Singapore still needs more hotel rooms; occupancy likely to stay above 84%: Colliers

Singapore

SINGAPORE still needs a "significant" number of hotel rooms to keep pace with rising tourist numbers in the future despite substantial growth in room supply over the last three years, according to real estate agency Colliers International.

Room supply increased by over 5,500 in 2015, with another 2,567 rooms added in 2016 and about 3,400 new rooms last year. Colliers noted that hotel room supply will slow to 628 rooms in 2018, and to 1,300 rooms in 2019.

On the demand side, the Singapore Tourism Board (STB) projects international visitor arrivals to Singapore to rise by some 4 per cent to 18.1 million this year, following the record-high 17.4 million received in 2017. STB also forecasts tourism receipts to be in the range of…