4,000 Hotel Rooms to Be Added Next Year in Singapore – Will Room Rates Be Reduced?
by Siti Zawani
@ 24 Dec 2015
Some of the new hotels that Singapore will see includes the 314-room Oasia Hotel Downtown in the city centre and the suburban 451-room Holiday Inn Express Singapore Katong. But what will these additions mean for the average room rate?
Mr Govinda Singh, 39, valuation and advisory director of real estate services firm Cushman & Wakefield, said that while next year's added supply is significant, it is hard to compare the number with previous years because "it all depends on demand and the investment point of the business cycle". But he said of the upcoming hotels, "They will most likely have discounts and offers during their first year and this will affect other hotels as they will have to lower their room rates as well." Read the full story here:
http://goo.gl/jXY4JK
