Chart of the Day: 3,415 hotel rooms expected to be completed from 2019-2022

This represents muted growth in supply at 4-year CAGR of 1.3%.

This chart from UOB Kay Hian shows the total number of hotel rooms from 2019-2022 - both planned and under construction - will hit 3,415.

Also read: Will Singapore hotels' four-year slump end in 2019?

The headline figure represents muted growth in supply at a four-year compound annual growth rate of 1.3%. UOB Kay Hian added that the number of hotel rooms planned or under construction as of March 2019 stands at 4,038, which is significantly lower compared to the 10,000-15,000 during 2010-2015.

However, demand is expected to outpace hotel room supply which will push RevPAR up over the next three years, especially as the government draw up comprehensive plans to develop new tourism attractions at Sentosa, Pulau Brani and the GSW.

"For the past 10 years, visitor arrivals expanded at a CAGR of 6.2%, vs population growth of 1.5%. It is inevitable that growth in tourism will progressively have a greater impact on Singapore’s domestic economy, which is evident in tourists’ increasing contribution to retail sales," analyst Jonathan Koh said in a report.