Prices of hotel rooms in Singapore are soaring as a result of the influx of overseas visitors following the easing of restrictions, Bloomberg reported.
At S$259 a night, the average hotel room rate in July 2022 rose nearly 70 per cent year-on-year.
Per night rates have reached a level not seen since September 2012, which was a decade ago, it was also reported.
Just a year ago in September 2021, when the pandemic was still causing waves of new infections, the average hotel room price in Singapore was only S$156.
Tourist numbers up
The latest data from the Singapore Tourism Board showed visitor arrivals in Singapore rose for the sixth straight month in July to 726,601, up from 543,733 in June.
This growth is likely to hold.
About 4 million to 6 million visitors are expected in 2022.
Singapore saw 1.5 million visitor arrivals in the first half of 2022, nearly 12 times more compared to the same period in 2021, STB said.
Indonesia, India, Malaysia, Australia and the Philippines were the top five visitor markets.
They made up 56 per cent of Singapore’s total visitor arrivals in the first half.
High-end Singapore hotels still cheaper than elsewhere
A five-star hotel in Singapore charges an average of S$344 per night, compared with S$387 in Hong Kong, S$522 in Tokyo and S$584 in London, according to data from Trip.com.
A five-star hotel costs S$318 per night in Sydney and S$256 in Seoul, which are slightly more affordable.
Demand for hotel rooms have surged due to the healthy line-up of headline-grabbing events in Singapore from now till the end of the year.
The Formula 1 Singapore Airlines Singapore Grand Prix 2022 will be held from Sep. 30 to Oct. 2, after a two-year hiatus.
Tickets are expected to be sold out.
Maroon Five, Guns N’ Roses, Green Day, Westlife, and Justin Bieber, will be some of the big names performing in Singapore later this year.
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.
Top photos via Unsplash