STR Global’s preliminary January data for Singapore indicate negative results for the three key performance metrics.
Based on STR Global daily data from January, preliminary data for Singapore includes:
- increases in supply (+3.5 percent) and demand (+2.4 percent);
- a 1.1-percent decrease in occupancy to 80.0 percent;
- a 0.1-percent decrease in average daily rate to SGD295.95; and
- a 1.1-percent decrease in revenue per available room to SGD236.86.
“Singapore continued its negative growth in overall RevPAR performance in January, for the third consecutive month”, said Elizabeth Winkle, managing director of STR Global. “ADR remained flat compared to the same month last year, while occupancy declined. Over the past two years, however, Singapore has performed phenomenally well in all metrics and we are seeing these declines as a return to normal performance”.
Transactions in Singapore, however, have been healthy. In December, the Westin Singapore sold for $369.57 million to Japan-based property developer and investor Daisho Group.