Singapore Hotel MarketView H1 2021

• Visitor arrivals were on an upward trajectory, recording month-on-month growth in March and April 2021 before declining in May and June 2021
• Tourism receipts reported at S$0.4 billion for Q1 2021, a y-o-y decline of 90.1%
• Overall hotel performance continues to be impacted by Covid-19 despite support from the Government
• Passenger movements at Changi Airport continues to remain weak at 0.95 million for H1 2021, a y-o-y decline of 91.5%
• Travel arrangements in discussion: Hong Kong, New Zealand and Australia
• SingaporeRediscovers Vouchers scheme extended by a further six months to 31 December 2021
• Pricing expectations still persist but slight pick up in investment momentum in H1 2021
• New international hospitality brands such as The EDITION and Mondrian entering Singapore in the short term
• Target of 80% of the Singapore population to become fully vaccinated by September – points towards border reopening

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