The Singaporean tourism sector in 2017 attained record highs in Tourism Receipts and International Visitor Arrivals for the second time in two years. From January to December 2017, International Visitor Arrivals (IVA) increased 6 per cent over the same period last year to reach 17.4 million visitors. Tourism Receipts TR) also grew 4 per cent to reach $26.8 billion.
The growth in 2017 TR came on the back of higher expenditure across most major components including Sightseeing, Entertainment & Gaming (SEG), Shopping, and Accommodation.
Hotel room revenue was estimated at $3.7 billion for 2017, a year-on-year growth of 3.9 per cent.
In the fourth quarter of 2017 (Q4), IVA grew 10 per cent year on-year to reach 4.4 million visitors. TR in Q4 2017 grew 1 per cent over the same period last year to reach $6.5 billion. Gazetted hotel room revenue for Q4 2017 came in at an estimated S$0.9 billion, a 5.7 per cent year-on-year increase.
Expectations are for excellent growth for years to come as Singapore maintains its position as one of the world’s most desirable vacation destinations.
Oasis Merchant Group are delighted to be adding The Singapore Hotel and Spa to its global investment portfolio. Expected to be opening in January 2020.