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
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]