Singapore hospitality on track for expansion

“Stellar line up of events in Q1 significantly benefitting hoteliers.”

Singapore’s hospitality sector has benefitted from a strong lineup of events as well as the influx of tourists in the first half of the year, according to Colliers.

Colliers’ latest Hospitality Insights report showed the average revenue per available room (RevPAR) in the city-state grew 8% to US$190 in the four months through April from US$176 in the same period a year ago.

The sector’s RevPAR is expected to rise further to US$192 this year from US$187 last year, surpassing its pre-pandemic levels of US$169 in 2019.

Visitor arrivals also reached 13.6 million in 2023 to recover 71% of the volume in 2019. Tourism spending is recovering faster with tourism receipts hitting $27.2b in 2023 and is expected to reach $29b this year.

“The main beneficiaries from tourism recovery were shops and F&B establishments along Orchard Road and the CBD,” said Colliers.

Singapore has also been benefitting from the luxury fashion trend emerging across Asia Pacific’s F&B retail space, as more and more luxury fashion designer-owned restaurants, bars and cafes pop up along famous shopping hubs in the region.