Singapore recently recorded its highest hotel room rates in 14 years, reaching as high as SGD283.47 or RM920.55 per night in September 2022. Since then, the rate has remained at the SGD280 or RM909.28 region in October, with the rate for average hotel room rates not yet available for last month.
As reported by The Straits Times, this is according to the data from the Singapore Tourism Analytics Network, which is the highest it has been in the country since September 2008, the month in which Singapore first hosted the Singapore F1 night race.
During that particular month, the average hotel room rate in the country was SGD298.65 or RM969.84.
As for the recent increase in the average rates, Mr Paul Kent, partner for advisory at KPMG in Singapore said that it was likely due to the F1 race again, which has made its return in the country since the Covid-19 pandemic as well as the influx of more affluent and luxury profile travellers into Singapore.
Moreover, he also elaborated that while room rates have peaked, hotel occupancy rates also rose, climbing from 78% in the first quarter of 2022 to 84% in the third quarter of this year.
Indeed, since Singapore reopened its borders for tourism after the Covid-19 pandemic, the Singapore Tourism Board projected 4 to 6 million visitors to arrive in the country by the end of 2022. As of the end of November this year, the country has already recorded 5.37 million visitor arrivals.
So, what do you guys think of the rise in the average hotel room rates in Singapore? Even when the figure is not converted into the Malaysian Ringgit, it is still high for the average Singaporean citizen.
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