boosted by increased average daily rate (ADR) and occupancy. Along with improved air connectivity in the region, this led to an increase in international tourists.

As of YTD September 2023, the occupancy rate for luxury hotels was 76.1%, compared to 2019 pre-pandemic levels of 77.4%. ADR, however, was 25.5% higher than 2019 levels, recording a high of SGD 501. On the back of strong ADR performance, RevPAR in Singapore’s luxury hotels has exceeded 2019 levels by more than 23%.

Outlook: Full tourism recovery is expected in 2024

According to Singapore Tourism Board, international tourists should hit 12 to 14 million in 2023. A full recovery is expected in 2024, with the ongoing rebound in Chinese visitation serving as a major driver for recovery.

On the back of a solid hotel pipeline for the rest of 2023, trading performance is expected to continue to grow, though at more subdued levels than current record highs due to rising competitive pressures. This should be partially offset by further recovery in visitation.


Note: Singapore Hotels refers to Singapore's luxury hotel market.


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