The rising costs reflect increased demand as the city reopens to tourists and hosts major events.
Staycations in Singapore are becoming pricier, with average accommodation rates hitting S$259 per night. Bloomberg reported on Monday (Sept 5) that hotel prices in the country are at their highest in nearly ten years.
As Singapore aims to establish itself as a premier tourism and business hub in Asia, the publication highlighted several upcoming high-profile events, including the Formula One Grand Prix and performances by major artists like Westlife and Green Day, signaling that the island nation is “roaring back to life.”
The easing of COVID-19 restrictions has led to an influx of visitors, with arrivals increasing for the sixth consecutive month. The Singapore Tourism Board recorded 726,601 arrivals in July, up from 543,733 in June.
As a result, hotel prices in July 2022 rose nearly 70% year-on-year, marking the highest levels since September 2012. However, luxury accommodations in Singapore remain relatively more affordable compared to other major cities.
For instance, a five-star hotel in Hong Kong costs S$387 per night, while Tokyo sees rates of S$522. In Singapore, similar accommodations are priced at S$344. The report also pointed out that cities like Sydney and Seoul offer lower rates, with five-star hotels charging S$318 and S$256 per night, respectively.
Netizens reacted to the findings, suggesting that the price hikes are expected as businesses attempt to recover from losses incurred during the pandemic. Many observers noted that the increase in accommodation costs seems more focused on attracting tourists rather than catering to locals.
“We Singaporeans have done plenty of staycations over the past three years to support hotels. Now it’s for tourists. We’re already heading overseas; things are returning to normal,” remarked Facebook user Jason Tey.
“Don’t worry! Just hop over the causeway, and you can save 300% with the exchange rate,” suggested Facebook user Derek Lim, offering an alternative for those seeking more affordable options.
