The average occupancy rate in Singapore hotels gained 3.9 percentage points year-on-year to 89 percent in November 2010, while average room rates climbed 10.5 percent year-on-year to S$220.
“In light of the demand for hotel rooms, we are likely to see other well-located sites on the reserve list being launched for tender,” said Li Hiaw Ho, Executive Director of CB Richard Ellis (CBRE).
Mr. Li noted that the continued demand for hotel rooms in the country can be attributed mainly to the increasing number of visitor arrivals.
Around 963,000 tourists arrived in Singapore in November 2010, up 16 percent over the same period in 2009, and about 10.51 million tourists arrived in the first 11 months of 2010.
The Singapore Tourism Board (STB) expects 12.5 million tourist arrivals this year.