Thanhniennews.com, 14 Apr 2009
Singapore’s supply of four- and five-star hotel rooms will probably increase 39 percent by the end of 2012, adding to a glut that may worsen as global economic growth slows, a survey found.
Singapore will add 10,000 new four-and five-star rooms to the existing 25,000, according to a survey of supply in five Southeast Asia cities by CBRE Hotels, part of CB Richard Ellis Group Inc., the world’s largest property broker.
“With declining occupancy and revenue-per-available-room levels already apparent, the addition of new supply will likely result in a further softening of the market,” Alison Poore, senior consultant at CBRE Hotels-Southeast Asia, said in a statement.
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