RECORD-BREAKING PERFORMANCE BY SINGAPORE HOTELS IN 2012

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1 FEBRUARY 2012 RECORD-BREAKING PERFORMANCE BY SINGAPORE HOTELS IN 2012 Zhang Jiahao, ASSOCIATE HVS Singapor David Ling, CHAIRMAN HVS China & Southast Asia HVS Global Hospitality Srvics 6 Tmask Boulvard, #23-01A Suntc Towr Four, Singapor

2 Rcord-Braking Prformanc by Singapor Hotls Rvnu pr Availabl Room (RvPAR) of hotls surgd by 15% to S$212 in 2011, from S$185 in Th stllar RvPAR is drivn by a combination of highr avrag room rat ( ARR) and occupancy rat achivd by hotls in Singapor. ARR of S$245 for 2011 coincids with th prvious pak rcordd for 2008, and 13% abov th S$217 achivd in On th othr hand, th 2011 occupancy rat at 86% brok th prvious rcord of 85% in FIGURE 1: PERFORMANCE OF SINGAPORE HOTEL INDUSTRY, % ADR / RvPAR (S$) % 80% 70% 60% Occupancy % ADR (S$) RvPAR (S$) Occupancy Sourc: HVS Rsarch / Singapor Tourism Board Highr Capital Valus for Hotls in 2011 Th bttr markt prformanc and invstor sntimnt in 2011 drov up th avrag hotl capital valu for th Upscal/Luxury sgmnt by 10% to S$905,299 pr room, from S$822,313 pr room in 2010, according to th latst Hotl Valuation Indx producd by HVS Hospitality Srvics. This is 3.6% highr than th prvious pak of S$873,865 achivd in FIGURE 2: HOTEL VALUATION INDEX FOR SINGAPORE, ,000, , ,000 ) $ (S 700,000 m o 600,000 R r p 500,000 a lu 400,000 V g 300,000 ra v 200,000 A 100,000 0 Sourc: HVS Rsarch RECORD-BREAKING PERFORMANCE BY SINGAPORE HOTELS IN 2012 PAGE 2

3 Supply Piplin will allviat Room Shortag Thr ar approximat 42,600 gazttd hotl rooms in Singapor during An stimatd 1,700 rooms will b addd to th markt in 2012, rprsnting a 4% incras in supply. A furthr piplin of about 4,000 nw rooms is xpctd by Four sits slatd for hotl dvlopmnt hav bn sold undr th Govrnmnt Land Sals programm (Alxandra Road, Tanjong Pagar, Robinson Road and Robrtson Quay) with prics ranging from $8,494 to $11,543 pr squar mtr of gross floor ara. Ths projcts will provid an additional 1,200 to 1,600 rooms. Th supply piplin will allviat th shortag of rooms in th marktplac, as thr wr priods whn travlrs to Singapor could not find thir accommodation of choic. FIGURE 3: PROPOSED PROJECTS AND SITES SLATED FOR HOTEL DEVELOPMENT Proposd Opning Hotl Location No. of Rooms (Est.) 2012 W Hotl at Sntosa Cov Sntosa 240 Aqun Hotl Tyrwhitt Road 105 Parkroyal on Pickring Uppr Pickring Strt 363 Modna Changi City (Srvicd Apartmnts) Changi City 313 Park Avnu Changi (Srvicd Apartmnts) Changi Businss Park 300 Rsorts World Sntosa (Equarius Hotl) Sntosa 172 Aqun Hotl Jalan Bsar 86 Aqun Hotl Paya Lbar 100 Movnpick Hotl Sntosa (Last Phas) Sntosa Holiday Inn Exprss Orchard Road 220 Holiday Inn Exprss Clmncau Avnu/Havlock Road 500 Dorstt Hotl & Rsidncs Chinatown 285 Rsorts World Sntosa (Spa Villas) Sntosa 30 Sofitl So Robinson Road/Boon Tat Strt 200 Wstin Singapor, Asia Squar Towr Two Marina Viw 280 Carlton Hotl Tanjong Pagar Road/Gopng Strt 383 Dorstt Rgncy Hotl Nw Bridg Road 285 On Farrr Hotl Farrr Park Station Road 230 Tradrs Hotl (formr Phonix Hotl) Orchard Road 502 Aqun Hotl Gylang Gylang Road 100 Aqun Hotl Tyrwhitt Tyrwhitt Road 160 Fairy Point Hill Changi 188 Ramada at Zhongshan Park Balstir Road 391 Days Inn at Zhongshan Park Balstir Road 405 TBC South Bach Dvlopmnt Bach Road 560 Hotl Sit (Awardd Jun 2009) Short Strt TBC Hotl Sit (Awardd January 2011) Gopng Strt/Pck Sah Strt TBC Hotl Sit (Awardd March 2011) Robrtson Quay TBC Hotl Sit (Awardd Dcmbr 2011) Jalan Bukit Mrah / Alxandra Road TBC Whit Sit with Hotl Componnt (Awardd Novmbr 2010) Pck Sah Strt/Choon Guan Strt TBC Whit Sit with Hotl Componnt (Awardd May 2011) Boon Lay Way TBC Sourc: HVS Rsarch Strong Visitor Arrivals According to STB s latst rport, visitor arrivals in Singapor rgistrd a rcord million. Major vnts in 2012 such as th Singapor Airshow, th Food & Hotl Asia, th Singapor Intrnational Watr Wk, th ClanEnviro Summit Singapor and th World Citis Summit will contribut to th arrival volum and MICE dmand (mtings, incntivs, convntions and xhibitions). RECORD-BREAKING PERFORMANCE BY SINGAPORE HOTELS IN 2012 PAGE 3

4 Howvr, th ffcts of th financial crisis in Europ which modratd th global conomic outlook and dmand for xports from Asia will affct corporat spnding on travl and discrtionary spnding on lisur activtis. FIGURE 4: VISITOR ARRIVALS TO SINGAPORE, % % Arrivals (Millions) % 10% 5% 0% Growth 4.0-5% % Sourc: Singapor Tourism Board Halthy Outlook for 2012 Th Singapor hotl markt is likly to witnss anothr yar of halthy oprating prforamnc in 2012, barring furthr shocks to th rgional and global conomis. As a major cntr of commrc and financ for Asia and its world-class travl and tourism infrastructurs, Singapor will continu to njoy its fair shar of travllrs for businss, MICE and lisur activitis. Singapor s fdr markts ar mad up mostly of visitors from th rgional countris whr its conomis ar xpctd to continu to thriv, albit at a mor modrat pac. Th influx of budgt airlins in Asia in rcnt yars and thir ambitious growth plans will nhanc connctivity and affordability, rsulting in mor intra-rgional travls. Singapor will continu to b a ky bnficiary. Th Singapor hotl markt will likly witnss anothr yar of halthy oprating prformanc in 2012, barring furthr shocks to th rgional and global conomis. Dspit concrns ovr th ffcts of th financial crisis in Europ, hotls ar not xpctd to lowr thir room rats by a sigificant margin in 2012, as thy did during th financial crisis in Markt-wid occupancy rat is anticipatd to b in th rang of 78% to 83%. RECORD-BREAKING PERFORMANCE BY SINGAPORE HOTELS IN 2012 PAGE 4

5 About HVS HVS is th world s lading consulting and srvics organisation focusd on th hotl, rstaurant, shard ownrship, gaming, and lisur industris. Establishd in 1980, th company prforms mor than 2,000 assignmnts pr yar for virtually vry major industry participant. HVS principals ar rgardd as th lading profssionals in thir rspctiv rgions of th glob. Through a worldwid ntwork of 30 offics staffd by 400 sasond industry profssionals, HVS provids an unparallld rang of complmntary srvics for th hospitality industry. For furthr information rgarding our xprtis and spcifics about our srvics, plas visit From its offics in Bijing, Hong Kong, Mumbai, Nw Dlhi, Shanghai and Singapor, HVS has appraisd or advisd on xisting hotls and rsorts, as wll as dvlopmnt projcts locatd in 100 citis and rsort markts across Asia Pacific. Th tam s xtnsiv projct xprinc ncompasss proprty valuation, dvlopmnt fasibility studis, consulting and stratgic advic, invstmnt sals and acquisitions, hotl asst managmnt and hotl managmnt company sarch for a host of projct typs hotls, rsorts, srvicd rsidncs, golf courss, mixdus complxs, rsidntial, offic and rtail. HVS is also th foundr and co-host of th most influntial hotl invstmnt confrnc in China th annual China Hotl Invstmnt Confrnc (CHIC) attndd by snior xcutivs from ovr 25 countris. For mor information, plas visit About th Authors Zhang Jiahao is an Associat with HVS Singapor, spcialising in markt intllignc, hotl valuation and consultancy. Jiahao provids rsarch and analytical support for a wid rang of fasibility rports, rsarch projcts, and othr consultancy assignmnts in Singapor and Asia Pacific. Jiahao graduatd with a Bachlor of Scinc (Honours) in Ral Estat from National Univrsity of Singapor. David Ling, MSc, MSISV, AAPI is Chairman of HVS China & Southast Asia rsponsibl for valuation, consulting and invstmnt advisory srvics. David compltd th Mastr of Scinc in Urban Land Appraisal from Univrsity of Rading, Unitd Kingdom and Bachlor of Businss (with Distinction) from Curtin Univrsity of Tchnology, Prth, Australia. David is a Mmbr of th Australian Proprty Institut (AAPI) and th Singapor Institut of Survyors and Valurs (MSISV). H is also a Licnsd Appraisr rgistrd with th Inland Rvnu Authority of Singapor. To contact th authors for this articl: Zhang Jiahao at David Ling at Disclaimr: Information providd has bn gathrd from various markt sourcs. No rprsntation or warranty is providd or implid by HVS on th information providd hrin. Intrstd partis ar advisd to mak thir own indpndnt chcks to vrify th information providd. HVS Global Hospitality Srvics 6 Tmask Boulvard, #23-01A Suntc Towr Four, Singapor

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