Chesterton again urges release of more hotel sites

PROPERTY consultant Chesterton is again calling for the government to release more hotel sites.

Hotels in Singapore have been enjoying high occupancies (85.5 per cent from January to July this year) and average room rates (S$256.10 per room per night over the same period), which should trigger supply, and yet, according to Chesterton, there appears to be no attempt by the authorities to alleviate the looming shortage of hotel rooms.

"Rather, the authorities seem to be tightening the supply flow," it said in an exclusive report to BT.

For one thing, no new hotel sites were released under the 2014 government land sales programme at all, Chesterton said.

For another, from July, the Urban Redevelopment Authority (URA) has tightened approval of new development applications for hotels, as well …