STB’s ambition to triple MICE receipts by 2040 adds longer-term upside as Singapore steps up bidding for global events, say the analysts. For now, revenue per available room (RevPAR) in Singapore has eased 4% y-o-y amid softer room rates and a surge in new inventory, and supply pressures will intensify with a further 3.7% of room stock entering in 2026–2027, including the Liang Court redevelopment.
DBS Group Research is of the view that Singapore hotels are shifting towards an equilibrium. In a Dec 6 report, DBS analysts say the country’s tourism rebound is currently entering a “late-cycle phase”, with year-to-date arrivals tracking the lower end of the target set by Singapore Tourism Board (STB).
Analysts Geraldine Wong and Derek Tan say: “We anticipate further normalisation in 2026 with mid-single-digit growth in arrivals on higher China tourists (on travel diversion due to ongoing Japam-China tensions) and gradual recoveries in SGD-sensitive markets such as Japan and Indonesia.”
