Q4 2025 witnesses slower growth in visitor arrivals

• Singapore recorded 15.5 million visitor arrivals through November 2025, up 2.7% y-o-y.
• Despite its slow outbound travel recovery, China remains the top source market, tempering the overall demand rebound. This contrasts with strong performance from Southeast Asia, India and Australia, creating an uneven recovery landscape for Singapore’s hotels.

Supply momentum builds with new openings and a robust 2026 pipeline

• In Q4 2025, key openings included the 84-key Mett Singapore and the 183-key The Laurus Singapore, Luxury Collection.
• Singapore’s hotel supply will expand by 3.6% in 2026, driven primarily by the midscale segment. Notable additions include the 406-key Frasers House, a Luxury Collection Hotel.

Singapore hotel investment surges amid softer trading

• Market weakness persisted in Q4 2025, with RevPAR declining across all segments. While luxury hotels saw both ADR and occupancy fall, the upscale and midscale segments recorded improved occupancy, which helped to partially offset ongoing ADR declines.
• Singapore’s hotel investment market saw a surge in 2025, with a post-pandemic high of eight deals totalling SGD 1.5 billion. This volume represents over 20% of the entire past decade’s sales, with serviced apartments driving half of the transaction activity.

Outlook: Robust MICE sector to drive near-term growth, but headwinds slow arrivals as focus shifts to higher-value tourism

• In the near term, the outlook for Singapore’s hotel market is positive. A robust MICE sector, driven by a strong pipeline of events, is poised to boost hotel occupancy and ADR, supporting projected RevPAR growth for the coming year.
• Global headwinds, including a strong Singapore dollar and slow China travel recovery, will likely keep 2026 visitor arrivals below pre-pandemic peaks. However, tourism receipts are still projected to rise, signalling a strategic shift towards higher-value tourism.