Hotel room rates for corporate customers are projected to surge 29 percent in Singapore this year, with demand expected to continue to outstripsupply despite a planned increase of 8,850 new rooms in 2007 and 2008,according to an American Express report yesterday.
According to the Amex 2008 Asia-Pacific Corporate Hotel Rate Projectionsand Market Forecast, hotels in Singapore will enjoy a sustained highoccupancy rate averaging 81 per cent this year, driven by robust demandfrom tourist and business travellers.
With major events such as the Singapore Airshow next month, the WorldGourmet Summit in April and the first night-time Formula One Grand Prix inSeptember, the city-state is poised to build on its record number ofarrivals. Last November, Singapore welcomed 837,000 visitors, setting anew record for the calendar month, according to the Singapore TourismBoard (STB).
This is despite average room rates here marking a newmilestone of $226 a night - the highest ever in any month and up almost30 per cent in annual terms, the STB added.
Room rates are also expected to rise sharply in the rest of theAsia-Pacific region this year, according to the Amex report. Corporaterates are forecast to increase 17 per cent in Hong Kong, 21 per cent inBeijing, 36 per cent in Delhi, 40 per cent in Mumbai, 20 per cent inKuala Lumpur and 7 per cent in Tokyo.
Separately, in a statement released yesterday, the Urban RedevelopmentAuthority and the STB said, as a general rule, hotel developments on siteszoned for hotel use in the Government’s Master Plan cannot be converted toother uses.
Source : Today - 15 Jan 2008
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