October average room rates for Singapore hotels dip slightly but remain high

SINGAPORE hotels’ average room rate (ARR) slipped in October, but was still the next highest rate recorded following September 2022’s 14-year high, Singapore Tourism Board data showed on Tuesday (Nov 29).

ARR was up 76.2 per cent from the year-ago period to S$281.89, even as it was marginally lower than September’s revised record of S$283.47, down just 0.6 per cent.

The fall came after the conclusion of the Formula One (F1) night race in Singapore, said Cushman & Wakefield head of research Wong Xian Yang. “Hoteliers were able to raise room rates higher due to the more affluent tourist profile that came to watch the F1 Night Race. However post-race, room rates eased slightly to be more competitive.”