Singapore (April 26): Despite the market slowdown due to the Covid-19 pandemic, the Singapore hospitality market has remained robust with the opening of several new hotels, reported CNA.
These hotels include The Clan Hotel in the central business district, The Oasia Resort Sentosa, Citadines Connect City Centre in Dhoby Ghaut, Parkroyal Collection Marina Bay, Dusit Thani Laguna Singapore, Duxton Reserve and Mint Hotel within One Farrer Hotel.
CBRE Hotels Asia-Pacific associate director Zhang Jiahao told the news portal that the new hotel launches will continue next year and beyond, with the upcoming new hotel brands including the 204-room Edition by Marriott, the 350-room Pullman Singapore and the 303-room Mondrian Singapore.
The mushrooming of new hotels reflected the hoteliers’ confidence towards the Singapore hospitality and tourism market.
He also anticipates that the rebound will be stronger than pre-Covid period after the reopening of international borders.
Meanwhile, Govinda Singh, executive director of valuation and consultancy services at Colliers, noted that now is the best time for the unveiling of new hotels as it takes time to ramp up their operations.
It takes about six months for hoteliers to resolve some teething issues during the soft-launch period and prepare for the formal opening which might need another three to four months, he added.
According to the Singapore Tourism Board, overall hotel occupancy averaged close to 42% in February, compared to around 44% in January and close to 50% in the year-ago period. Occupancy rates were around 83% in January last year.
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