Number of Singapore hotel rooms to hit 53000 by 2015: Knight Frank

Number of Singapore hotel rooms to hit 53,000 by 2015: Knight Frank
Posted: 20 March 2013 1951 hrs

 

 

 

 

 

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SINGAPORE : The number of hotel rooms in Singapore is expected is to grow by more than 20 percent to about 53,000 rooms by 2015.

This is according to a research report by property consultancy Knight Frank.

It says mid-tier hotels like Dorsett Regency Hotel, Ramada Singapore, and Changi Cove Hotel, will form almost half of the total future supply.

With an influx of new rooms in the market over the next two years, Knight Frank expects occupancy rates to drop marginally but still above the 80 percent mark.

Average occupancy rate stayed firm at 86 percent in 2012 from a year earlier.

However, average room rates grew 5.7 percent on year to S$261 last year.

But Knight Frank says average room rates may also fall marginally to account for the lower occupancy levels.

This comes on the back of the stronger Singapore dollar affecting budget sensitive tourists.

Meanwhile, investment sales of hotel real estate remained active last year with a total transacted value of S$1.45 billion – a decline of 7.6 per cent from a year earlier.

Major transactions included Klapsons The Boutique Hotel, Hotel Grand Pacific, and Hotel Windsor.

1,200 new hotel rooms were also completed in 2012 of which 70 per cent were located in W Singapore, Equarius Hotel and Beach Villas on Sentosa.

Looking ahead, Knight Frank says the outlook for the hospitality sector remains bright despite the reduction in room rates and higher cost of operations arising from higher foreign labour levy.

- CNA/ch

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Number of Singapore hotel rooms to hit 53000 by 2015: Knight Frank

World Architecture Festival Takes Place in Singapore October 2-4

-By

Holly O’Dell

The World Architectural Festival (WAF) will celebrate architectural excellence October 2-4, 2013, at Marina Bay Sands in Singapore. The event includes a live awards competition where architects will present more than 400 commercial and institutional projects to an international judging panel. The WAF Festival Gallery will display all award entries.

Show attendees also will have access to a variety of lectures, discussions, and seminars given by influential architects such as Charles Jencks, Dietmar Eberle and Jeanne Gang. Scheduled topics include “The Values of Architecture,” “The Purpose of Architecture,” and “Designing for Growth and Change.”

Other event highlights

include the Festival Hall, home to exclusive installations, product showcases, and new materials; live student charrettes; networking parties and receptions; and an awards ceremony. In addition, the Inspire show— the World Festival of Interiors—will be co-located with WAF.

For more information, visit www.worldarchitecturefestival.com.

 

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World Architecture Festival Takes Place in Singapore October 2-4