Singapore seeks to establish itself as a tourist and business destination in Asia with high-profile events over the next few months. Because of this, the hotel rates in Singapore are now the most expensive in almost a decade. The latest data from Singapore Tourism Board showed that Covid-19 restrictions eased and visitor numbers continued to rise the average hotel room rate was S$259 ($184) per night in July, up nearly 70% year-on-year.
According to Trip.com, the average room rate for his five-star hotels in Singapore is S$344 per night, compared to S$387 in Hong Kong, S$522 in Tokyo, and S$584 in London. On the other hand, five-star hotels cost S$318 per night in Sydney and S$256 per night in Seoul.
Singapore Hotel Prices Hit 10-year High As City Revives
The prices reached the highest level since September 2012. Even with prices rising, luxury stays in Southeast Asian countries are still cheaper than in other countries in big cities. The number of visitors to Singapore increased for the sixth straight month to 726,601, up from 543,733 in June, according to the Tourism Board. This growth will likely to continue as the country hosts more and more international business and sporting events.
Singapore’s Transport minister S Iswaran told the local media in august that preparations are underway for the F1 Grand Prix, which will run from September 30th to October 10th. 2 bottles for the first time in 2 years. This year’s nighttime race is expected to see the biggest attendance since the inaugural event in 2008, and tickets are expected to sell out.
Singapore is also going to host the Milken Institute Asia Summit, Forbes Global CEO conference, several cryptocurrency events in September, and Gamescom Asia in October.
Around 4-6 million visitors are expected in 2022. Officials said that the country will record 1.5 million visitors in the first half of 2022, almost 12 times more than the same period last year. Also, Indonesia, India, Malaysia, the Philippines, and Australia are considered the top five visitors, accounting for 56% of Singapore’s total visitor numbers in the first half of 2022.