Oversupply of hotel rooms looms

2,900 new rooms opening in 2014.

CIMB Research forecasts that new room supply is expected to grow at a CAGR of 5.9% for the next three years.

As a result, operating environment is also expected to continue to be competitive with over 2,900 new rooms opening in 2014, it said.

As of December 2012, Singapore has a total hotel room supply of 51,622.

CIMB Research notes that an estimated room count of approximately 2,600 had opened in the first ten months of 2013.

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