Luxury, upscale hotels dominate Singapore hotel sector’s supply pipeline until 2024 | Real Estate Asia
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Luxury, upscale hotels dominate Singapore hotel sector’s supply pipeline until 2024

The bulk of the new luxury supply is expected to launch in 2023 and 2024. 

Singapore’s total hotel room supply was at approximately 69,590 rooms by the end of 2021. According to CBRE, new openings last year included the 324-key The Clan Hotel at Far East Square and the 191-key Oasia Resort Sentosa, which was rebranded from the former Le Meridien Singapore. 

The year also saw the closure of the 308-key Grand Park Orchard, which is set to be rebranded into the Pullman Orchard before re-opening later this year. 

Here’s more from CBRE:

Singapore’s hotel room supply grew rapidly at a rate of approximately 3.0% CAGR between 2015 to 2021. Owing to pandemic-related disruption to construction, growth in new hotel room supply is expected to fall to around 2.1% CAGR in 2022. However, this short-term tapering will provide relief for the industry as visitor arrivals recover from a very low base.

Most new hotel supply luxury or upscale 

New openings in the pipeline from 2022-2024 include the 135-key Citadines Connect Rochester Singapore; the 204-key The EDITION by Marriott; the 62-key Raffles Sentosa Resort & Spa; the 338-key Banyan Tree Mandai Park; the 900-key Club Street Hotel; the 142- key Artyzen Cuscaden; and the 303-key Mondrian Singapore. 

The total pipeline of 5,200 keys also includes the reopening of the 350-key Pan Pacific Orchard (closed in April 2018); an as-yet-unnamed new hotel on Short Street developed by Cityview Holdings; and a new property by Fragrance Group to be built via the redevelopment of Tower Fifteen. 

The refurbishment of the Hard Rock Hotel, Hotel Michael and Festive Hotel, which provide a total of 1,200 rooms in Resorts World Sentosa, will commence in phases from Q2 2022. Beyond 2024, the Marina Bay Fourth Tower with approximately 1,000 rooms is expected to be completed in 2026. 

Most new hotels in the pipeline for 2022 to 2024 are luxury, upscale, and midscale properties, with the bulk of new luxury supply expected to launch in 2023 and 2024.

 

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