On the subject of tourism, there is a great deal for Singapore to celebrate. The nation continues to offer visitors a compelling blend of history, culture, and technology. As all of these things continue to evolve, and as Singapore takes stronger, firmer steps towards becoming a crucial member of the global community, there is no question that tourism to Singapore will increase.
Unfortunately, at the same time, this is creating what some consider to be a serious problem. Although the tourism industry in Singapore has never been stronger, the hotel industry is struggling to keep up. This isn’t a significant problem now, but some believe that it could become more worrisome in the near future.
There are a number of elements to this issue that must be understood.
The Current State Of Singapore Tourism
Over 17.4 million visitors descended upon Singapore last year. That is an extraordinary figure, and it points to Singapore continuing to build a nation of considerable value and distinction in the larger global community. At the same time, this figure also means the average hotel occupancy rate stands at more than eighty-four percent. As the supply of new hotel rooms continues to slow down, we can expect that eighty-four percent to remain largely unchanged.
From Mondays to Thursdays, finding a hotel room in Singapore is going to prove to be very difficult indeed. These challenges extend to Sundays, as well. During peak periods, hotels in Singapore remain jam-packed at a near-constant basis. As far as experts are concerned, the solution is clear. Singapore needs more hotel rooms. More to the point, this is something that must change in the near future. Barring these changes, Singapore could unfortunately find themselves dealing with a very specific form of tourism crisis. Without enough hotel rooms to go around, it seems reasonable to assume that the numbers are eventually going to begin to drop.
Over the course of the coming year, we can expect tourism in Singapore to rise to around 18.1 million visitors. What can be done about the fact that all of those people are presumably going to need hotel rooms?
The Scarcity Of Singapore Hotel Rooms
The supply of hotel rooms is expected to drop down to a little more than six hundred. Over the course of the next year, this number will likely go to around 1300. The mid-to-lower end of the market could be hit the hardest by this information. What can be done?
Experts believe that the main solution will ultimately come down to not only more development in hotels, but more investment potential, as well. It should go without saying that Singapore needs to do something about this as quickly as possible. Their tourism industry is one of the biggest earners in the country. To lose anything in that arena could set the country back to a considerable degree.
For now, as regional currencies remain somewhat weak, the hotel industry is not expected to add a major number of rooms to its hotel landscape at any point in the near future.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like Singapore Tourism Board signs MOU with Alipay to enhance Chinese tourists’ experience, Top things to do in Singapore and all topics related to Singapore Economy.Visit our website for more information about Business Setup in Singapore.
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