Singapore hotel room prices skyrocket, hitting 10-year high of US$184 on average

Visitor arrivals to the city state have continued to increase month on month since the start of the year, amid eased Covid-19 restrictions

The growth looks likely to hold as Singapore readies for an F1 Grand Prix, live performances from big international stars and several business summits

Reading Time:2 minutes

People cycle through Merlion Park in Singapore with the Marina Bay Sands hotel and resort in the background. Photo: NurPhoto via Getty Images

Published: 1:32pm, 5 Sep 2022Updated: 1:47pm, 5 Sep 2022

Hotel rooms in Singapore are now the most expensive in almost a decade as the city state seeks to position itself as the premier tourism and business destination in Asia with a slew of high-profile events lined up for the coming months.

At S$259 (US$184) a night, the average hotel room rate in July rose nearly 70 per cent year on year to the highest since September 2012, as visitor arrivals continue to accelerate amid easing Covid-19 restrictions, the latest data from the Singapore Tourism Board showed.

Even as prices climb, luxurious stays in the Southeast Asian nation are still cheaper than in some of its big-city peers.

The Raffles Hotel in Singapore. Luxury hotels in the city state still charge less per night than some of their big-city peers. Photo: Shutterstock

A five-star hotel in Singapore charges an average of S$344 per night, compared with S$387 in Hong Kong, S$522 in Tokyo and S$584 in London, according to data from Trip.com. Meanwhile, a five-star hotel costs S$318 per night in Sydney and S$256 in Seoul.

Visitor arrivals in Singapore rose for the sixth straight month in July to 726,601, up from 543,733 in June, according to the tourism board. This growth is likely to hold as the country plays host to a growing number of international business and sporting events.

Preparation is in the works for the Formula One Grand Prix from September 30-October 2 after a two-year hiatus. This year’s night race is set to see its biggest turnout since the inaugural event in 2008, with tickets expected to sell out, Singapore’s transport minister S Iswaran told local media at a community event in August.

Away from the track, the entertainment line-up includes performances by Westlife and Green Day. Other big names in entertainment coming to Singapore later this year include Justin Bieber, Maroon 5 and Guns N’ Roses.