Singapore’s visitor arrivals could reach up to 18.5M in 2025: report

This follows a 21% YoY growth in 2024.

Singapore’s international visitor arrivals are expected to reach 17 million to 18.5 million in 2025, nearing 89-97% of pre-COVID levels, CGS International said.

This follows a 21% YoY growth in 2024, where international visitor arrivals totalled 16.5 million.

The Singapore Tourism Board (STB) projects tourism receipts to rise to $29b-$30.5b in 2025, exceeding pre-pandemic levels. In 9M24, tourism receipts reached $22.4b, a 10.3% YoY increase.

New attractions such as Minion Land at Universal Studios Singapore, Mandai Rainforest Wild Park, and Disney Cruise Line’s Adventure will drive further tourism growth.

Other key events include Anime Festival Asia (June), World Aquatics Championships (July), and Usana Regional Convention (February).

The hotel industry saw revenue per available room (RevPAR) increase by 3% YoY to $226 in 2024, with occupancy rising to 81.8%, driven by luxury and upscale hotels.

Despite new hotel supplies of 1,413 keys in 2024 and 1,494 more expected in 2025, CGS International projects RevPAR to grow 2-3% in 2025.

Hospitality Real Estate Investment Trusts (REITs) have underperformed the broader REIT sector but remain attractive. They currently trade at FY25F DPU yields of 6.9-7%, compared to the sector’s 6.3% yield.

Top investment picks include CapitaLand Ascott Trust (CLAS), CDL Hospitality Trust (CDREIT), and Far East Hospitality Trust (FEHT). CLAS has a 7.1% projected yield, while CDREIT and FEHT could benefit from acquisitions and corporate travel recovery.

A slowdown in global travel demand due to economic uncertainties poses a downside risk. However, a resurgence in corporate and group travel could provide a strong boost for the sector.

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