In the past four months, IVA formed 53% to 54% of 2019 levels, while tourism receipts for 9M2022 came in at $9 million, forming 44% of 9M2019 levels. According to STB, IVA in 2023 and tourism receipts are expected to recover to 63% to 73% and 65% to 76% of 2019 levels.
CGS-CIMB Research analysts are keeping “overweight” on the property sector in Singapore as the hospitality industry prepares for a “big rebound”.
In their report dated Jan 18, analysts Lock Mun Yee and Natalie Ong note that international visitor arrivals (IVA) reached 6.3 million in 2022, beating the Singapore Tourism Board’s (STB) estimates of 6 million, and formed 33% of 2019’s IVA.
