EVENTS including the return of the Singapore Grand F1 Prix after two years and post-pandemic travel are helping the city state’s hotel-room rates soar to a 10-year high
Average room rates in July leapt almost 70 per cent from the previous year to the highest since 2012 at S$259 (about US$184), according to Singapore Tourism Board figures.
Visitor arrivals increased for six consecutive months in July to 726,601, up from 543,733 the previous month.
Tourism officials say the growth is likely to continue thanks to the axing of inbound testing and quarantine along with the easing of limits on event capacity.
Earlier this year Singapore Tourism Board revealed a host of business events secured into next year along with sporting occasions such as the night-time Grand Prix. More than 150 local and international events attended by over 37,000 people were held in Singapore during the first quarter of this year.
Bloomberg reported that even as hotel prices climb, luxury stays in Singapore still represent better value than other international city destinations.
5-STAR HOTEL AVERGE RATESS (US$)
Singapore – $244 per night
Hong Kong – $275
Tokyo – $370
London – $415
Sydney – $226
Seoul – $182
Source: Bloomberg and Trip.com for London