Is Singapore losing its mojo?
SINGAPORE – Ahead of this weekend’s Singapore F1 Grand Prix – the first to be held at night – disappointing visitor arrival figures for August 2008 suggest the Lion City may be losing its mojo.
In August 2008, visitor arrivals to Singapore were at 842,000, a decline of 7.7 percent compared to August 2007.
Singapore Tourism Board said the decline in visitor arrivals in August, July and June reflected “the current challenging global economic environment and outlook for the tourism sector, which may continue into 2009â€.
STB said the tourism sector is likely to fall short of this year’s target of 10.8 million visitors, but it would increase its efforts in increasing tourism spend to achieve the tourism receipts target of S$15.5 billion.
Indonesia (133,000), P R China (91,000), Australia (65,000), India (58,000) and Japan (53,000) were Singapore’s top five visitor-generating markets. These markets accounted for 48 percent of total visitor arrivals for the month.
Among the top 15 markets, Germany (8%), Australia (5%), Vietnam (4%), India (3%) and the Philippines (1%) registered growth. But nine out of the top 15 markets saw a decline in visitor arrivals compared to August 2007.
Singapore gazetted hotels were estimated to reap S$165 million in room revenue, representing a growth of 3.6 percent versus August 2007.
The Average Room Rate (ARR) in August 2008 was estimated to be S$232, representing an increase of 14.9% over August 2007.
The Average Occupancy Rate (AOR) for hotels was estimated to reach 81% in August 2008, posting a 9.5 percentage point decrease over August 2007.
Revenue Per Available Room (Revpar) grew by 2.8 percent to reach S$187 for August 2008.
Ian Jarrett
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