Singapore hotel prices hit 10-year high as city comes back to life

SINGAPORE (Bloomberg): Hotel rooms in Singapore are now the most expensive in nearly a decade as the city-state seeks to position itself as Asia’s tourism and business destination with a host of events from high level planned for the coming months.

At 259 Singapore dollars (184 US dollars) a night, the average hotel room rate in July rose nearly 70% year-on-year to its highest level since September 2012, as visitor arrivals continue to rise. accelerate under the easing of Covid-19 restrictions, the latest data from the Singapore Tourism Board has shown.

Even though prices are climbing, luxury stays in the Southeast Asian country are still cheaper than in some of its big city peers.

A five-star hotel in Singapore charges an average of S$344 per night, compared to S$387 in Hong Kong, S$522 in Tokyo and S$584 in London, according to data from Meanwhile, a five-star hotel costs S$318 per night in Sydney and S$256 in Seoul.

Visitor arrivals to Singapore rose for the sixth consecutive month in July to 726,601 from 543,733 in June, according to the tourism board. This growth is expected to continue as the country hosts an increasing number of international business and sporting events.

Preparation is underway for the Formula 1 Grand Prix from September 30 to October 30. 2 after a two-year hiatus. This year’s night race is expected to see its highest attendance since the inaugural event in 2008, with tickets expected to sell out, Singapore’s Transport Minister S Iswaran told local media at a community event in august.

Away from the track, the entertainment lineup includes performances from Westlife and Green Day. Other entertainment big names coming to Singapore later this year include Justin Bieber, Maroon Five and Guns N’ Roses.

Singapore will also host the Milken Institute Asia Summit, Forbes Global CEO Conference and several crypto events in September, followed by gamescom asia in October.

The reopening comes as regional travel hub rival Hong Kong continues to require three days of hotel quarantine for incoming visitors.

In the first three months of 2022, Singapore hosted more than 150 local and international events attended by more than 37,000 people, according to the tourism board.

About 4 to 6 million visitors are expected in 2022. The country recorded 1.5 million visitor arrivals in the first half of 2022, nearly 12 times more than the same period last year, the official said. advice.

Indonesia, India, Malaysia, Australia and the Philippines were the top five visitor markets, accounting for 56% of total visitor arrivals to Singapore in the first half.

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