Singapore Market Outlook H2 2025

HOTEL New supply to taper off

NEW HOTEL SUPPLY BY HOTEL TIER

HOTEL SUPPLY AND GROWTH

• Hotel room supply growth could taper to an average of 1.2% per annum between 2025 and 2029, significantly below the pre pandemic average annual hotel supply growth of 4.6% between 2015 and 2019.

• The bulk of new supply in 2025 is expected to arise from the economy and upscale segments. Notable expected completions in 2025 include Handwritten Collection Hotel on Waterloo Street (502 rooms) and Moxy Singapore Clarke Quay (475 rooms).

0% 1% 2% 3% 4% 5% 6% 7%

75,000

2,000

Avg 10-year historic net supply = 1,645

70,000

1,500

65,000

1,000

60,000

Growth

No. of Rooms

-4% -3% -2% -1%

500

55,000

No. of New Rooms

50,000

0

2025F

2026F

2027F

2028F

2029F

Room Stock

% Growth

Luxury Upscale Mid-Tier

Economy

Source: STB, Media reports, Cushman & Wakefield Research

Source: STB, URA, Cushman & Wakefield Research