Singapore's Hotel RevPAR Growth Seen at 2-3% in 2025
Singapore's Hotel RevPAR Growth Seen at 2-3% in 2025
It also noted over 5,000 new rooms will enter the market between 2025 and 2027, particularly in the upscale to luxury segments, intensifying competition and limiting room rate hikes.It also noted over 5,000 new rooms will enter the market between 2025 and 2027, particularly in the upscale to luxury segments.
报告还指出，2025年至2027年间将有超过5000个新房间进入市场，特别是在高档到奢华的细分市场。
Singapore's hotel sector is expected to moderate in 2025, with revenue per available room (RevPAR) seen growing by 2-3%.
新加坡的酒店板块预计将在2025年放缓，预计每间可用房间的营业收入（RevPAR）增长2-3%。
DBS said large-scale events, such as Taylor Swift concerts, provided a significant boost to visitor numbers and hotel performance, but such events are one-off occurrences and unlikely to be repeated at the same scale.
DBS表示，大型活动，如泰勒·斯威夫特的音乐会，显著推动了游客数量和酒店表现，但这类活动是一次性的，不太可能以相同的规模重复。
It also noted over 5,000 new rooms will enter the market between 2025 and 2027, particularly in the upscale to luxury segments, intensifying competition and limiting room rate hikes.
它还提到，在2025年至2027年之间将有超过5000个新房间进入市场，特别是在高档到奢侈的细分市场，加剧竞争并限制房价上涨。
China's position as Singapore's top inbound market, accounting for 19% of total arrivals in 2024, remains critical. However, DBS pointed out total visitor days have recovered to 93% of pre-pandemic levels, with further growth expected to slow in the coming year.
中国作为新加坡最大的入境市场，预计2024年将占总到 arrivals 的19%，其地位仍然至关重要。然而，DBS指出，总游客天数已恢复到疫情前的93%水平，预计今后一年进一步增长将减缓。
Key tourism catalysts such as the launch of the Disney Cruise Line in December 2025 and Super Nintendo World at Universal Studios Singapore in mid-2025 are expected to boost visitor numbers in the second half of the year.
关键的旅游催化剂，如2025年12月迪士尼邮轮的启动和2025年中期在新加坡环球影城开设的超级任天堂世界，预计将在下半年推动游客数量的增长。
Amidst rising competition, DBS observed luxury hotels face challenges from downtrading trends among budget-conscious travelers, whilst economy and mid-tier hotels are better positioned to capture demand.
在日益激烈的竞争中，DBS观察到奢华酒店面临来自预算意识强的旅行者的降级趋势带来的挑战，而经济型和中级酒店更有优势来捕捉需求。
DBS also highlighted opportunities in hotel REITs, which are trading at a 0.7x price-to-book ratio, the lowest in four years.
DBS还强调了酒店信托的机会，其交易价格与账面价值比为0.7，是四年来的最低水平。
$CapLand Ascott T (HMN.SG)$ remains a top pick, offering 7.1% forward yields and growth potential through asset enhancement initiatives (AEIs).
$凯德雅诗阁信托 (HMN.SG)$ 仍然是首选，提供7.1%的预期收益率和通过资产提升计划（AEIs）实现的增长潜力。