August 18, 2021

Transitioning from Pandemic to Endemic: The New Normal

Key Insights:

  • 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

CLICK HERE to view the full report. 

Contact


Zhang Jiahao
Associate Director, CBRE Hotels Asia Pacific 
+65 6326 1674
[email protected]

Wee Ting Ting 
Assistant Manager, CBRE Hotels Asia Pacific 
+65 6328 1336
[email protected]