Buzz returns to Singapore’s central business district

LUNCHTIME and happy-hour crowds have become a common sight again in the central business district (CBD), after Singapore relaxed most of its Covid-19 measures with effect from Apr 26, 2022.

At the same time, the morning commute has been getting a tad busier as offices fill up gradually, and hotels are welcoming more business travellers and tourists.

Here are some figures reflecting the recent pick-up in activity in CBD precincts such as Tanjong Pagar, Raffles Place, City Hall, Cecil and Marina Bay.

OFFICES:

59%

Average proportion of office community returning to Raffles Place properties* in the week ended May 20, 2022.

*As observed from the majority of Raffles Place Alliance members’ buildings.

Note: Raffles Place Alliance was formed in 2019 as part of the Urban Redevelopment Authority’s pilot Business Improvement District (BID) programme. Its stakeholders include CapitaLand, City Developments Limited, Keppel Reit and OUE Commercial Reit.

Source: Raffles Place Alliance spokesperson

89.3%

Footfall at workplaces across Singapore on Jun 15, 2022, as a proportion of pre-Covid levels, according to Google’s Covid-19 Community Mobility Report.

RETAIL, FOOD & BEVERAGE:

↑ 50%

Year-on-year increase in estimated footfall traffic in the CBD’s retail and F&B areas in June 2022.

70% to 80%

Total footfall in the CBD’s retail and F&B areas in June 2022, as a proportion of pre-Covid levels.

Source: Knight Frank Singapore

70%

Total retail tenant sales* at Republic Plaza in May 2022, as a proportion of pre-Covid levels.

*Rebased data, using pre-Covid levels as the baseline.

Note: Republic Plaza primarily comprises office space; its retail enclave spans 24,100 sq ft across 3 levels. Some retail shops were closed in May 2022, which affected the development’s total tenant sales.

Source: City Developments Limited

↑ 4.3%

Increase in shopper traffic at CapitaLand Integrated Commercial Trust’s (CICT) malls in the 4 weeks after some Covid-19 measures were relaxed from Mar 29, 2022, as compared with the prior 4 weeks.

Note: CICT’s malls comprise downtown malls, which include Funan and Clarke Quay, as well as suburban malls such as Westgate and Junction 8.

Source: CICT

HOTELS:

S$261.24

Average daily rate (ADR) of CBD hotels in April 2022.

• ↑ 65.3% increase year on year
• 73% of pre-Covid ADR of S$357.67 in April 2019

S$171.42

Revenue per available room (RevPAR) of CBD hotels in April 2022.

• ↑ 52.6% increase year on year
• 54.4% of pre-Covid RevPAR of S$314.83 in April 2019

65.6%

Average occupancy of CBD hotels in April 2022.

• ↓ 22.4 percentage points below pre-Covid occupancy of 88% in April 2019

Source: STR

↑ 35%

Increase in bookings for function rooms and event spaces at both The Fullerton Hotel Singapore and The Fullerton Bay Hotel Singapore in January to May 2022, as compared with January to May 2021.

Source: Gino Tan, country general manager of The Fullerton Hotels and Resorts

PUBLIC TRANSPORT:

58%

Number of commuters exiting MRT stations in the CBD during the weekday morning peak period in the last week of May 2022, as a proportion of pre-pandemic levels*.

• Up from about 51% during the last week of April 2022

79%

Overall morning peak ridership on public transport in Singapore in the last week of May 2022, as a proportion of pre-pandemic levels*.

• Up from 76% during the last week of April 2022

*Pre-Covid figures are from January 2020

Source: LTA

Note: Flexible work arrangements, such as staggered working hours and telecommuting, remain in place at some companies. Therefore, some office workers are heading to the office outside of morning peak periods.