Singapore to see four new hotels in H2 2024

These hotels will add 425 rooms to the market.

In the first half of the year, JLL said Singapore counted one hotel opening, adding 989 rooms to the existing supply. The Mercure Icon Singapore City Centre, a midscale development, is located in the Raffles Place district.

“For the remainder of the year, four hotels totalling 425 rooms are expected to enter the market. Over the next three years (2024–2027), hotel room supply is expected to marginally grow at a CAGR of 1.9%,” the analyst said.

Here’s more from JLL:

As of YTD June 2024, Singapore hotels recorded a growth in RevPAR from H1 2023, mostly led by elevated ADR levels. However, luxury RevPAR growth has flattened, as visitor arrivals slowed in recent months.

Singapore recorded almost SGD 697 million in hotel transactions completed in the first half of 2024. Notable deals include Fraser Residence River Promenade, acquired by Tuan Sing Holdings Limited in the quarter.

Outlook: MICE and corporate business to drive growth for the remainder of the year

As regional currencies depreciate against the Singapore dollar, leisure demand from top source markets is expected to remain muted in the near term.

MICE is expected to continue driving demand in 2024 as a full-scale return of events, conventions and concerts has been lined up for the year.