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The Number of Hotels in Singapore Increases Quickly
The real estate consultancy firm CBRE has published a report in which it forecasts that the number of guestrooms in Singapore will add 20% until 2016. Hoteliers are attracted by healthy development of the hotel industry of the republic.
In 2011 Singapore hotel industry added over 1,900 guestrooms. Among the biggest contributors are V Hotel with 888 guestrooms and Oasia hotel with 428 guestrooms.
The hotel industry of the region will increase its supply by 19 hotels and 4,028 guestrooms by the end of 2013. Current pipeline of Singapore accommodations reaches 5,200 guestrooms. It is estimated, that these rooms will provide 3.4 million of additional room nights by 2016.
Even though the hotel supply of Singapore increases so fast, experts do not foresee radical decreases in rates and occupancy. In 2012 the expected occupancy may rise from 83 to 86%, and average room rates may add from 5 to 10 percent comparing to the level of 2011.
This year may be a very busy year for the hospitality industry of Singapore. In 2011 the average revenue per available room added 14.6% and reached the level of S$212. This level it is estimated to grow by 5-8%.
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