Singapore HOTEL RATES TO SURGE 29%: STUDY

Singapore HOTEL RATES TO SURGE 29%: STUDY
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Hotel room rates for corporate customers are projected to surge 29 per
cent in Singapore this year, with demand expected to continue to outstrip
supply despite a planned increase of 8,850 new rooms in 2007 and 2008,
according to an American Express report yesterday.

According to the Amex 2008 Asia-Pacific Corporate Hotel Rate Projections
and Market Forecast, hotels in Singapore will enjoy a sustained high
occupancy rate averaging 81 per cent this year, driven by robust demand
from tourist and business travellers.

With major events such as the Singapore Airshow next month, the World
Gourmet Summit in April and the first night-time Formula One Grand Prix in
September, the city-state is poised to build on its record number of
arrivals. Last November, Singapore welcomed 837,000 visitors, setting a
new record for the calendar month, according to the Singapore Tourism
Board (STB). This is despite average room rates here marking a new
milestone of $226 a night - the highest ever in any month and up almost
30 per cent in annual terms, the STB added.

Room rates are also expected to rise sharply in the rest of the
Asia-Pacific region this year, according to the Amex report. Corporate
rates are forecast to increase 17 per cent in Hong Kong, 21 per cent in
Beijing, 36 per cent in Delhi,  40 per cent in Mumbai, 20 per cent in
Kuala Lumpur and 7 per cent in Tokyo.

Separately, in a statement released yesterday, the Urban Redevelopment
Authority and the STB said, as a general rule, hotel developments on sites
zoned for hotel use in the Government’s Master Plan cannot be converted to
other uses.

Source : Today - 15 Jan 2008

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