Singapore’s notoriously high hotels rates dropped to a seven-year low during June despite an increase in demand due to Ramadan, according to research from STR.
Compared with last June, supply grew +2.3%, demand was up +6.5% and occupancy rose +4.1% to 78.9%. Average daily rate fell -2.5% to SGD258.03.
“The absolute ADR and RevPAR levels would be the lowest for a June in Singapore since 2010,”said STR.
“Singapore has posted year-over-year declines in ADR each month since February 2016, which STR analysts attribute to growing hotel supply and economic challenges.